Holiday Tip #7 For Retail Business Owners

Alyson MacMullan, of Peak Retail Group, is writing an 8-part series of holiday tips to help retail businesses meet their sales goals. Alyson’s’ expertise lies in inventory planning and management, sales forecasting and cash flow management which are the building blocks of a successful retail business.

Holiday Tip #7

12 Days of Christmas is a promotion that every retailer should be doing during the holidays because it drives traffic and also gives you levers to pull if you have areas that are underperforming.

To follow are a few suggestions:

1. The goal is to drive people into your store

– It’s wise to ensure your salespeople are totally dialed in – having your staff armed with mobile payment solutions is always a great idea during these heavy traffic periods

2.  One item per day at a really great deal

– First thing every morning announce your offer

– The offer should be between 50 – 75% off retail

– Work with your vendors now, they often have off-price goods available for special promotions

3.  DO NOT REVEAL THE NEXT DAY’S ITEM ahead of time

– The idea is to generate excitement via the impression of scarcity and a sense of urgency – you want your customers to look forward to the next offer

– Always, always, always include images

12 Days of Christmas

4.  Offering should include a mix of inexpensive and expensive items

– Primary goal is to drive traffic therefor the offers need to be compelling to a wide variety of people

5.  Be flexible – review high margin or overstocked items

– Create a standard template so all you have to do is plug in images and descriptions

– This is the lever alluded to above – if you find items getting overstocked, especially holiday themed, this is the time to promote

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