Broadening Your Customer Base to Drive Sales
This summer, we’re happy to bring you an example of how we helped to heat up business at an upscale retail marketplace. See how we helped the mall achieve a 7% boost in revenue during a retail slump, and then look forward to September—when we’ll deliver practical tips on how you can broaden your client base, even during a tough economy!
Broadening Your Market
in an Economic Slowdown
Reposition Image to Increase Sales
Colony Mill Marketplace was considered a high-end gift mall by shoppers. People would shop once or twice a year, but they did not see the mall as a place to visit frequently. As the marketing officer and new co-owner, Paul Berenson wanted to make a big impression that would begin to change that thinking and to develop Colony Mill Marketplace into a strong brand—increasing mall traffic, encouraging multiple visits, and influencing people to shop at multiple stores.
Revenue Rises to 17% Higher Than Industry Average
The campaigns drove new and existing customers to Colony Mill Marketplace, created strong community goodwill, delivered a database of 6500 names (all self-selected through sign up), and created the momentum to increase revenue above the industry average. Colony Mill saw their revenue rise 7% when the retail industry as a whole was down by 10%. During months that were usually down periods, some merchants doubled their business and the square foot sales of Colony Mill outpaced million-square-foot malls.
Want to know how we did it? Click here to read about our strategy and how it might apply to your business.