Here we are … it’s Black Friday – the day when, historically, retailers get into the black. So they’re hoping that people shop, shop, shop.
Black Friday has almost become a sporting event. I just don’t enjoy shopping that much so it’s not for me. But plenty of people sure do enjoy trying to find that irresistible bargain.
I don’t like standing in line for anything but I especially don’t like doing it to spend money! Crowds are great – at a concert or a ball game!
In honor of Black Friday, we want to talk about merchandising in your business. We’ll discuss four lessons you can learn from retailers about selling your wares.
Price check in Lane 123
If you’re a true retailer – you buy goods at wholesale and resell them – it’s easy to determine your cost.
If you’re a service business, it’s more difficult. But you have to know how much anything you sell costs or you risk charging too little. A lot of small business owners fail for this very reason.
Attention K-Mart Shoppers. There’s a blue light special on …
K-Mart had scrapped this program. They brought it back earlier this year.
Surprise your good customers with a special deal now and then. We heard about a car dealer who would occasionally pick a customer whose car was getting serviced and give them their service that day for free. It created tremendous goodwill.
It would be a customer who had bought the car from him and did all their service with him. In other words, a customer on whom he made a lot of money. Occasionally giving them free service was just a small rebate.
But it paid dividends to the car dealer as well – he got a lot of word of mouth advertising.
Manager on duty to the front of the store please
The front of the store makes us think about the psychology of buyers. Have you ever noticed how most grocery stores have a fairly similar layout?
Research shows that most people walk into a store and turn to the right. So what do you want to put in the front of the store on the right side?
High margin items, of course!
In a grocery store, you notice the milk and eggs are usually in the back – nowhere near the bread. They want you to walk through the whole store so you see more things you might buy on impulse.
Every business has customers who behave in similar ways. Get to understand how you can naturally show your customers more of your products and services.
Clean up in aisle 5
Just about every business that handles inventory ends up with some slow moving items. You need to clean them out so you can get new inventory in that will turn faster so you make more money.
The mistake some small business owners make is being afraid to discount an item – especially for lower than cost. But the sooner you get an item that isn’t selling off your shelf, the better.
Another version of this is displaying a discounted item with a full-priced item. Think about it …
How many times do you see a skirt that’s on sale displayed with a full-priced top?
You like the combination so you buy it. You may be able to do the same type of thing in your business.
Retailers have become pretty sophisticated at discounting items to draw people to their store. They know the law of averages means these people will buy a lot more than just the sale items. Find the lures to bring in your customers and you’ll be a bigg success!
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Thanks so much for reading our post today. Please join us next time when we’ll look at the only three ways to get more done. Until then, here’s to your bigg success!
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