Retail Shouldn't Be Scary - 3 Ways Retail Can Boost Your Business
We all know that retail is a good way to make a little extra money, and we also know it can be scary for many professionals to keep their inventory stocked and managed properly. It can be even scarier actually selling it! But remember—your clients are there to pamper themselves, and they’re buying products somewhere, better they’re buying the right ones from you!
Here are the top three reasons to recommend and sell retail to your customers:
Extra Money - Once you’ve chosen the right products to carry and you have the inventory on hand, there is very little effort that goes into earning this money. With the markup on most products being 100%, it’s a great way to increase your sales ticket. Profit is found in the margins and in the small things that add up over time and make a big difference. As added revenue, it also takes up the least amount of real estate in your business.
Co-Branding - Choosing a retail line that aligns with your own values and desired niche in the marketplace will elevate your personal brand and set you apart from your competitors. It will help to create the perfect environment and experience for your ideal client.
Client Retention - New clients are more likely to return when they purchase retail. With the purchase of just one product, research shows they are twice as likely to return than if they leave your studio empty-handed. Not only will they have more success recreating the look and feel at home, but they will be reminded of you every time they use it. When they need another appointment, you will be the first person they call.
In our IMAGE Pro Business workshop, Upscale Your Retail, we give you more in depth ways to choose the right brand, purchase and manage your inventory, use points to get free stuff, the best way to display your products for maximum impact, collect sales tax, have the right conversations with your clients, and make sure your clients are taking home the right products you want for them.
Don’t let your fear of “selling” scare you away from winning at the retail game.