Posted by Alex Jackson on 20th Apr 2018
Are you the type that loves throwing a party? Very detail-oriented ,loves writing up the invites, doing up special decorations and knows just the right number of guests to invite? If you also have that entrepreneurial spirit, then maybe you are just the right type to throw an event sale. What is an event sale? It’s basically a pop up one-time retail sale you can host for one or multiple days depending on your preferences and if properly planned, advertised and executed can be a real cash cow for an independent retailer. But before you consider hosting an event sale the most important part is to do your research and have a firm plan of action in place. What follows are a few helpful pointers in planning out your first event sale.
What are you selling? - Identify what merchandise you plan on selling, how much of it you feel comfortable in handling in a single event and at what price points you want to offer. Focus on a particular category it’s great to try and have something for everyone but in a short window of opportunity like a popup event its best to have a very clear focus.
Where you are selling- The where is just as important as what you are selling. If your planning on doing a big barn buster of a sale of say athletic apparel be sure to plan on hosting this event in a space that can comfortably accommodate both your merchandise and a crowd of potential customers. Consider renting out some space at a local hotel or a storefront for the event just make sure the environment is a good fit for the merchandise you plan on selling.
Mark it to move!- Price to motivate a fast sale, remember you have a limited window of opportunity to make these sales and pricing aggressively will highly motivate these customers. It’s also a great way of building some word of mouth for the next time you plan on hosting your next pop up sale. Make sure all of your goods are tagged and ready for resale well in advance of the event you don’t want any last-minute confusion caused by untagged items.
Have all the equipment you need- Have all the essentials racks, display models and a register also make sure you are set up to accept credit cards. Many companies such as Square and PayPal offer devices that can be hooked up to your phone to accept credit card payments.
Make sure you have some help- Rope some friends or family into the action for the sale you can and will need some assistance in prepping and monitoring your inventory while the sale is going.
Promote it- This one cannot be overemphasized get the word out and start early! Utilize free social media to the max! Post the event on Facebook , Craigslist and promote it in any local papers or media your budget affords. Don’t overlook some old school methods such as posters and flyers, they are a very effective way to get the word out to your local community.
Do a dry run- Concerned you may have overlooked something or just want some feedback on your goods or pricing? Do a dry run private event with some friends and family to work out the kinks you may encounter. You will have a much better idea of what to expect on the day of the actual event.
Don’t Panic!- These type of events can get hectic so don’t get overwhelmed trying to tackle everything. Try and delegate some of the many hats you will wear to those friends and family that you have conscripted into lending a hand.