Spring cleaning for small retailers
Kelly Sharp is the owner of Heart of Iowa Market Place
When I thought about the topic of spring cleaning for small retailers, I had no idea that a marketing expert named Margaret Shrum had already tackled the topic. Nor did I know that Shrum goes by the moniker "The Lingerie Goddess."
But, it turns out that she and I share some of the same ideas on the topic and it's only right to give credit where credit is due.
For instance, we agree spring cleaning for retailers means moving out merchandise that's been sitting around awhile to make way for new product lines. Shrum notes that spring cleaning can "drive sales by creating a buzz about the surplus products that may have been hidden in back stock." That dovetails nicely with my preference for sampling products that haven't been moving. Sampling works.
I'm very big on knowing what inventory I have, what's selling and what's not. My business, the Heart of Iowa Market Place, is very a focused specialty retailer -- we sell distinctly Iowa gift items and products -- but we've also had a few products that, for whatever reason, just didn't move.
It's hard for some small retailers to admit it, but if a product you thought was going to be a big seller isn't moving, get rid of it. Sell it as fast as you can to make room for products that will sell faster and at better margins. We all make mistakes. Admit it wasn't the right product for your store and move on.
Shrum recommends making sure your employees are well-versed in your spring-cleaning products and "have their own dialogue" to connect with clients. She suggests generating more sales by having store staff "mention the weekly promotion to their clients via email and phone and as they greet all walk in traffic."
Here's how I'd phrase it: "If you want to move a product, you've got to tell customers about it."
We're in agreement, too, on the value of social media to spread the word about featured sale items.
"Finally, spring cleaning is something that can go on throughout the year and help to decrease the end of season markdowns. Keep track of how well each campaign does and rotate the successful ones in between the seasons," Shrum says.
Amen to that!
I've never met Margaret Shrum but I already like her.