Move More Product Out – Move More Cash In – Don’t Make This Mistake

You might be making it hard for your customers to buy!

I know you don’t want that.  I Just got off the phone with a new client who was making this mistake.  I get it.  I used to too – until I learned better!

There are 3 big bad common mistakes that I see indie retailers like you make and it is killing you.  I did 3 quick videos to help you. Today is tip #2!

 

One quick clarification:  When I said to mark things down to 99 cents, this is what I meant… Let’s say my originally priced $16.00 item was being marked down 25%.  I would round it to $11.99.  Then when I looked at the sale of an item, I was always able to determine if it had been sold at a marked down price.  Any questions, just ask!

Check out www.killerclearancesale.com and take advantage of our special offer!  Save $50 now…simply enter the code “January2013” when you check out!

Offer ENDS THURSDAY!

Happy Retailing and Love,

Cathy Donovan Wagner
Your Retail Profit Maven

 

4 Comments on “Move More Product Out – Move More Cash In – Don’t Make This Mistake”

  1. Hi Cathy,

    I just listened to tip # 2 for conducting sales. I understand where you’re coming from as fas as red lining items with sale prices, but for us, the DOT sale has not only worked, our customers think it’s fun and it always moves a lot of inventory. Another reason red-lining wouldn’t work for us is we have sales that are designed to move inventory and turn over cash, i.e. our upcoming King Sale. During that sale, all winter clothing is 60% off. We don’t mark tags with a dot, a red line, or anything- the deduction is taken at the register. Another sale that is very successful for us, a continuous line and stream of customers for the entire day. And what’s most important is, many of those things go back to regular price or a lesser markdown afterward, and we don’t want to deal with red-lines.

    So in my opinion, red-lining is for clearance, not necessarily for a SALE.
    Respectfully.

    1. Hi Melanie,
      Sorry for the delay in my response! I didn’t get this!
      If it has worked for you that is great.
      What I know for sure is that the easier it is for a consumer to buy, the quicker they make the decision to buy and the more that they buy.
      A confused mind just says no.

      I do agree that you don’t red-line for a temporary sale.
      However, I didn’t understand your point about the distinction between a temporary sale and a clearance sale. Aren’t they both ‘designed to move inventory and turn over cash’? A temporary sale creates a time sensitive urgency as it is usually only for a short period of time – I recommend using them as little as possible. Often what happens is that people buy the best sellers! You end up having to replace them while the slower sellers remain on the shelf. A planned clearance sale with graduated markdowns is key to moving the most inventory and maintaining the highest profit margin.

      Great talking with you Melanie!
      Thanks!
      Cathy

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