Five Minute Friday: Holiday Retail Tip: Promotions vs Sales

Boutique Chat

Ashley Alderson

Business, Marketing, Retail, Boutiquetips, Fashionindustry, Fashionbusiness, Entrepreneurship, Businessstrategy

5 • 853 Ratings

🗓️ 29 November 2024

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today's topic is one I'm hoping will save you a lot of stress this holiday season! Too often, I see retailers hustle, hustle, hustle during this time of year, but they're chasing the wrong goal—and missing out on precious holiday moments with their loved ones for nothing. So in this episode, I'm breaking down why you should not be aiming to sell more than you did last year, and what you should be aiming for instead. I also cover how to think about promotions vs sales so you can use both to make sure you're coming out ahead this holiday season.

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Transcript

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0:00.0	Business can be a lonely game, but it doesn't have to be.
0:09.0	Welcome to Boutique Chat, where we explore community over competition and how to scale your company with the balance and the happiness that we all seek.
0:16.0	We'll hear from product-based businesses of all types, retailers, e-commerce, and wholesale brands,
0:21.7	along with industry experts shaping the future of our industry.
0:25.2	I'm your host, Ashley Alderson from the boutique hub, and I can't wait to chat.
0:33.3	Okay, can I save you a huge amount of stress this holiday season?
0:37.0	I hope I can. I want to talk about
0:39.4	how you are planning promotions versus sales this holiday season. Now, this is why this topic
0:45.7	is so important to me. For years and years, I have watched retailers completely stress out
0:51.3	over what promotions, sales, whatever, they're going to run during the
0:56.6	holiday season. And ultimately, when I ask them, well, how are you deciding, like, what's the
1:01.5	goal that you're really chasing? And they'll tell me, well, the goal that I'm chasing is to sell
1:05.0	more than I did last year, to have a greater sales number than I did over the holiday season last
1:09.4	year. And the danger in that for me
1:11.5	when we have this conversation is you can sell as much as you want. But if you've had to sell
1:17.8	everything at a discount, are you really left with money in the bank at the end of the season?
1:22.9	The goal we should be chasing is not do I sell more than last season? It's do I have more money
1:27.4	in the bank than last season? Because I've seen retailers absolutely bust their butts and miss
1:33.4	family dinners and miss precious time that they wish they could have back, you know,
1:38.7	personally with friends with family, whatever over the holiday season because they're busy
1:41.6	hustling and working and trying to beat the sales number.
1:45.0	And then when they get to the end of the month, they get to the beginning of January and it
	...

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