It’s nearly a new year, which will bring with it, new opportunities for merchants to boost sales. But how can you lock in those last minute December deals?
Typically speaking, the darker winter months are the optimum time of year for homeowners buying security actively, rather than reactively. Local news reports discuss the rise in domestic burglaries as people’s homes fill with expensive Christmas gifts, which encourage homeowners to invest in security products for extra peace of mind. Merchants should capitalise on the increased demand and awareness by emphasising the security products they have on offer.
Traditional methods such as merchandising and brand awareness can help to secure those additional sales. Point-of-sale merchandising techniques can act as a reminder to trades professionals to stock quality, compliant products and also raise awareness of the latest security offerings. A visual display, both by the shop entrance and on the countertop can promote Christmas offers, the latest products or other deals and can result in a significant impact on sales.
Additionally, merchandising when combined with an established, household brand name can considerably impact buying patterns. As security purchases are often distress purchases or one-off add-ons, a trusted brand name can make a huge impact, giving both merchants and their customers’ confidence in the quality of the product. Market research consistently indicates that a reputable and recognised name reassures customers and they are willing to pay more for a brand they trust. As a result, merchants should stock well-known names to increase profits.
Looking to 2016, security products are expected to grow and evolve as the demand for standard compliant products increases, and the rise in smart technology means security products are seeing a new lease of life. In order to secure those end of year sales, it is important to understand the security industry so that merchants are in a position to educate their customers on the latest trends and what they should be buying for the future. This will also provide merchants with a new revenue stream and offering for trade customers come the new year.
David Herbert is head of marketing at Yale.