Have you ever shopped in a store that was dull and boring? You may not even recall the name of the shop because it was simply that uninteresting. As a retailer, you don't want your store to become one of those lackluster shopping experiences. A great way to avoid becoming mundane is by strategically planning promotional events for your retail store.
This isn't the twice-a-year markdown sale your store has when you place all the season's leftover items on a table and smack a "Reduced" sign on the front. No, what I'm referring to is a specially orchestrated promotion that can have a significant impact on product demand and sales. By planning several of these exciting events each year, you're giving customers a reason to return to the store on a regular basis.
Retail Promotion Tips
- Choose a promotion that fits your industry, target audience and goals.
- Maintain a calendar of all planned and actual promotional events.
- Don't forget to include local community events in the planning.
- Try to schedule events 3-6 months in advance to create an effective promotion.
- Create a folder for each event to maintain records and review the final results.
- Increase your open-to-buy and purchase extra inventory for special events.