Question

Topic: Customer Behavior

Retail Sales Events

Posted by Anonymous on 10/19/2007 at 9:11 AM ET 25 Points
Which of the following strategies is better for improving retail sales $;
A: take my best offer- 40% everything and run it the duration of my entire weekend sale
B: Take my best offer- 40% of everything and make it good only during my historical slow periods, Fridays, 8a-1p.

I have been "struck stupid" trying to figure this out..
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RESPONSES

  • Posted by Harry Hallman on 10/19/2007 at 11:16 AM Accepted
    I would do it for the entire weekend. Why limited it unless you don't have an personel to handle customers. Those who want the best items will come early.

    It is more important how you get the word out.
  • Posted on 10/19/2007 at 5:15 PM Member
    Have you tried doing a test on your target market? See if you can test out both options on two separate weekends to see which generates more sales. Make sure that the weekends are both non-holiday and are 'similar' to each other as much as possible to avoid any external bias to your test.
  • Posted by Jay Hamilton-Roth on 10/19/2007 at 10:25 PM Member
    I'd pick choice "C": Do something dramatic. During the time period of your sale, your customer picks the discount by spinning a wheel, picking a piece of paper, popping a balloon, etc. The catch is that one of the random options is 100% off, the majority being 10%, and scattered other discounts. Take a picture of the 100% winner and put it in your window, ads, etc.

    Long term, this isn't a good strategy, though. You don't want people getting trained to come in only for a discount, nor do you want to be known for low prices. You want to be known for quality, unique goods, etc. Short-term, it might be what you need to clear out older goods and generate some cash for your business.
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