LORETTA'S CHANNEL

Posted on Nov 24 2014

Game On ~ Are you Ready to Rumble?


mavys

Early openings, severe promotions, and mediocre door-busters have become the standard playbook for just about every retailer as they approach the holiday weekend. They give away profit, clutter their stores, and ask their employees to leave their families for all or most of Thanksgiving day. It’s a huge weekend, and for many retailers, they will do just about anything to drive traffic and generate sales.

But, if you are one of the few that hasn’t succumbed to the madness, there are a number of ways that you can WOW your customers, drive traffic, and most importantly, drive revenue during this critical timeframe.

A few ideas:

1-  Offer exclusive product to drive traffic to your store . Make sure it’s not exclusive for “exclusive’s sake”, but outstanding product that customers can only get in your store.
2-  Re-think your customer service and serve customers the way they want to be served. That could include home delivery, gift wrap, early openings, etc. Any of these efforts create great word of mouth advertising and increase loyalty.
3-  Focus on value pricing vs. promoting. Ask yourself what is the real value of the item and aim to sell the majority at this price vs. over pricing and having to markdown. Your first price should always be your best price and where you get your highest sell thru.
4-  Keep your store clean, organized and easy to shop. Customers are bombarded with information and product this time of year. The easier it is to see what you have, the easier it is to shop.
5-  Suggestive sell what you own in your store. There is a reason why you bought  and love your inventory. Share that with customers so they are informed and influenced to buy as well.

The key to determining your strategy this holiday season is to filter your ideas through your customers.  They are the ultimate judge.  If you think about your target customer, what is important to them, and what they expect from you, your decisions will come much easier and your business much more successful.

 

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Loretta Soffe - Principal

lorettasoffe@live.com