How to Increase Liquor Sales
If you're a liquor store owner, you've likely seen your liquor sales spike during the pandemic - and now they're starting to normalize. The typical profit margin when selling liquor should be exceedingly high right now, regardless of the market.
Employing solid marketing strategies to increase or maintain sales is key to your continued success.
A liquor store is one of those rare business types that will always have a market. It's one of the unspoken necessities in life - everyone needs a beer or a glass of wine (for communion, of course) at some point.
That's not to say that everyone will be successful in the industry, though. Savvy liquor store owners watch trends, pay attention to liquor sales, and use a point of sale (POS) system that helps them keep track of all of the above. If you're trying to keep your business relevant and successful, here are some tips on how to increase liquor sales.
How to Increase Liquor Sales the Smart Way
Running sales is all about inventory management. That can seem like a very daunting task when you have to do it by hand. It almost merits hiring another employee to handle it - which seems implicitly counterproductive!
When you have a solid grasp of your inventory and how quickly certain brands or products move out, your market is cornered. And remember to pay attention to your region's weather and season. You'll understand if you've ever tried to wrestle an Imperial Stout on a 90 degree day.
When you have a solid POS system to help you with inventory management, you can keep a constant finger on the pulse of cocktail trends.
Think of it this way - you've had whipped cream-flavored vodka sitting on the bottom of a corner shelf for months, and it's about to reach its end as far as a tasteful life (if whipped cream-flavored vodka can have a tasteful life). Suddenly, a trendy new peach pie cocktail blows up online, and that whipped cream-flavored vodka is the main ingredient.
Drinks like whipped cream-flavored vodka might be a passing trend, but as a liquor store owner, you notice these things. It's time to get on board, and push that product.
Rather than selling the bottle(s) at or below cost or letting them expire, you can utilize your point of sale inventory tracker to ensure that you move those last half-dozen bottles of sugary dessert liquor.
Run Seasonal Specials
Another key to selling liquor is to know what typically sells during a specific time of year - there are always beers and malt liquors that are season-driven. For example, you're not going to sell a lot of rich, milky, thick liqueurs during the summer months.
Similarly, the demand for summer shandies and other fruity beer flavors will likely drop as your region heads into winter.
To combat inventory loss, consider running promotions on those specialty and seasonal drinks toward the end (or even the midway) part of the season. Don't wait until the season is over - no one is going to buy eggnog in June.
The Importance of a Reliable POS System
Installing a reliable point of sale system will improve your liquor sales significantly. You won't have to worry as much about inventory management, when to order, or when to run specials.
Finding the Right Fit
There are many different POS systems on the market today. The challenge? To find the one that works best for your unique business.
With the right POS system, you can cut most of - if not all - the hassle of inventory management, sales monitoring, and delivery schedules.
Another trend worth considering is the necessity of some customers to use a mobile wallet app or cryptocurrency. Often, these types of transactions can cost the retailer large amounts of profit.
Finding a POS system that saves you those dollars is more than worth the investment in the long run, and your business won't seem outdated.
Point of Sale and Loyalty Programs
By employing a point or purchase-based loyalty program, you incentivize customers to buy more, while they save a little on the back end. In fact, the rewards are not always redeemed, and if they are, it's only a percentage of the total amount awarded - it usually ends up being a sum akin to a rounding error.
Additionally, a loyalty program built into your point of sale system helps you analyze what products are selling well and at what time of year or day. This can help you focus on when to run certain promotions and when to mark down products in anticipation of a sales drop-off.
Diligence in Analytics and Marketing
Increasing your liquor sales comes down to paying close attention to analytics, and using that information to create a successful marketing plan.
Following these steps is much easier if you use a dependable and wide-ranging point of sale system. It takes a lot of the grunt work out of keeping track of trends and the success vs. failure rate of your marketing campaigns.
When it comes to marketing strategies and increasing sales in your liquor store, it can be as simple as contacting a trusted POS system distributor.