Part 2: How to Start Your Retail Holiday Prep

Updated: Jul 9, 2020

Holiday Prep is all in the planning for a successful event. It helps if you have notes and data from previous years. If this is your first holiday season in business your planning session will look slightly different.

While starting to plan for the Holiday Season you need to have your numbers from previous seasons. Hopefully your numbers also include a breakdown of each item and sell-through rates. Do you have a staple product which always sells well? What products do you want to bring in for this season? If this is your first Holiday Season, what do you think your store will sell? What seasonal products make sense to sell? Do you want to try and sell a unique item in your store? This is an item you normally would not sell but want to bring in. Make a list of all of these items. You do not have commit to bringing in the items, yet. This is a list of maybes and yeses. You can narrow it down later.

What is your goal. At the end of the event you will use your sales to determine success. What dollar amount do you need to sell for you to consider it a successful season? Are the products you are bringing in enough to hit your extended goals?

What promotions do you want to run? Are you going to have a stocking stuffer table? What is the price point you think will sell well in your store? If you are bringing in a unique item, promotion and marketing will be key to a successful sell-through. Can you commit to the marketing goals needed to make it happen? We will be discussing marketing goals and plans in our July 22nd Blog: The Key to a Successful Holiday Season. I will help you breakdown your marketing into easy steps to plan the season.

Once you have a completed list, go back over it think about your goals and potential marketing needs. What items are a MUST for your store. What items fit into themes to make marketing easier. What items would be a risk. Are the risky items worth bringing in? How much of a hit on your bottom will you take if you don't sell the item? Is the risk worth it? What items can you cross off your list. You can always add or subtract from the list. This is to get your mind thinking about the season and what your needs and wants are or will be.

Next week we will take your goals and items to complete the next steps. Look for the blog: You Have a Holiday Plan. Now What?. It will be published on July 15th.

In the meantime, if you would like assistance in your planning you can schedule your Retail Success Strategy Session to determine how AMG Innovative Consultants, inc can help you. On the blog page click the button to schedule your session or visit our website to learn more about what we do.

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