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WHAT IS RETAIL MOMENTUM?
Now look at momentum from a retail perspective. Here at Retail Leverage, we’re defining Retail Momentum as when your sales velocity reaches critical mass. The definition works at all levels – it can occur in a single store, category, retailer, channel, or the entire market. Of course getting your sales to a high level and sustaining them is easier said than done. This is probably a good time to tell you this article isn’t about how to achieve a high level of sales and gain momentum. It’s about understanding Retail Momentum and ideas to keep from losing momentum.read more
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5 HI-LO TACTICS TO TAKE TO HEART:
1) Launch high with instant rebate (sleeves out of your vest)
2) Price drop to original planned level (back to the future)
3) Price drop plus discount (price drop on steroids)
4) Vary Level of Instant Savings Based On Opportunity (keep your powder dry)
5) Never Ending Closeout (the McRib of closeouts)
A KILLER APP FOR RETAIL LEVERAGE:
Coke’s Freestyle system hits on several of our 5 points in how to gain Retail Leverage.
#1 Have The Hot Product With No Substitutes
#3 Be A Top Revenue Vendor
TAKEAWAYS FOR ANY MARKETER:
No matter how big your brand is, you still need Retail Leverage
If they big guys need leverage, what does that say about the smaller challenger brands?
Figure out what you have to exploit that others don’t and leverage it.
If you don’t have something unique / different / better, then be prepared to move to the 6th, rarely spoken of, painful way to get Retail Leverage: Price.
To read the full article, click on the title!read more