Sales Strategy
The Five Stages Of Profitable Retailing, Part Two: How to Sell What You Buy | May 24, 2017 (0 comments)
In the first installment of this special series, we addressed the pre-buying and buying stages of profitable retailing. In his installment, we address the crux of success: selling what you buy.
Omaha, NE—We all know that the first two stages are the easy part. You all find buying easy (we can tell by looking at your reports!) Now we need to work on strategies to sell it.
If you put at least as much thought, time and effort into selling it, that you did into buying it, the chance of it selling increases exponentially, but sadly, most stores put a price ticket on it when it arrives at the store, put it in the showcase and ‘hope’ it sells.
Just as you needed a ‘Buying Plan’ at the front end, you now need a ‘Selling & Merchandising Plan’ to move it successfully. This was when I had my epiphany and it involves taking a lesson from the successful ‘Chain Stores’:
- Launch it to your staff first (there’s a novel idea):
- Sell them on why you bought the product rather than just tell them to sell it
- Create excitement and enthusiasm and invite feedback
- Unveil the collection and let them touch it, feel it and try it on
- Explain your USP … your Unique Selling Proposition for the product
- Explain the marketing campaign - how you plan to let your customers know you have this new product. You can’t sell a secret.
- Explain the Merchandising plan - how you plan to display and promote the product instore, such as brochures, packaging, displays etc.
- Ask the vendor to help with staff incentives (they want you to be successful with the product too), with ideas such as contests, gifts, financial incentives, or points towards product purchases
Train your staff on how to sell it:
- Bring in the vendor to train your team if it’s a significant new range and opportunity for your store.
- Train ‘Product Knowledge’ and ‘Selling Skills’ … how to sell the story of why this product is special/different. Competence builds confidence.
- Role Play until you are certain your team knows how to ‘show and sell’ the product with confidence and skill.
Then launch it to your customers:
- Throw a party for your special customers
- Get your sales associates to Clientele their customers
- Help customers create wish lists
- Create a unique customer experience. Remember, good service only stops customers speaking badly about you, it takes exceptional service to have them talking enthusiastically about you!
In summary:
- Find the right vendor partners
- Research and select the best product
- Plan how to sell it
- Unveil it to your sales team
- Train your team on product knowledge and sales skills
- Launch it to your customers
- Create a unique store experience
- Manage it if it sells quickly … or not
- Enjoy your well-earned success
Next, we will discuss Stage 4, What To Do If It Sells Quickly, and Stage 5, What to Do If It Doesn’t Sell: Your Exit Strategy.
If you have any questions or need customized strategies for your store, based on any of the ideas and details we mentioned in this article, please reach out so we can talk further about your needs.
Native New Zealander David Brown has over 15 years experience in consulting, training, and public speaking. In 1996 David began offering his own unique brand of specialized training and management services to retailers throughout Australia and New Zealand where, following an early introduction to the jewelry sector, he bought a half share in a jewelry store in Australia, and increased its sales and net profit threefold in just three years. HIs retail clients now include two of the major Australian jewelry buying groups, a major chain jeweler in Australia, and a New Zealand jewelry group who between them have a combined membership of 430 retail outlets. Brown conducts regular retail seminars, supplying vital industry benchmarking and trend analysis in addition to consulting with a number of the members on an individual basis. He is an expert in the areas of inventory management, sales growth strategies, retail systems and staff management and, with the development of powerful industry- specific software, Brown can business owners with information and strategies to significantly improve sales, profit margins, control, and ultimately peace of mind. Call (877) 569-8657 or email inquiries@edgeretailacademy.com