Want to Increase Your Studio’s Revenue? Try Retail
By Terri Fry
I will admit it, I love all things retail. I love shopping and buying product for my studio. I love receiving the merchandise, pricing it and putting it out on display. And I can hear you thinking, “Really, retail? That’s not what I do.”
You may even ask why would a wellness business do retail? The answer is simple: the revenue it brings to your bottom line. This is what I love most about doing retail at my studio. (That, and the wicked cool fitness clothes I get to wear.)
Not currently selling retail? Good news, with a bit of planning and a clear strategy, it can be easily done.
A few retail sales tips to get you started:
- Pre-paid gift cards are an easy item to promote. Sell them at your location and through your online store in your MINDBODY software. I have one specifically for my introductory offer and it’s very popular throughout the year. Be sure and feature it in your News & Events banner (Manager Tools > News & Events) on your MINDBODY site, too!
- Logo gear is another terrific way to increase sales and build brand awareness. My best-selling items are t-shirts, hoodies and water bottles with my logo on them. My best advice? Keep it super simple. If purchasing apparel, place your logo in one color and on one side. If you’re buying clothing, keep the sizing of your products in mind. Medium is the most popular size for women and large for the guys. Avoid going for the cheapest item—use quality products. Remember, your name is on it!
- Set a realistic budget and sales goal. It’s important to have a plan in mind when you buy the product. Don’t order too much. In fact, I recommend ordering only the minimum quantity. You may pay more, but you won’t be stuck with merchandise you can’t sell.
A few retail sales tips to help you prepare:
- It takes time to receive product, especially if it’s being custom made. Place your orders to allow time for delivery and to put your new inventory out, especially if you have an open house or special event coming up.
- Stagger your orders so that you have fresh inventory every 2-3 weeks. Your clients will have plenty to choose from, and with new selections coming in every couple of weeks and it will help spark more sales.
- Plan a shopping event! Pick a time you’re normally closed or during off-peak hours and have a retail boutique open house. Offer special packages and volume discounts to drive order size. Serving something like champagne or appetizers helps create a fun and festive atmosphere. Advertise via email and on social media sites. It’s fun, and your bottom line will love it!