Planning a Successful Retail Sale

Everyone loves a party-especially your customers. Consider opening your doors for a one-day special event.

Have you ever been to a bad party?
Probably not. Why is that? Well, when you go to a party, the hardest thing you have to do is chose an outfit and pick up a gift for the hostess. Even if the food is bad-you didn't have to prepare it. If the décor is not to your liking-you didn't have to clean it. If the people weren't your favorites-you probably won't see them again. And unless your date goes home with someone else, chances are the worst party is still better to attend than to give.

On the other hand, you may have given a party that didn't meet your expectations; people that you didn't like showed up, people you liked didn't, or maybe no one came at all.

There are so many more details to giving a party than attending one, and the better the details are handled, the more successful the party.

Now think about your business.

Have you ever had an event that was less than successful? Perhaps your employees weren't engaged, your vendor showed up late, the advertisement didn't run in the paper, or the whole town went to the local high school football game instead of your event.

Planning an event to drive traffic is an extremely effective way to reach potential customers in your market. However, if you don't have a handle on the details, it could fall flat.

Throw a party-spread the word-and people will come.
During the majority of the 1990s, I was a Regional Franchise Manager for Pearle Vision, a retail optical chain, where I managed over 50 optical stores owned by 30 different franchise owners in the New England area.

One such location decided to host a Customer Appreciation Day with the goal of driving customers into their store. There wasn't a model to go by, so everything they did was done for the first time. Some of it worked and some didn't. The bottom line? A successful one-day event.

I learned about this event and spent time asking questions and learning what went well and what they would do differently next time.

I wrote down the details in my workbook, It's a Party, Planning a Successful Retail Sales Event, in which I walk through the planning process, offer tips for success, and discuss a few things to be cautious of for a successful event. Your event will only be as successful as the effort and energy you and your team put forth.

How do you measure success? It isn't just the ringing of your cash register, although that is a beautiful sound.

A successful event is one that:

Drives traffic
Brings new people to your store
Educates your customers about the products you carry
Builds relationships with vendors and local businesses; and
Creates an excitement and an awareness of your business in the community.

Nine Elements of Planning and Executing a Successful Event:

1. Determine the purpose of the event: Before you begin planning an event, you first need to determine the objectives. Is it to celebrate a Grand Opening? Make people aware of your location? Clear out inventory at year-end? Create a local buzz?

2. Select an offer: When planning a retail event, the first thing you'll need is a "hook" or an incentive that will bring people to your store. Your first consideration should be: What will appeal to the customer? What offer will inspire your customers to change their plans and come to your store during your event?

3. Select a date: I recommend selecting a date at least eight weeks in advance, to give you enough time to plan. Think of the last big event you planned (maybe it was a wedding). Think of the months you spent planning so that the special day went off without a hitch. Give the same care and attention to your business event to ensure its success. Also, make sure to choose a day of the week when you will benefit from the most traffic.

4. Obtain Employee's Buy-In: Take your employees on as partners. Let them know that a successful retail event can mean more business in the future. Consider a one-day employee incentive program for your event. Although you may already offer commissions or bonuses, for this one day, consider something additional to give them a reason to get excited.

5. Vendors: As mentioned before, an important component to a special event or party is having something special that will entice customers to come in. Consider having vendors participate. Look at your inventory and select one or two vendors that you would like to highlight. Take them on as partners. If your event is successful, they will be as well. Let them know your plans and see how they can help.

6. Marketing Plan: A clear, detailed marketing plan is essential to having a successful event. Marketing a retail event should be simple, focused and inexpensive. Luckily, there are many ways to do this. Concentrate on a three-mile radius to begin to get the word out. Communicate with the other businesses within your area, mall or strip center. Talk to the other store managers, and get permission to put up a flyer/poster in their break room. They may even agree to put flyers in their customers' bags the week of the sale. Start to line up simple ways to get the word out with area businesses about a month in advance. For those willing to put flyers in their customers' bags, you might consider offering a special discount to the manager or the entire staff. Another way to promote your event is to utilize the technique of viral marketing-put the word out on your website and send a special email announcement to your subscribers.

7. Food: Who ever heard of a party without food? I would recommend a simple fare that includes cookies or brownies-something small and easy to pick up without the mess of a cake or cupcakes or the need for plates and utensils.

8. Planning Calendar: It is essential to plan the tasks out on a calendar so that you stay focused and remember all the numerous details that go into an event, such as: sending out postcards to existing customers, writing a press release, confirming attendance with your vendor, and ordering additional inventory.

9. Follow-up: In the week after the event you will want to debrief with your staff and vendor(s). Ask what they thought went well and what could have been done differently, and take notes so you can remember next year. (You think you'll remember, but you won't.) Concentrate especially on the following questions: Did you achieve your goals? Was it a success? Will you do it again?

Planning and executing a successful event can be challenging, but the opportunity to build brand awareness in your community, drive new customers to your door, and grow sales is rewarding and worth the effort.