5 Ways to succeed in the Golden Quarter 2022

In the Golden Quarter 2022, when we usually see high spend on the High Street, we are again in ‘unprecedented times’ with the forecast being uncertain. Having survived the High Street Crisis, Brexit and then COVID, our customers are having to think about where to spend with concerns over winter fuel bills. 

Rather than worry about the things that we cannot control, businesses need to focus on the things they can control and ensure that those customers who do have money to spend are spending it with you.

5 Ways to succeed in the Golden Quarter 2022

Here are 5 things for you to focus on, in order to help customers spend their cash in your retail business over the next 8 weeks.

1. Stock

As customers will make late buying decisions, sometimes having stock will get you the sale and not having stock may lose you the sale. How can you do this, without paying out for lots of stock that you may not need?

· Have your shelves and stores stocked up with your best-selling products, and focus on those products that you can sell for Christmas and into January

· Speak to suppliers and know how much notice they need to supply you. Share this information with your staff, so they will focus on selling the products that you already have, or that you can get quickly. Importantly, know which products are low in stock or are difficult to get

· Use fulfilment partners where possible, like Amazon, who can not only sell for you, but also stock and deliver your products for you as well

2.  Staff

Many businesses are reliant on staff to operate and also to deliver your vision. Tell them how important their role is in your business to achieve the targets, so they will know that they are part of the overall success that you are targeting.

· Firstly, do you have staff ready and available to work when you need them to work? In this period, you will need staff to work in the holiday period, maybe late nights or weekends

· Secondly, motivate them. Acknowledge staff and teams who are performing well, rather than just money, they may prefer feeling recognised. Christmas meals are often the most memorable time of the year for teams and this can help to drive and inspire them

3.         Standards

Throughout the Golden Quarter 2022 it is important to ensure that you stick to processes and procedures. Your staff may be tired or distracted because of their own social activities, but this is a time to ensure you maintain standards and do not mistakes or become sloppy.

· Make sure you keep to the published opening and closing times, as your customers could have a lot of personal timings to manage and they will be banking on you opening on time, and not closing early

· Don’t let your staff fall into sloppy habits, for example, when you are busy, some sales staff may tell customers “take all 3 items of them home and return the 2 you don’t like later on.” In times when you are trying to sell, your staff has just sent 3 stock items out of the shop, which you now cannot sell and will probably be returned to you for Boxing Day

· Keep regular meetings with the team, especially throughout your busier times, hold 5-minute “Stand up meetings” to talk about what is happening today, and update the team on things they need to be aware of. Use these to make sure they remember the goals and objectives, and use it as a motivation opportunity to get the energy right

4.         Service

If you don’t look after your customers, do not expect them to keep buying from you during the Golden Quarter 2022… and without customers, you won’t stay in business very long. Your customers will remember your service longer than they will remember your prices.

· Your staff should understand how to SEW, so when a new guest arrives in your place, Smile, make Eye contact and give a warm Welcome to everyone who comes into your place

· Make sure you monitor the check-out process, as customer who have been in your store will hate waiting too long to pay their bill. The UK Customer Service Institute report published 1st Jan 2017, said that 42% of customers complained about the waiting time at the check-out

· Measure your staff on more than just sales. If you really want to give great service, then capture customer feedback on how they found the service

5.         Sales

Sales is the ultimate goal for everyone during the Golden Quarter 2022. In retail, we dread the words “we will come back” or “this is the first place I have come to” and often we rely on the skills of your team to convert those people in your store at that point in time (another Moment of Truth). Make sure your sales team is ready to do the deal now to turn every browser into a buyer.

· Have clear pricing on all products, making sure the customer knows the price before they go to the checkout. This is important not only for speed and efficiency, but it also maintains the customer experience, as they are not going to feel embarrassed at any point

· Are you ready to do deals? This is something that people don’t always agree with, but even Gucci have promotional items with 60% off. Consider having some offers all the time in store and consider offering upgrades. Customers often return to somewhere where they feel they are getting great value, for a good price

· Prepare in advance for your sales events, so let customers know what you will be doing on Black Friday for instance (Fri 25 Nov 2022). Customers may decide to buy now, or buy then, but at least you have given them the option. You could even consider flash sales … so if you have a product line that is not selling well, consider a big discount sale to clear it out. The promotion may attract customers who you can upsell and cross-sell.· If you have a customer list, consider setting up “Members only” times or offers, where you can invite your existing customers to access exclusive deals or access to the store.