Sales: the ultimate necessary evil in the retail industry. But sales have value other than liquidating out of season merchandise. Sales can bring in new customers, generate serious profits and enhance the visibility of your store.
The number one way to ensure a successful sale is promotion. Now we aren’t necessarily talking about taking out a full page ad in the local paper. For larger cities, this could be cost prohibitive. But you definitely want to let your current customers and any traffic know that you are offering deals.
The first way to generate traffic to your store is by signs. Luckily, you don’t need to go get a custom printed sign every time something goes on clearance. General “sale” signs can do the trick. Try sidewalk signs for outside your store, window clings, banners and even promotional lights. These signs will alert driving and walking traffic to take notice.
Another way to drive traffic is to feature sale items on the exterior of your store. Set up a few dump bins with folded clothing so people can browse as they pass. Then have more sales items in various areas of the store so people have to browse through the full priced items as they bargain shop.
A further way to maximize sales profits is to offer good customer discounts. As customers regularly purchase their items, ask if they would like to sign up for email offers. Then, periodically email coupons. The most effective coupons when working with a current customer is the “spend $100, get $15 off” type of coupon (amounts can vary.) Because most often, people end up spending more than the max amount in order to reach that top price.
Not only do sales bring in new customers, they allow you to move merchandise that hasn’t sold yet, clearing out room for your new lines. Often this is pretty cyclical. So think about having a sale a season, so your best customers look forward to it.
Most of all don’t be afraid to experiment with sales techniques and ideas. You will find a method that works perfectly for your store.
We need your help! Chime in and let other people know which techniques work best for your store.
