Running a sale in your store is a big deal. A very big deal. If you’re sold on doing a sale, you need to be very sure about the kind of sale you want to run. Conducting a quick one hour or even a one day sale can lift your sales for the day or even the month, but you may be missing a much bigger opportunity that you haven’t considered.
Every jeweler has a problem with aged and underperforming inventory. The key is what to do with unwanted merchandise that is taking up space in your store, tying up precious capital, and keeping you from having the cash flow you need to reorder fast-moving merchandise.
Conducting a sale is a great option to improve your financial condition, but the kind of sale you run in your store is the most important decision you will make because having a sale is a privilege you must not abuse. If you overdo it, you run the risk of alienating your client base as well as those who might shop your store for a one-of-a-kind deal.
At The Gordon Company, we recommend a multi-week sale – often up to nine weeks – with very careful planning and a very sophisticated approach designed to protect your brand name and image. Why have a sale that does $50,000 for the day when you can have a well-orchestrated multi-week sale that generates 10 to 20 times that amount, creates tremendous excitement, extracts the majority of your dated inventory, and helps you eliminate debt? It also adds significantly to your mailing list and your ongoing customer base by attracting hundreds of new clients to your store who buy from you for the very first time. A one-day sale simply can’t do this.
Having a sale is an attractive option, but only if you conduct the right kind of sale with professionals who know what they’re doing. Give us a call if you’re considering a sale. We’d be pleased to advise you on steps you can take to reduce unwanted merchandise, maximize your return on investment, or accomplish any other financial goals you may have.
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