What if I told you that I have a foolproof clearance sale tip for you? A way for your customers to say “Take my money!”? 

Retailers are always amazed that one small tweak can make a huge difference to the bottom line, but that’s what sooo exciting about when the science of consumer psychology comes together with your marketing, merchandising and team training. I love doing this research for you, so I can turn them into easy tips and strategies for you to take action on!

This particular strategy I’m about to share with you is featured in the Clearance Sale Secrets program available to our RETAILMavens Coaching clients. If you’ve never tried it – you’re in for a treat! If you’re already using it – this is why it’s so successful.

To understand WHY this strategy works, every time, let’s put ourselves in the shoes of your customers:

You’ve just walked into {insert your fabulous store name here} and you see a rack or table that is marked SALE (of course, if you are a Retail Maven that’s not what your sign says because you learned the RIGHT way to do your sale).

You love a good deal so you head over to the sale rack. As you approach it, you start evaluating the items to see if any will fit a need that you have, or if they appeal to you. You are evaluating each item based on its characteristics and your needs.

For example, you might be thinking, “My sister’s birthday is coming up next month. Is there anything here she would like?”  Each item is looked at critically.  If one seems appropriate, you pick it up and the first thing you do is look at the original price.  “Wow, really?  People actually bought this at that price?” you might think. Then you look at the sale price. 

That is THE moment. Do you believe that the item has enough value to be worth the amount of money it is priced at right now? If yes, then you’ll buy it. BUT at this point you’re questioning it, “Hmm, I don’t know if it is worth this? Will it be marked down again? When? Should I just come back?” 

Also, because it has been marked down, you will inspect it closely to look for any real or imagined flaws that might have justified the marked down price. 

You are actually looking for reasons NOT to buy it. 

All of this happens in an instant in your brain.  Often, you put the item down and say to yourself, “Well, I will keep this in mind and come back.”  But we all know that chances are, you don’t!

Clearance Sale Tip: Dollar Tables

NOW…

Let’s imagine our customer in this scenario instead:

You are walking into {insert your fabulous store name here} and remember that your sister’s birthday is next month. There is a table with a hodge-podge of merchandise on it and a big sign announcing “ALL ITEMS $10”.

What do you immediately think? “I have 10 bucks! That’s not much. Let’s see what I can spend it on. What looks interesting?” 

This represents an entirely different thought process from the one outlined above.
 

Here you are actually ANTICIPATING spending the money. You are already thinking about purchasing an item as you approach the table, mentally you have already given the store your $10.
 

Of course, you will still evaluate each item to see if it meets your needs. But suddenly, you are automatically much more open to more needs being filled – because you have the $10 in your pocket and you have already given yourself permission to spend it.

Every time you do a clearance sale, you should have 1-3 dollar tables or racks at varying price points – the great thing is that it doesn’t matter how big the markdown is of each item on this table or rack – if the sale price matches your dollar table price – it can be included! And it works in your eCommerce shop too – just set up dollar collections!

THIS is how you use consumer psychology to maximize sales, and enjoy success as an independent retailer, while providing an exceptional experience to your customers.