1. Coupons. You have the discretion to accept or reject manufacturer’s coupons at your store. Be advised that manufacturer’s coupons may be attached to many items a typical store carries.
a. Redemption. Collect coupons for an entire month and mail them to the manufacturer for reimbursement.
2. In-Store Promotions. You may decide to offer in-store coupons and promotions for a variety of products and services. Examples include:
a. BOGO (Buy One Get One). Buy one item and get the other identical or similar item at a discount. The same could be done with products that go totether, such as a coffee with a pastry or a fountain drink with a bag of chips.
b. Purchase ten coffees, get one free.
c. Purchase a fountain or other cold beverage, get one free.
One’s imagination is the only limit on promotions. The use of in-store coupons or promotions can generate growth in a specific area, especially slow-moving and seasonal items.
Note: Refer to POS System Knowledge (Section V. (c) above ) on how to ring in this type of sale.
3. Venue Sponsored Affairs. In many instances, the venue where you are located will require tenants to pay a specific amount into a promotional fund. Franchisees should endeavor to find out how this money is spent as well as how Street Corner can benefit from these venue sponsored promotions.
a. In many cases, venue-based promotional funds are spent on mass mailings, newspaper advertisements or coupon books.
b. Participation in special venue-based events, such as “Sidewalk Sales”, is worth considering. This is a good way to clear out slow moving or dead inventory.
c. It is also a good idea to stay in constant communication with the venue’s marketing director (if one exists) so as to keep abreast of upcoming promotions and events.
4. Community Contact and Community Events. It is always a good idea to network with business groups in the surrounding community such as the Chamber of Commerce. The general idea is to get the name Street Corner out into the community, tapping into an existing market.
5. Charities. Participating in the support of charities can lead to rewards in business. At the very least, charitable support is an inexpensive way of generating advertising and demonstrating good will in your community.
a. Donations can be made in the form of money or merchandise. In many instances you can donate an item that has become dead inventory. In addition, donating dead inventory is a good way to deal with charities and an even better way of getting rid of unwanted merchandise.
(2) Charitable groups appreciate donations and will usually mention your store name at whatever function for which they requested the donation. Donating gift cards is also a great way to bring new customers to your store.
(3) Consider sponsoring youth athletic teams or a local event to spread the name and goodwill of Street Corner in your community.