17 | How To Have A Sale
In my many years of experience working for and dealing with creative product businesses, and of the many tactics and strategies people use to shift their products, I’ve found that stock clearance is one of the most misunderstood and misused. Stale stock traps money in your business, takes up valuable space, and can be a drain on you mentally - so how do you deal with stock that’s not performing? In episode 17 of The Resilient Retail Game Plan, I want to give you my five top tips on how to have a sale. We’ll analyze your stock and look at how to plan a few short and sharp clearance events across key periods in the retail calendar; we’ll take a look at your messaging and how changing things up and being bold will get your customers ‘adding to basket’; and we’ll also discuss plotting out a promotional plan and the importance of meeting the legal requirements when it comes to offering discounts.