It is a tried and true retail business strategy to sell a few items that aren’t core to your business, but that you know your clients would be interested in buying on an impulse. The traditional earrings, hair accessories, candles and gift bags can seem almost cliché, especially when they don’t sell. Yet there are ways to keep your boutique inventory fresh and benefiting your bottom line.
1. Avoid clutter. Just because you got a good deal at the tradeshow, it doesn’t mean you need to display it all at once. Pick a few items at a time to display in a creative fashion that draws attention of your client waiting to check in or check out.
2. Obey the weird law of odd numbers. I really don’t know why this true, but try to keep an odd number items on a shelf as this encourages customers touching and feeling items. Just make sure the odd number isn’t one – having one product alone will ensure a long shelf life.
3. Provide a variety of prices. If all your boutique items are less than $20, and your average service is $90 – you are leaving money on the table. Be careful not to purchase your inventory with your own budget, consider it with your clients’ budget instead. For the higher priced items, consider some really inspiring or celebrity/trendy items like an Energy Muse necklace. Each piece is designed to balance the body through the healing properties of gemstones and crystals. Celebrities from Tony Robbins to Hilary Duff to Annika Sorenstam have been spotted wearing their jewelry. [Even I bought my first necklace on impulse, but then became such a fanatic customer they highlighted my testimonial.]
4. Don’t put it on sale, put it on a pedestal! This sage advice is from my friend and mentor Douglas Preston. To create interest in a product (any product) that isn’t moving, display in a prominent location with some exciting display treatment. Freshen your staffs interest in the product by role playing and sharing what you like about. Find some other tips to win the retailing game in a January 07 article I co-wrote with Douglas in Dermascope Magazine.
5. Stay focused on your core business. Don't lose sight that your main source of income is your expertise. Whether that it in skincare, hair, massage, Botox injections or nail art -- they should all be your primary focus for your time and your money. Wrapping up too much money in boutique inventory can be easy to do, but is not the best thing for your business bottom line.
Bottom line, be creative and whimsical in your boutique offerings while balancing it with some ol' fashioned practicality.
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Posted by: Jaya Schillinger | April 13, 2007 at 02:49 AM