The sale season is over and with it starts the incessant brooding about our decisions as retailers what went right and what went wrong during this EOSS for our brand.
As a retailer I dread the EOSS as it purely cuts into our margins. But there are lots of positive also to an EOSS. It helps in liquidating the old stock and cut pieces from the inventory. Of late what I have observed is that the success of an EOSS also gives us a fair idea about the popularity of a brand.
So, which is better to start the sale at the beginning or at the end of the EOSS season?
I feel brands which don’t have a dedicated liquidation channel should opt for an early sale with advertising blitzkrieg to garner as much customer entry as possible. This will give them a clear head start from the other brands and help in the liquidation faster whereas for brands which have an already established liquidation channel needs to start the sale as a low key affair in the store.
We need to remember that this marketing campaign for the EOSS can be easily utilized to get new consumers and increase consumer loyalty.
In the recent times the sale of Jack and Jones has been very successful. They come up with a full blown paper ad depicting a very high value discount and making it a very privileged event. They have been doing the campaign over all the channels be it print or online or radio.
The result was a super successful sale with people coming from all over the city to grab the merchandise on offer. When I started to check the merchandise I found out that most of the merchandise were 3-4 season old. But the consumers lapped up almost all the merchandise on offer as it became almost like a competition over one another for them to get the merchandise.
The stores entrances were jam packed with consumers and the queue going as long as half km. There were the queues at the entrance, one for people who have come with coupons from the company’s Facebook promotion page, one for people with newspaper cuttings of the sale, and the last one for people like me who have not come with anything. Needless, to say this last row was the longest with people standing in long queues battling the heat, early morning hunger and frustration.
But one thing became very clear, people aspire for this brand. Most of the consumers were of the age group 18-35 making it one of the youngest consumer bases for a brand.
The marketing campaign was a hit and the brand has garnered number of new consumers as well as a strong recollection for everyone to aspire for the brand in future.
If we observe the prerequisites for a successful EOSS will be as follows-
1. Use of all forms of media to garner interest and publish the sale.
2. Get a range of discounts across the store, but there needs to be a star offer which separates the brand from others in the market. It can be a very high discount percentage, happy hours, or some innovative offer scheme.
3. Get your staff fully trained about the various offers running inside the store. Consumers get really put off by not getting correct information from the staff on the floor.
4. Don’t run an offer just for the sake of running. Make sure that the store is decked with stock and merchandise offered on advertisements. The consumers coming to your store should not feel cheated.
5. Finally, be aware about when to close your EOSS and stop from further decline in your brand’s top line. Also, lot of brands keeps extending their sale for an indefinite period. This really hurts the brand image a lot in the long run. Consumers start taking the brand’s EOSS for granted hurting the fresh season sales as a result.