Boost Your Income by Offering Close-Out and Year-End Sales
Launching a big sale at the end of the year is a fantastic way to give your income a big boost. According to the National Retail Federation, over 20% of yearly sales happen between November and December. If you get your year and sales strategy right, you could have quite a payday.
So how do you launch a successful year-end sale?
==> Look for Trends
Look for trends in your industry. What items are people really longing for? Stock up on those items.
Talk to other people in your industry and try to figure out what items are going to be hot sellers during the holiday season.
==> Talk to Suppliers
Good communication with your suppliers during this time is essential for a few reasons.
First, you want their help in choosing products. Suppliers often have a very good sense of what products will and won’t sell.
Second, you need to get an exact quote on when restocking times will be. For example, as the end of the year approaches, you might try selling a number of different items. As soon as you can tell what’s selling hot, you might place a big order for your big year-end sale.
To pull it off, you need to have a good sense of how long it’ll take for them to restock your store.
==> Have a Strong Upsell System
Having a strong upsell product line in the holidays is essential. Doing well in upsells can boost your profits enormously.
Have common “snap decision” products near the checkout line. Items like chocolate or gift wrapping should be a core part of your sales strategy. Make sure to also stock up on “mini gifts” that people can buy pre-wrapped for people they aren’t carefully shopping for.
==> Advertise Your Sale
Is it more expensive to advertise during the holiday season? Yes. Is it worth it? Absolutely.
As long as you offer something that people want and as long as you differentiate yourself from other stores nearby, your advertising dollars are going to multiply themselves many times over.
Just buying some sort of advertising for a single month to boost holiday sales can bring a whole rush of ready to buy holiday shoppers.
==> Make the Sale Clear on Your Website
A lot of people will check your website before coming to your business in person. They want to see what kind of deals you’re offering.
You don’t need to redesign your website, but make sure that whatever special deals you have running are clearly displayed on the site.
Offering a year-end close-out sale is a no brainer for many businesses. You get an enormous rush of sales, you get rid of old inventory and you expose yourself to a slew of new customers.