Thanksgiving is around the corner and while some associate the day with cooking, family and lots of football, others are preoccupied with something else entirely: shopping. Black Friday and Cyber Monday kick off the holiday shopping season and savvy retailers seize the day with in-store and online promotions. Don’t let the opportunity pass your studio by!
TIME TO GET STOCKING
If you haven’t already, now is the time to stock up on your winter retail offerings. When ordering, keep gifting in mind with smaller items like branded beanie hats, headbands and cozy t-shirts, which make for great stocking stuffers (aim for $25 and under for such items). Gift-centric products like funky-patterned yoga mats and eco-friendly water bottles are also smart to carry.
Tap into the latest trend of versatile gym apparel. “Athleisure” clothing—otherwise known as athletic clothing you can wear from kickboxing straight to brunch and beyond. Last year, Beyonce announced she was partnering with Topshop to create her own athleisure line, and in recent months major designers like Mara Hoffman, Rebecca Minkoff and Tory Burch have also jumped on the bandwagon. Follow these trendsetters by stocking similar multipurpose apparel at your studio.
Other hot items right now include bright, patterned leggings and neon sports bras matched with black or grey drapey tops. In most parts of the country cooler temps are on the horizon (if not already present), so also consider puffy vests, thermal leggings, runners gloves and hooded layer tops to round out your offerings this holiday season.
THE PRICE IS RIGHT
There are lots of ways to tackle promotions and it’s up to you to decide which route is best for your studio. First up: your standard discount. On Black Friday, shoppers expect steep price cuts, so you’ll want to offer as much as you can without going into the red. Because 10 and 20 percent promotions are run-of-the-mill theses days, aim for 25 to 40 percent discounts on regular priced items if you can swing it.
Another idea is offering coupons alongside your discounts—spend $100 today and get $25 off your next purchase. This will encourage clients to spend a bit more in order to take advantage of the offer, and it will also get them back in the store to shop again.
We also suggest leveraging your social media presence. Consider hosting a few flash sales in the days surrounding Black Friday and Cyber Monday by posting time-sensitive discount opportunities solely on Twitter, Facebook and Instagram. Something like, “50 percent off leggings before 2 p.m. today!” or “Show this post to the cashier before noon and get a free water bottle!”
We asked Jamie Silverstein, owner of our partner The Grinning Yogi with locations in both Seattle and Portland, what she has planned for the holidays. “We offer a few holiday-only class packs that are December-only options. We will also likely do a ‘Flash Self-Care Sale’ after Thanksgiving encouraging our clients to put themselves on their lists!”
Hosting an event in your retail space is another surefire way to spur sales. You’ll regain what you spend on booze and snacks by prompting guests to shop with price incentives. Think: 25 percent off select apparel or a free t-shirt (branded, of course) with every purchase. The bonus? Parties are great for generating enthusiasm and they go a long way in reinforcing the community of your studio.
When it comes to the cyber portion of promotional planning, this is where we suggest you focus on discounted class offerings. Assuming you don’t slash your class rates very often, this opportunity alone will spark excitement among clients. We recommend a smaller discount here than on merchandise—10 to 15 percent off a package of classes is sufficient and will be well-received. Or consider once again incentivizing clients with a “buy one package, get 20 percent off your second package” type of offer.