Time to Start Making the BIG Bucks
by Tom Egelhoff | Monday Aug. 1st, 2016
It’s August already. Where does the time go? If you’re a retailer I don’t have to tell you it’s planning time. But I will just in case.
Four big profitable spending events are coming. All or some of the following events could have significant impact on your small business.
August and September: Back to School Sales
October: Halloween – The second biggest selling holiday of the year
November: The start of the Christmas Selling System
December and January: After Christmas Sales
These four events are very costly to retailers. You will experience increases in inventory, increased advertising costs, extended store hours, merchandise returns and increased payroll with more employees and/or more overtime.
Let’s Make A Deal
This is the time to investigate all your options and time to cozy up with your suppliers. Here are some of the things you need to know.
· Co-Op Advertising: You need to know ad sizes and how much of the cost will be spent by the supplier and how much by you. Make sure you have a number or contact name to track your co-op ad payments.
· Volume Discounts: Is there any savings for purchasing more product(s)? Are there discounts for proven popular selling products? Are package deals available? Make sure you are clear on any return policies.
· Advertising Discounts: This is the time to arrange advertising packages to make sure you get space or time and to also take research any deals that might be available during the coming months.
· Capitalize: Are there any local, state or national events you can tie your business to. World Series, The Summer Olympics will take place this month. Contests, drawings, classes, anything to build traffic and get people in the shopping mood.
Build Your Business With Employees
The average number of people who attend weddings and funerals is 250. That’s how many people each employee knows. If you have just four employees, that’s 1,000 potential customers who could be walking through your doors. Create incentives to get employees talking up your business in a positive way and bringing in their friends and relatives.
A customer mentions an employee or brings in an employee discount card then that employee should earn points for gift certificates or time off with pay or any incentive that works for your business.
Move the Right Merchandise
It’s in the store, and the employee’s best interest, to sell products with a profitable margin. Consider offering your employees spiffs.
A spiff, or spiv is an immediate bonus for a sale. Typically, spiffs are paid, either by a manufacturer or employer, directly to a salesperson for selling a specific product.
Leaving the store after closing with folding money in your pocket is a great motivator for tomorrow’s selling.
Some Final Thoughts
There are thousands of ways to build traffic and increase sales but the most important aspect of either is having a plan.
Set goals, get employees on board, talk to suppliers, talk to your advertising salespeople and your bottom line can look a lot blacker during the final four months of 2016.