Top 3 Market Prep Tips
It’s that time of year again where the weather is warm, but you are thinking all things holiday (or even next year). As you prep your calendar for market travel, here are our top 3 tips for a successful trip.
OUR TOP 3 MARKET PREP TIPS
Analyze your business- “analyze” is truly one of our favorite words here at The Indxx. Look at your current sales trends, by location, by classification along with vendor performances. Do your findings surprise you? Do they fit with who you think the target market is? Do the numbers tell a story of your customer’s lifestyle and purchasing behaviors? Make sure to keep these top of mind for your next time at market and plan accordingly.
Create a buy plan- Look at individual classifications as their own little profit centers and plan accordingly to their current trends and history. Have you noticed dresses isn’t doing as well, but you’ve been constantly reordering pants? Or maybe plush is giving you flashbacks of the beanie baby craze? Make sure to account for these trends in allocating your OTB dollars- lean into growth areas and identify riskier classifications. Also, don’t forget to identify bigger sales weeks so you can time merchandise around them for the best cash flow.
Get Organized- another one of our favorite words! Using your analysis, plan out your appointments and days so you can make the most of your trip. Give priority to your largest volume classifications and vendors. Create a “shopping list” of items you are on the look out for and keep in mind events and holidays your customer will be shopping for. Any vendor issues that need attention from your rep? Keep notes handy for easier resolutions and answers.
Bonus 4th tip- Give yourself and team time to walk the floor, discover new vendors, and network with fellow industry people. Try putting aside just an hour or so to walk and see what the buzziest booths are, new trends, and/or to catch up on the latest industry tea with a peer.