I was chatting with a client recently, and she was feeling a little panicky. Her sales were down and she told me she wanted to do a quick weekend sale.
My immediate answer was “NO”, quickly adding an explanation for why it was a bad idea.
Then I realized that you might not know why it’s a bad idea either!
The strategy of the right sale at the right time
It’s very common for retailers to approach slow traffic by throwing a weekend sale, thinking it will bring much needed traffic and cash flow.
And while I know the intention is good, there is a flaw with this strategy (with one exception, I’ll share it below).
When you run a sale – any sale, our main target is not our Thumbs (those top customers, who don’t mind paying full price for new merchandise and personalized service). Instead, you must talk to, and sell to, your Pinkies.
Your Pinkies are your sale customers. They love a deal, the hunt of a bargain and the thrill of a discount.
We love Pinkies! They are essential to every successful retailer because they help us move out old merchandise, putting cash in our pockets!But don’t make the mistake of thinking that you can just run any kind of sale and your Pinkies will come running.
The secret to move inventory, improve cash flow & protect margins
The secret to move the inventory you want to move, improve your cash flow and protect your margins – is tailoring your sale, and your message, to your Pinkies.
The words you use matter. The length of your sale matters. Your markdowns matter.
To move the most old inventory out, to sell the most and to serve them best – you must give your Pinkies what they want. What they expect.
The Exception to the Rule
You know there are exceptions to every rule…
There are only a few times a year when Pinkies expect a sale and are ready and set to shop the deals!
And a few of those times are certain holiday weekends (Memorial Day, 4th of July, Labor Day and of course Black Friday).
That’s when you SHOULD have a weekend promotion – because it is a planned, targeted strategy to entice the Pinkies to shop with YOU.
That’s different from your strategic clearance sale, which needs specific elements in order to be successful.
And when you run a sale the right way, your Pinkies will reward you with repeat purchases and better margins.
I walk you through the exact steps – including the best name, timing, length and structure of your clearance sale in RETAILMavens Clearance Sale Secrets.
It’s a digital self-study program that gives you immediate access to strategic step-by-step instructions to move old, unsold inventory off your shelves, and put more cash in your pocket during your successful clearance sale, so you can stock the fresh, exciting products your customers really want.