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Pt II Avoiding Accidental Retail: Maximizing retail potential

July 27, 2011

Following up with the next 4 out of 10 tactics on how to maximize your salon or spa’s retail potential, here they are:

money3. Establish sales targets

After reviewing figures from previous years, lay out your retail sales target for the upcoming year. Then break down this figure into monthly, weekly and daily objectives. Ultimately, each employee should know exactly how many products they are expected to sell each day.

4. Buy the necessary inventory

Sales targets are not only used to monitor your sales performance, they are also used to manage inventory levels. Having ample stock ensures your staff can never complain that you don’t stock the products they recommend. Empty shelves also send a negative message about your commitment to a product or brand. But be careful to never carry more stock than is required for your next two months of operation!

5. Follow your sell-through

It is essential that you monitor your sales to make sure you never run out of your best sellers, you don’t accumulate any dogs and you get out of products or brands when they are clearly not performing for you. Keeping your finger on the pulse of your retail business allows you to react with lightning speed when consumer purchase patterns change.

paperclip6. Educate your team.

Product knowledge is paramount to good retail sales. It should be conducted regularly and be mandatory for all staff, including your front end team. It is preferable to have multiple training sessions conducted over a period of several weeks or months and cover only a small portion of a brand each time, versus covering 100 sku’s all at once. Then refresh this information with regular product knowledge reviews.

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