This summer, my 12-year-old son wanted to earn some money selling backpacks. His uncle is a sporting goods rep and gave him about 100 samples from last year’s lines. Dana could keep $10 from each backpack he sold.
I had the brilliant idea of taking a booth at our local Farmer’s Market. We did everything right – designed an attractive space, priced each item 30% below retail, and brought plenty of cash to make change. As the morning began, we developed our sales goal of 2-3 backpacks per hour.
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We spent two long, hot days at the Farmer’s Market, and sold just two backpacks. After paying the $35 booth fee and 10% sales commission, we came out in the red.
My little guy learned that retailing is not easy. It takes time, and money, and patience. Most of all, it takes a sales attitude and strategy. I learned a few things, too. I counselled Dana to “leave people alone” and let them browse even though he was eager to answer their questions and hawk his wares. I should have let him. We also should have started a lot earlier in the summer, when it was cooler and parents were starting to think about school backpacks.
Most of all, I should have considered the importance of location and demographics. People come to the Farmer’s Market for produce and food. They don’t usually carry more than $40 or $50 cash. They look for handmade and artisanal items; high-end backpacks even at a discount seemed discordant with the Farmer’s Market vibe.
Nail salons, on the other hand, are absolutely tailor-made for retail sales. Clients come to get their nails done. They choose a color, then may want to freshen their nails or change color a few days later. Their cuticles are dry and they need oil. They love the mango scent of that lotion you used. I don’t mean to make it sound easy, but it’s a synergistic relationship. Making relevant retail products easy to buy actually helps the client have a better experience, because she can prolong that lovely pampered feeling long after she leaves.
This season I urge you to renew your retailing strategy. We’ve put together a few resources to help. First, look at the many high-performance, low-fee apps that turn cashless transactions into a mere swipe. Then discover the key retailing numbers you need to develop a full-blown retail sales strategy – it’s easier than you think, and it could net you some serious revenue increases during the holidays. Finally, shop our own little marketplace for some splendid products your clients will love.
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