Tips for mastering clearance sales. I have a foolproof clearance sale tip for you — a way for your customers to say “Take my money!”
Retailers are always amazed that one small tweak can make a huge difference to the bottom line. This strategy is featured in my Clearance Sale Secrets program.
To understand why this strategy works every time, let’s put ourselves in the shoes of your customers.
You’ve just walked into a store and you see a rack or table that is marked sale. You love a good deal so you head over to look. As you approach, you start evaluating the items to see if any will fit a need that you have, or if they appeal to you.
For example, you might be thinking, “My sister’s birthday is coming up. Is there anything here that she would like?”
Each item is looked at critically. If something seems appropriate, you pick it up and the first thing you do is look at the price.
That is the moment. Do you believe the item has enough value to be worth the amount it’s priced at right now? If yes, then you’ll buy it. But at this point you’re questioning it, “Hmm, I don’t know if it’s worth this. Will it be marked down again? Maybe I’ll come back.”
"Every time you host a clearance sale, you should have one to three dollar tables or racks at varying price points."
Also, because it’s been marked down, you’ll inspect it closely to look for any real or imagined flaws that might have justified the marked down price.
You’re actually looking for reasons not to buy it.
All of this happens in an instant in your brain. Often, you put the item down and say, “I’ll keep this in mind and come back.” But we all know that most likely you won’t be returning!
A different scenario
Now let’s imagine our customer in this scenario instead: You’re walking into a store and see a table with a mix of merchandise on it and a big sign announcing “$10 or less.” Your immediate (unconscious) thought is “I have $10! Let’s see what I can spend it on!”
This is an entirely different thought process from the previous one.
You’re actually anticipating to spend the money, already thinking about purchasing an item as you approach the table. Mentally you’ve already given the store your $10.
Of course, you’ll still evaluate each item to see if it meets your needs. But suddenly, you’re automatically much more open to more needs being filled. In this situation, you’ve already given yourself permission to spend the $10.
Every time you host a clearance sale, you should have one to three dollar tables or racks at varying price points. It doesn’t matter how big the markdown is of each item on this table or rack. If the sale price matches your dollar table price, it can be included!
This type of clearance sale can work in your e-commerce shop, too — just set up dollar collections!
This is how you use consumer psychology to maximize sales, and enjoy success as an independent retailer, while providing an exceptional experience to your customers.
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