The Best Water-based Pomade on the Market! |
A few weeks ago we discussed the benefits of starting or developing retail in your shop. This week, I want to offer 3 tips for increasing your retail so you can get that product flying off of the shelves. I call it, “The Proper Method.”
First,
you need “Proper Display.” I don’t mean buying massive retail hardware,
shelving, racks etc…I simply mean a clean
and enticing retail space. It doesn’t
have to be majestic, and it doesn’t have to be expensive or even look official.
A proper display constitutes a space where the customer will experience 3
things: (1) eye-catching, (2) organized, and (3) products they actually want.
Story time: I visited a shop where the owners were trying to set up a retail
section in the corner, but they had the product in the original wholesale boxes
on a folding table with shipping tape hanging off the side, and no prices marked. It was dusty,
covered in hair clippings, and rather unappealing. It looked extremely
unprofessional! I suppose it caught my eye, but not for a good reason. Instead,
think of ways where you can pose the product in a way that is going to catch
the customer’s eye when they walk into the shop, and before they leave (in a
good way!). Make sure this space is organized and that your entire product line
is marked with up-to-date pricing.
In the same way, make sure you always have
enough product on hand to fill the space. You don’t want to have a single dusty
jar representing your retail line. Stack the product in a way that looks
“artsy,” whether it be in a pyramid, or lined up and slightly turned in a direction
as to reflect light in a positive fashion. Eye level is also important. You
don’t want your product too low, or too high. Somewhere in the 5-6 foot range is
perfect—people shorter barely have to look up, and people taller barely have to
look down. Don’t put your product on the floor, and do not put your product up
high. If you need a shelving unit, check your local thrift and antique stores
for a great, cheap find. I found a vintage wine-rack with tons of slots and
shelving for less than $50 a few years ago. I don’t use it for wine—I use it
for all of my wet-shaving accruements like straight razors, shaving brushes,
soaps, etc… I use it every day, and it looks AWESOME! You don’t have to break
the bank to make a good display!
I can’t hit on
this enough: make sure you are carrying products your customers actually want
to buy. If you think a handmade comb is really “neat,” so you order 100 of them
and mark them up appropriately, but your customers don’t want it, well, it
looks like you are stuck with 100 handmade combs. You might think it’s an
awesome idea, but your preference comes second to customer’s purchasing habits.
Find that need, and then fill it. Is it a pomade? Great! Fill your shelves with
pomade! But now you need to identify your customer’s spending habits. Is a $20
jar really your customer’s price range? Maybe it is, maybe it isn’t. That’s all
dependent upon your customers and location. Need help deciding what to carry?
Our phone lines are open to ask questions and give ideas.
Second,
you need to develop “Proper Advertising.” Let your customers know you have the
product they want for sale. You can do this in a few ways: first off, actually
use the products you are selling and become knowledgeable on the details of the
product. If you are carrying an aftershave, actually use it on customers after
a shave. They will say, “Oh man! That smells really great! What is that!?” Then
you come in and say, “This is my MD Topaz Elite aftershave. I have currently
carry three different aftershaves, Topaz Elite, Captain Black, and
Conquistador, all in 8 ounce bottles for $15 each. If you use it every day, 1
bottle should last you between a month and a half and two months. Can I get you
one to take home today?” Too easy. Not every customer will buy one, but you
will sell more than you would have otherwise!
Utilize
product posters and signs as much as possible. Many suppliers will have a
variety of posters that you can place in your shop, and when coupled with
digital Social Media banners, they prove to be extremely useful for getting the
interest of potential customers. Many of your customers have already liked your
page on Facebook or interact with you on Twitter, so get a hold of some digital
product banners (usually provided by the manufacturer) and plaster them across
your social media pages, with the physical posters in your shop. When in doubt
concerning a specific style or design, keep in mind—you can never go wrong with tasteful.
Another
idea for advertizing your retail can be found in advertizing you and your shop.
I know of a barber shop in Eastern Montana that runs radio ads for their
business, and in the radio ad they mention their product line. This shop can be
found in a town of less than 9,000 people, yet they push over 50 jars of pomade
a month and various other products in the same timeframe. They may be pushing
over $1,000 a month in product sales, which for a small town is absolutely
fantastic. Develop proper advertisement, and you may see a wonderful return on
your investment. Of course, you don’t need to run radio ads, but if you did you
should also keep in mind that you do not need to continuously run the ads.
Perhaps you run an ad for 2 months out of the year?
The
last tip I have for you is “Proper Development.” Always keep it fresh. If you
are starting a retail line, it is completely acceptable to begin with one or
two products, but make sure you are continuously adding new flavor to this
product line. Don’t give the consumer the opportunity to get bored with your
line-up. Consider setting goals for every month, or every other month: release
a new product within your goal’s timeframe, and make sure you are keeping track
of the numbers. Over a year’s time, you will have added 12 new products to your
shop’s retail section and since you were keeping track of the numbers, you are
now able to invest into the products making you more money, and will have the
capability of discontinuing the products just taking up space on your shelves.
This is the fun part in retail, as it gives you the opportunity to experiment a
little bit. You decide what goes on the shelves, so if you want to experiment
with aftershaves, alum blocks, pomade, even razors and blades, then you
absolutely can! Some items may take longer to sell than others, but by the time
you have developed your product line, your profit margin is not dependant on
one product alone. Properly develop your product line, and your bank account
will properly develop along with it.
The
“Proper Method” seem easy enough: Proper Display, Proper Advertisement, and
Proper Development. You might be rolling your eyes saying, “Tyler, that is all
common knowledge! It doesn’t take someone with a business degree to see that.”
Well, my question is, if it’s so “easy,” why
aren’t you doing it yet? If you are utilizing these 3 tips already, then I
encourage you to keep developing! Check it out…if you truly invest in your
product line, it’s only a matter of time before you start calling yourself “Gent’s
Barber Shop & Grooming Accruements.”
Just think of it…4 barber chairs in one room, and an entire beauty and grooming
shop in the other room. What if that pool table room turned into an area with
nothing but money-making retail items? Imagine if the other barbershops in the
area came to YOU for their everyday items! And to think it all started with a
single product.
MD Barber Supply exists to help make
this a reality for you. Call or email us for consultation!
(866) 939 5588
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