Raksha bandhan is an important day in many ways – emotional, auspicious, eventful.
But it is also a special business time in more ways than one.
These business lessons and insights are inspired by Raksha Bandhan, and not confined to this particular day or time.
It applies to all business events with similar market behavior, like gifting or sharing and impulse buying.
This article focusses mostly on the store retailer. who can use all such opportunities for longer term profits.
The Term Rakhi or Raksha Bandhan has been used throughout to imply the meaning of the event;
you may replace with any other similar business event.
The obvious Rakhi retail business things
The obvious business of Raksha Bandhan is the selling and buying of Rakhis, and gifts.
Gifts of various kinds does produce a spurt in business of many sectors like –
bakery and sweets,
electronic gifts like phones and watches or tvs and music systems,
apparel, shoes, jewellery and wearables ; and products of direct usage.
This also leads to other associated sales like home decor, lighting, paints and furnishings.
There is also a lot of services like transport, packing, other labour, etc involved in the creation and distribution of these products.
If you are in any of the above businesses, you are already selling and buying the products services as usual,
but only a bit more quantity due to the demand.
The other business things that you should do as a retailer
You may or may not be doing All the points as mentioned below. But it is a good time to review some things and setup new systems.
So make use of Raksha Bandhan as a business opportunity.
Let us start by thinking in a bit more detail.
How the business of Gifting is different
Since Raksha Bandhan is particularly a gifting business, it leads to the gift and Rakhi,
being purchased by one person and then given to the other.
This creates two classes of customers.
- The Direct Customer, and,
- the Indirect customer.
Business opportunities For the retailer
The important point to note here is that you can and should acquire new customers during Rakhi.
It is also an opportunity to nurture existing and lost customers.
Acquiring a new direct customer
The first class of customers is the new customers that walk into your store for the first time.
These are the direct contact customers.
What impresses these direct customers to buy?
- Your store’s first impression
- Your display
- your welcome
- your product selection
- Your sales talk
- Your prices
- Seasons discounts
- Other product attributes
- Your other support services
- like Return and exchange policy
- and other associated services and products
It is your job to make the sale and get a good customer.
What happens, when he does not buy ?
The customer is probably in a hurry, or just window shopping or undecided, or wants to see more items in the market.
as such, he will give you items and store a brief look and move on. In such a situation, you should
- Give him a Thank-you-for-your-visit Offer,
- and collect his contact data in way to be to able to connect with him later.
What to do if he does not give you his contact name or phone etc ?
Whether he does or does not give you his phone or location,
- Your store’s business card, ecard, or Offer card should be presented him in a way
so that he remembers you and would like to buy from you.
- You also need to give him a chance to buy later from you online.
Acquiring a new indirect customer
The other Class of Rakhi Customer is the Indirect customer.
It is the lady and her family who received the Rakhi or the Gift from your store.
There was no chance of a welcome or Sales talk or of any type of direct contact.
Some To-Do’s for acquiring such an indirect customer?
Understand that your product has already reached the customer.
The product is now your connection with the receiver, who is not yet your customer.
- It is a good idea to add some service or extra offer with the product, so that the customer now reaches you.
- Your product packing should already list and show your online store, probably with a QR code as well
- Offer coupons with your item for the new customer. These could be redeemable online or offline
- The product should point with links. QRs, or printed pamphlets, the other similar products that you sell
- You can also attach a Thank-you-for-buying-from-us Offer similar to the Thank-you-for-your-visit Offer.
- For bigger and more expensive products, a product registration is almost mandatory to offer.
- Additionally insurance or maintenance may be required for the product. That gives you a chance to connect with the customer
Opportunity to connect with existing and old or lost customers
Every business gains new customers and loses some old ones too.
Raksha Bandhan gives you a good chance to
- make your special offers, coupons etc to the customers who no longer come to you.
- Also prepare ecards or printed cards to wish them well.
- Alternatively, the cards and offers could also link to your online catalog to renew their interest.
Hope this helps you in adding to your profits.
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