Here's hoping you are planning for robust holiday sales. That being the case, now might be the perfect time for a fall BOGO event. A successful event can help you clear the shelves of those left-over summer sunglasses for men and women.
Why BOGOs Work for Sunglasses
The BOGO is by no means a new entity. Retailers have been using it for as long as we can remember. However, not every retail item works well with a BOGO promotion. Do not count sunglasses in that category. BOGOs work very well for sunglasses. If you don't know why, consider the following four characteristics the most successful BOGO products all share:
- Frequently Replenished – The types of products that do best with BOGO promotions are those that are frequently replenished. As you know, consumers are always looking to replace old, lost, or broken sunglasses.
- 50%+ Margin – Products with a margin of at least 50% are ideal for BOGOs because you don't lose money on the deal. If you can pair a 50% product with one that has a higher margin, you will even learn some profit.
- Complementary to Others – Products that complement each other do very well with the BOGO. Matching sunglasses for kids work well. You can also do a BOGO featuring one pair for a parent and a matching pair for the child.
- Sold in Twos – Sunglasses work well with BOGOs because they can be sold in twos. Sell his and hers designer sunglasses. Or create a BOGO campaign focusing on buying a main pair and a spare to keep in the glove box.
Running a successful BOGO event is all about using your imagination in order to connect with your customers wherever they are. Find out what makes them tick. Find out what is most important to them. Once you know your audience well, you can custom design a BOGO just for them.
Think About Winter Inventory
While you are working on creating a stellar BOGO event for the fall season, don't forget to think about your winter inventory. Now is the time to start ordering bulk sunglasses in preparation for holiday sales. Your best friend in this regard is market research.
We recommend going online and checking out the latest eyewear trends. Learn what the experts are saying about the upcoming shopping season. Then stock the sunglasses and accessories that line up with expert predictions.
Of course, you're going to want to keep a steady supply of the old standbys like traditional wayfarers and aviators. The 'big two' styles tend to sell year-round. Make sure to have enough on hand so you don't run short during your busiest retail season.
Don't Forget to Market
Wrapping all of this up is a reminder to market your sunglasses and accessories as aggressively as you can. Marketing is especially important if you plan to do a BOGO. Without proper marketing, any BOGO event can fall flat. What's the point then?
It sure has been a good summer. Now it's time to turn our attention toward fall and the eventual holiday shopping season. Now might be a good time for a BOGO event designed to clear out your summer inventory in preparation for winter and the holidays. What are your thoughts?
