As we approach the sales’ silly season, I thought I’d share the 8 basic principles that lie behind what is probably the BEST retail sale in the world.
There was a time when sales were sales, one in January and on occasions one in the summer, a time when retailers discounted unsold stock to make way for new seasonal stock. As the economy moved in and out of mini-dip-recessions,competition for customers increased and the marketers created bigger discounts and better offers to attract us to their stores – Then the world-wide-web arrived and every day seems to be a sale day.
January sales start in December, Boxing Day sales start before Christmas, Black Friday gazumped Cyber Monday and now we have Red Friday, White Friday and Blue Friday starting after Bonfire Night and running through to Christmas.
Probably the BEST retail sale in the world … takes place in a family owned Jewellery store in a small town in Bedfordshire, England.
Since 1999 the owners of the shop have been applying 8 basic principles to offer a low cost high value sale to their customers.
1. Remove all the stock from your store that you don’t want to sell and the brands you “can’t” sell.
2. Sell everything that remains, at 50% off the existing ticket price.
3. Limit it to one day a year.
4. Promote it as close to the day as your lead times for local press, leaflet drops & posters allow.
5. Open earlier than usual and if your stock remains stay open later than usual.
6. For comfort and security limit the number of customers in your store at any one time.
7. At the till simply half the price on the ticket.
8. Suspend your normal customer service niceties such as gift wrapping – it’s a no frills day.
Simplicity – the essence of a low cost high value sale.