As promised…
1) Be you. You’re not a discount store. You’re not a volume-based business. You are excellence, quality, and an investment. Behave that way. Rather than offering deep discounts, bundle your products/services. Let’s consider the foodie store. Rather than selling them just the food processor, sell the recipe book to go with it. Don’t just sell the ladle, sell the full set of utensils.
2) Put your highest margin items where everyone can see them. Dining out is in style this season. Many restaurant menus do nothing to promote their highest margin items. Whether your menu is on paper, online, or a sign in the store, tell people as often as you can about your high margin items. (And if you’re going to discount a bit, these are the ones to do it on.) One other thing–this is a GREAT time of year to cut slow-selling low-margin offerings. Focus on the ones everyone wants.
3) Sell gift cards. Statistics vary, but the fact is a significant number of gift cards go unused. Offer a slight discount to move them, say a $50 gift card for only $40 when you purchase it in store at the time of another purchase. If you’re a high end retail store, you could offer a $50 gift card with a purchase of $150 or more. If it goes unused, no loss. If it IS used, you’re gaining a new customer who will spend more than $50 while they’re in your store. You can now turn them into a lifetime customer.
4) Zig when Big Box Store zags. It’s common practice for the big stores this time of year to LOWER their prices. Here’s a crazy idea. The holiday season is the perfect time to RAISE your prices. People will be buying. Your customers know what they can count on you for. You’re worth it. AND, when you do offer them that great deal because you know they could go down the street to Big Box, your margins stay healthier.
5) Zag when Big Box Store zigs. Rather than a jumble of insanity on one weekend, hold a Christmas party closed door sale that’s available only to your current customer list and their invites. Give them members-only pricing and give their friends the opportunity to get members-only pricing that night only. Offer refreshments. Soak up the positive vibes from customers who will love you for helping them avoid Big Box insanity.
There’s a few ideas for you, but one last thing. Depending on holiday buying is a bad business habit. What are you doing to level the profit curve in your business? What are you doing to bridge the seasonality you’ve experience up until now in your business? What if you simply had seasons, rather than “slow season” and “busy season.” You’re only limited by your imagination and ability to execute what you imagine.
By business coach and Blue Ribbon News special contributor Trey Finley. Visit his website at rockwallbusinesscoach.com or on Facebook at facebook.com/actioncoachtrey.
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