Every retail store has high traffic locations in-store outside of the sales counter. These are usually destination locations in a store, where the most often purchased products are located.
The best was to identify these locations is to watch security video footage on fast forward. Do this for several busy trading periods and you can soon identify (or confirm) the most popular traffic generating locations in the store.
These are what I would call honey pots – your customers are drawn to them like bees are to a honey pot. Leveraging these locations is called the Honey Pot Strategy.
Most retail stores will have at least three or four honey pots – excellent opportunities which can be leveraged for retail growth.
Once you know these locations, step back, look at how customers approach the locations and shop from them. Undertake careful research to understand answer to these questions about the Honey Pot locations:
Do your customers spend long there?
Do they look at more than one item?
Is their head looking down or up?
Do they look to the side?
Do they stop on the way to or from the Honey Pot location?
How regularly do customers who shop from the high traffic Honey Pot locations visit your store?
Learn everything you can about customer behaviour at these Honey Pot locations as it is in this behaviour that you can leverage more business. The more you know the more sales you can achieve.
The Honey Pot Strategy is about the placement of items with high traffic generating products. These are usually products from another category altogether, items which can be easily purchased on impulse and which appeal to the customer most like to buy the high traffic item.
It may take some time to find the items which work. It is also possible that an item which works this week will not work next week. The keys with are to keep changing the offer and keeping excellent records of sales results.
In locating impulse product with a high traffic product, it is important to not get in the way of the high traffic product. If appropriate, have fixtures made which enable you to display other product next to, behind or above the high traffic product. Investing some money to get the fixturing right will ensure that sales of the high traffic product are not impeded.
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