Winter can be a tough time for many retailers, and this year it seems especially so with all the pressure interest rates and inflation is causing.
And I get it, this stuff really takes a toll for small business retailers who don’t have an online presence.
In my experience from my days owning a kitchenware store in Yarrawonga, I found that in the quieter months, increasing your chances of sales opportunities fell into two categories:
- You need to make some changes to your business
- Or you already have all the tools (stock and staff) you need to increase those opportunities
Which of the categories does your store fall into?
Because if I ask, “Do you want more sales in winter?” I can pretty much guarantee your answer will always be YES PLEASE!
So, here are five tips to help you boost sales opportunities and increase profit over the colder winter months at your “bricks & mortar” retail store!
1.Always make sure your counter displays “impulse” purchase items quick add-on sales.
We do it all the time, when buying petrol, going through check-outs and so forth, we see something and make an impulsive decision to buy it – regardless of whether or not we needed that chocolate bar!
Make that same impulsiveness a sales strategy in your store too!
But don’t always base your “impulsive” items on price – sometimes it’s about solving your customer’s most common problem, creating urgency or value or something totally quirky (everyone loves a useless quirky item – look at fidget spinners!).
Counter space might only be 1% of your sales space, but can account for more than 8% of your total sales – use this space wisely!
2. Make sure you have plenty of stock of your best sellers.
Firstly, if you don’t know your best sellers, stop reading and go research what they are!
If you do know what they are, now is the time to double check your details. I find that many times my retail clients are often wrong when they simply guess what their best sellers are. So take some time to look at the data, don’t go from memory alone!
Then ensure your top performing items are well stocked – if not, you will certainly be wasting good sales opportunities and losing profit.
3. Clear slow-moving items.
Although I am not for generally “discounting” stock, however discounting slow moving stock works well in the slow months.
Firstly – it can give your customers a reason to buy! If you have a clearance sale and market it well, it will give you the lift in cash flow you might need.
Secondly – it will clear space for on trend or new items for next season! Customers will appreciate the bargain, love coming to see all your new stock and your store will look invigorated!
Holding onto old stock hurts your bottom line – so sell and move on.
4. Create an event – either by yourself or align yourself with other complimentary businesses.
Don’t wait for a holiday or special event to come along, instead create your own!
Some of the most successful sales days come from giving your customers VIP treatment, an event just for them – just because!
Aligning yourself with other complimentary (not competition) businesses can give customers even more reasons to shop. Plus, an added bonus is you get to share databases and attract customers into your shop that may not have been a customer before. Now that’s what I call a win/win.
Make sure you offer VIP treatment at your event. Go all out with things like serving some food and beverages, and having a good range of discounts or value-added products to help take your customer’s money. This can be things like spend $XX and receive XX% off the purchase, or a discount voucher to use on a next shop when a customer spends $XX amount (don’t forget to add a date to the voucher for when they need to use it by!.
Take time to chat to your suppliers as well about free products for giveaways and prizes on the day/night, it’s amazing how often suppliers will be happy to help.
All this not only helps to create an atmosphere your customers will want to be a part of but more importantly helps with cash flow and achieving financial goals!
5. NEVER, EVER stop marketing – even in the quiet times.
This point is a fundamental “golden rule” in retail.
You need to be nurturing your customers through all seasons, not just during peak times.
Sending e-newsletters, being social on social media or whatever you do to keep in contact with customers. Never stop, even when things seem a little gloomy!
63% of customers who have a great customer experience in your store in the quiet times, will return during peak trade times despite increased competition.
When marketing, in whatever form or channel, remember 80% about your customer (providing value, tips, hints etc.) and 20% about you and your business and offers – that’s how you nurture.
In summary, don’t let the gloomy winter weather or seasonal slumps get you down!
Instead of sitting around and waiting, be proactive, use this valuable time for marketing and creating raving, loyal customers who will shop with you again and again!
And if you get a chance, spend some time on you, the business owner, expand your learning, take time for education and professional development, and enjoy having a lunch hour!
Speaking of Professional Development – I’m offering an EOFY deal on the next intake of my signature 6 week Mastermind course! Yep, that’s right, it’s on sale at $500 off until 30th June 2023. Places are very limited, so head over and check all the details out here – https://socialmediaandmarketing.com.au/work-with-me/6-week-mini-mastermind/ .
If you are in retail and finding the current economic climate a struggle, then this Mastermind could be JUST THE THING to help you reignite your business marketing to boost your sales over the rest of winter and into the second part of 2023.
Got questions? Head into the Like Minded Facebook group and ask away, or head over to my Instagram and send me your question via a DM, I’m at @jenndonovan_ or jump across to LinkedIn and do the same – you’ll find me at Jenn Donovan!
And – if you would like to chat to me about some strategies for your retail business this winter, book a discovery call with me http://bit.ly/Discoverwithjenn and let’s do that together.
CONTACT JENN:
Don’t forget, you can book a free discovery call with me to talk about how I can help your nail your business goals, planning, strategy and marketing! Simply click the link and grab a spot!
My Like Minded Business Owners Facebook group is also a great community to join – full of awesome people in small business!
Or you can DM me on Instagram or send me an email jenn@jenndonovan.com.au
I wish to acknowledge the Traditional Custodians of the land, the Yorta Yorta People, on which I conduct my business today and pay my respects to their Elders past and present. I extend that respect to Aboriginal and Torres Strait Islander peoples reading this blog post today.
About the Author:
Jenn Donovan of Social Media & Marketing Australia. Jenn’s an expert marketing coach and mentor from rural NSW. She is all about empowering business owners to earn what they’re worth so they can make a bigger difference in the world. The Founder of Buy From a Bush Business, Co-Founder of Spend With Us – Buy From a Bush Business Marketplace and host of the very popular podcasts Small Business Made Simple and Stories from the Bush. Jenn is all about community and humans interacting with humans! H2H Marketing – human to human marketing. Jenn talks the talk but importantly walks the walk! Jenn’s online community is over 320,000 with her famous Facebook Group currently at almost 370,000 members and still growing every day. She’s the mayor of her own little online city!
Get in touch – www.socialmediaandmarketing.com.au
On Instagram – @jenndonovan_
On Facebook – Jenn Donovan
Or on LinkedIn as Jenn Donovan
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