Leveraging Your Suppliers
When I visit the United States, I like to take advantage of the amazing low prices for wine. On one trip, Mark Whitehouse took me to a mega liquor store called Bevmo. When I walked in, I have to admit I felt quite overwhelmed with how vast the selection was. What grabbed my attention right away was the huge hanging signs over a large display of wine bottles.
The sign read: “Buy me + Get me for 5 cents”. The selection of wine beneath the sign was huge. In each of the aisles were mini-signs for the bottles of wine that were part of this promotion.
My first thought was; why would I want to buy two bottles of the same wine, especially if I don’t know if I’m going to like it? Then I realized that if I bought a more expensive bottle based on a recommendation, I would walk away with two very good bottles of wine for the price of one plus five cents. One of the caveats for this deal was I had to have a loyalty card. Fortunately, Mark had one so it worked out in my favour.
The liquor store encourages loyal card subscriptions and collects customer data in doing so. This data can be shared with the suppliers participating in this promotion. After all, they would benefit from knowing the likelihood of me buying another bottle of their wine is much higher if I really like the two I just bought.
I suspect the supplier has to provide a second bottle at no cost to the store in order to participate. In return they get paramount exposure throughout the store while the promotion lasts.
Is there a way for you to offer your customers or clients more by leveraging benefits from your suppliers?