There are three words no customer ever wants to hear or, if they’re on your website, read:
Out of Stock
We are all dealing with the ongoing supply chain crisis, and consumers are getting more and more restless. Over the past few weeks, our client brands have repeated the same refrain: how do we turn around a potential sale when we don’t have inventory?
The first thing we like to say is, to acknowledge the sale itself might not happen right now. It’s a fact: if you don’t have the product in-house, you probably can’t sell it. But you can focus on laying the groundwork for a future sale.
In times of supply crisis, relationships come first. Your goal is to keep your brand top of mind with your customers so as soon as you’re stocked up, they are the first to buy.
Here are a few ways how:
Keep communicating
Being low on inventory doesn’t warrant a shutdown. It actually warrants overcommunication. It’s a high-stakes game of supplier vs. supplier out there. Those that aren’t top of mind are at a disadvantage.
You can start by playing with words. Instead of “out of stock,” try “supplies are limited – pre-o********.” And use incentives such as 5% off if you wait until this date for delivery.
Another strategy is to pivot from a sales message. You can do this in several ways. For example, reemphasize the brand and what sets you apart from the competition. Are you known for being a great place to work for your sustainability practice, or for having the most flexible hours around? Then use this supply “downtime” to remind customers of that.
Or launch a how-to video series that shows current and potential customers tips and tricks on using your product to its full potential. This increases the sense of urgency for future products – I can’t wait to get my hands on that! – and satisfaction for current products. Remember, the customers aren’t automatic experts on your product.
That’s where you come in.
Finally, have a system in place that captures failed checkouts – and be creative about how you respond to them. You can even call that potential customer when the item becomes available. We know one client who sent a candy bouquet –- nothing fancy, just some local chocolates –- to a client who couldn’t make a big-ticket purchase. (Yes, they did end up buying when the product became available.)
Combat frustration and potential dealer-jumping with communication that educates and even surprises and delights. You’d be surprised how much your clients appreciate it.
Ensure customer satisfaction along the journey
Your customers are important. You know that and your best employees know that. But you need to make sure that mindset is embedded across the customer journey.
The first step is usually your website.
Is it easy to navigate?
Do customers know how to reach you, and is it clear that you’ll respond in a reasonable time frame?
The dreaded “black hole” of customer communications can be one of the biggest contributors to frustration. Think: I sent an email, but I have no idea if they received it or when I’ll hear back.
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Next, consider your local and o*************** efforts. Are you actively reaching out to customers? An informative blurb on social media 3-5 times a week will i***************, and your ability to interact with your customers. If your brand is active on social, you are more likely to be a trusted place to shop. How many times have you chosen one vendor over another simply because their website or feed was more active? It gives you a sense of security.
Finally, don’t forget the in-store experience. Is your store a clean, safe environment for your shoppers? Is your staff knowledgeable, friendly, and helpful? Are they empowered to offer incentives to close a sale?
Focus on engagement
If you’re having supply issues, it’s likely your competitors are as well. Outfox them by offering engagement opportunities. Now is a good time to launch a social media campaign that highlights happy customers or encourages user-generated content like photos showing your product in real life. Or crowdsource a feature they’d love to see added to the product.
Then work customer shoutouts into your newsletters, feeds, and more. Most people love a moment in the sun. Fortunately, these shoutouts also boost brand affinity, encourage sharing and word of mouth. When customers become ambassadors, you know you’re doing something right. You’ll also know things are working well when they come back again and again.
Every interaction might not equal a sale – especially in these times of supply shortages. But with a relationship-first versus a sales-first strategy, when your customer reads or hears Buy Now, they’ll be more likely to make the move. In lean years, you should be ready for the bountiful ones.
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[To share your insights with us, please write to sghosh@martechseries.com]
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