How to Navigate Discounts as a Retailer | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

Are you stuck in a rut and can only sell things that are on sale or have a coupon or maybe you have some time, an endless promotion? We used to call them loss leaders, and while there are some aspects that can get traffic to your store, those days are pretty much gone because there's always somebody cheaper, especially on the web. What you want to do is to limit promotions and coupons because they damage your margins and the more margins are punished, less money you have to reward employees or to buy new stock or to fix up your store.

So, today I just want you to look at how many sales you've done, promotions, coupons, etcetera, and stop digging yourself deeper in debt. Instead, learn how to sell your full-priced merchandise. Buy my SalesRX online virtual retail sales training program because ultimately the one thing all your employees can do is to increase addons and increase your conversion rate much more than any sale we'll ever do.

If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!