Do The Deals Ever End?

Peter Weedfald, President of Gen One Ventures
Close every sale with new online and mobile initiatives

Dynamic Pricing: Think Priceline, Orbitz, Travelocity and hundreds of others that “re-condition” standard published prices based on excess inventory. The sites dynamically raise and lower prices based upon availability and consumer demand.

Geo-demographic Selling: With consumers willingly broadcasting their physical locations, brands and retailers can push the deal of the minute at the point of sale. The best at this use a CRM data mining system to feed highly relevant offers – based on age, product and service preferences, and household incomes – to a targeted audience. Imagine that it’s back-to-school time and 14-year-old Jenny is walking with mom past the GAP when an instant message pings Jenny’s phone to let her know the new Lady GaGa backpack is on sale at 40% off for the next ten minutes … and just 20 feet away from mom’s wallet.

Membership Has Its Privileges: Club retailers – Costco’s, Sam’s Club, BJ’s, etc. – have established thriving online niche communities. E-member sales are considered a “privilege” that consumers are willing to pay for either with an e-club card, through consistent purchases or by providing personal information.

Expect more e-instant pricing pandemonium as the model continues to capture and drive volume sales. Thesestrategies, though, aren’t just for the big boys. Your company can and must explore, harness and deploy its own creative and effective online, mobile and in-store (omni-channel) sales and marketing strategies, all designed to address competitive pricing pressures, launch new products, move excess inventory, expose your brand, drive sales and, of course, increase profits.

In this push-pull consumer-centric world, pricing matches and rematches are instant and constant. The deals seem to never endbecause consumers are conditioned to expect that they will find a better one at the next turn. And they eventually will, preferably from a smart independent retailer with professionally trained sales people that are not only sensitive to pricing demands but understand how to add the value, provide the customer service and create the full solutions in ways that the cloud can never replicate. That could be your store. You can make it happen.

Peter Weedfald is president of Gen One Ventures and author of Green Reign Leadership

Peter Weedfald is President of Gen One Ventures, a sales, marketing and brand-product consulting company. He has served as SVP, Chief Marketing Officer of Circuit City, SVP of Sales and Marketing in North America for Samsung, and SVP of global marketing and EEVP, GM & Chief Marketing Officer for ViewSonic.
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Comments
  • Ray Windsor

    In some measure I agree with Robert that a retailer must be in a position to "offer a deal". On the other hand what if the deal was comprised of a great product. A fair price. And superior consumer sevice from the retailer. Delivered in a business environment where the consumer is not encouraged to find a $5 lower price from every Internet site and discounter that he is accustomed to purchasing from after he learns what to buy. This CAN BE DONE. I note that most of the business articles available to retailers suggest "acquiesce and cope" solutions. I would like to humbly suggest that retailers are strong enough. They have the power to create demand. They must simply seek out suppliers who understand the specialty retailer advantage and do business in a manner consistent with such advantage. Is it possible for journalists and contributors to retailer focused trade publications to address the issue from this angle?

    Embracing change is generally a healthy idea. BUT not just for change’s sake. I contend it is important for a business person to lead and define himself to his target consumer as opposed to following and being defined by his competition.

    Ray Windsor
    German Maestro

  • Robert Heiblim

    Thank you once again Peter for even more clear and sound advice. What many may not realize is just how affordable some of these options are. Many retailers or other businesses think that this kind of deployment or action is for "big guys" or others "not like us". That is simply not true as many of the fine actions you commend can be done at any level including some of the most sophisticated through use of others tools as an eBay, Groupon, Amazon or other commerce channels and services provide. One really can "do it yourself" too with some effort.It is striking how many technology resellers do not use technology themselves. As with all things caused by change, embrace them and prosper, deny them and the results will not be to your liking.

  • Mike Cannon

    Geo-demographic Selling/advertising… this is Google’s new revenue model. Delivering a coupon or deal offer to a consumer’s smart phone as they pass or enter a business is great , but knowing who that consumer is, what her buying patterns are, her "likes", allows not only localized offerings but localized offerings targeted at a unique individual based on data about what she is most likely to buy.

    Talk about targeted ad spend!

  • eDeal Summit

    That sounds really interesting. The eCommerce industry is still growing and there are new developments all the time. Let’s see where it ends up!

    To discuss more stuff like this and other current topics of the e-commerce deals industry come to the eDeal Summit 2013 on 5th and 6th of March in London.

    It’s Europe’s only event for the e-commerce deals industry. Focusing on the future of Social Commerce, Flash Sales, Daily Deals & Group Buying, Coupons and more.

    Check it out.

    http://edealsummit.com