When it comes to the holidays, there is no better time to maximise your sales and fill up your bank account.
A large number of retailers do the majority of their trade during the holiday season, and for some stores, up to 70% of revenue is generated during this time.
Whether the holidays are your lifeblood, or they just provide a nice little boost, making sure that you secure every possible sale is a must.
So let’s talk about how you can choose the right products, in order to maximise those sales.
When it comes to choosing a product to promote, my top 4 go-to categories are:
A High volume/high turnover product
If a product already turns over quickly and it can be expected that this has the capacity increase then this is where I love to start
Why? The product has already been tested by your market, and they clearly love it. Creating a promotion around a high volume product should focus on adding benefit, through bundling and complimentary product upsells. You shouldn’t need to discount a product that already sells well.
A High margin product
The holy grail of retail is a product with a high margin. This means that you sell if for significantly more than you buy it for, like triple, or quadruple.
These products give you a lot of leeway when it comes to creating promotions. You have the room to offer a discount (preferably on multiples), to utilise free shipping as an incentive, to bundle and to use as an upsell.
I personally love combining a high volume product with a high margin product
A Must Have or On Trend Product
You know those products, they’re only going to be around for a few months (or maybe even only weeks) before customers lose interest. These products typically require an aggressive, timely marketing campaign to ensure that you capture customers at the peak of interest, rather than the tail end.
Also falling into this range are seasonally specific goods, such as holiday merchandise. Moving those products after the holidays is a nightmare and a drain on your cash flow.
Product that easily becomes part of a bundle
I love bundling products! It really is an easy way to increase your customer average spend, whilst also making it easier for them to buy.
Remember that your customers don’t always have the same retail knowledge that you do and separate products might be great for mixing and matching, but bundling products that work together and complement each other is an excellent way to get your customer over the purchasing line.
I mean hey, why do you think so many companies come out with gift packs during the holidays? Because they KNOW that customers want them and will buy them!
Here’s the thing. You can have the best product in the world, but if no one can find them, then you aren’t going to be able to sell them. That means that you NEED a promotional campaign, if you want to make money from your retail business.
Obviously having a plan is key when it comes to maximising your promotions and sales.
Mapping out each promotion will ensure that you have the best chance of getting the best return on your investment. It will keep you on track and stop you from becoming overwhelmed.
If that sounds like something you need in your business then you’ll be happy to hear that I’ve just opened pre-orders to my Ultimate Holiday Promotions Kit. In it you’ll find everything that you need to create a successful and profitable holiday promotions for your retail store. If you want the complete step by Step system that I use to create profitable holiday promotions, packed with over $2000 worth of value, you can pre order it now for just $97 at salenaknight.com/holidays
Until Next week