The first key to a successful liquidation sale is proper planning. This is the most important element that will determine how successful or ultimate failure for the liquidation sale. All the planning for the liquidation sale should be done before you begin along with options in case things go wrong. You should have two additional options ready, instead of winging it, because some things will not go as planned.
Here are a few things you need to plan for before the sale begins:
1. Initial Pricing and future markdowns
2. How are you going to get shoppers into the store
3. What price for your fixtures
4. How are you going to keep your employees from leaving during the sale
5. What kind of signage/banners do you need?
6. What is the plan to get rid of the remaining inventory that does not sell at the end
7. When are you going to get ready for the sale and let customers know when the sale starts
8. How long will the sale last
9. How and when to contact the press about your liquidation and much more
Before you start your store closing, there is a lot of work that needs to be done. Here are a few tips.
When Your Sale Will Start– The time to start your sale should be Wednesday or Thursday. You should make a guideline on how long the sale will last, but adjust if needed.
Employees– You need to decide when to tell your employees. I would suggest a week to 10 days before the sale starts. Also, you need to have a plan for keeping employees around the entire sale such as offering a bonus.
Pricing– You need to set your initial pricing and what your pricing will be in the future. This helps you set the length of the sale.
How to Let Customers Know– The most effective way is by sending postcards or letters to the surrounding area.
What to Do With Inventory at End– You can sell it in bulk like in 4-foot sections or you could donate it.
What Fixtures to Sell– You must decide what fixtures to sell, your pricing and when the customers can take them.
Signage & Banners– Decide what signage and banners are needed to let customers know about your sale, policies, pricing and more.