Tips to Make Your Liquor Store Stand Out
Liquor as a commodity tends to have pretty inelastic demand. This means that throughout the pandemic, as many retailers shuttered their doors for good, liquor stores remained stable. Alcohol sales reportedly increased 34 percent. More demand breeds more competition, so it might be time to think about how your store can stand out from the rest. That’s what we’ll be getting into today!
Make shopping at your liquor store an experience rather than a task. To do this, consider incorporating tasting events or mixology classes. Inviting liquor sales reps in to market their alcohol is a great method for getting folks in the door, plus it’s a nice opportunity for you to upsell your inventory. Folks appreciate walking into your business to be greeted by a friendly face who immediately offers a free sample of alcohol.
Mixology classes are ideal to bring to the table because they don’t require a whole lot of space, and they change the vibe of an establishment into something more laid-back and personal. Invite a bartender to come in and showcase making a seasonal cocktail, then offer a discount on the liquors she’s using.
No one loves going into a liquor store with a particular spirit in mind, only to learn it’s not available. Be mindful of your inventory and when situations like this arise, plan accordingly. Are a lot of folks coming in asking for a specialty liquor or wine? Start stocking small quantities to see if it moves. It’s definitely critical to keep the bestsellers stocked up, and having an ear to current liquor trends is certainly helpful in preparing for what may be the next big thing in drinks.
Customers need to be able to walk into your store for the first time and quickly find the wine, liquor, or mixer they’re looking for. A layout that’s not jam-packed with stack upon stack of unopened boxes is key. The wine section should be organized and include descriptive labels whenever possible, and prices should be clearly marked. And be sure to have prominent displays of the seasonal drinks people are most likely to be shopping for – think hard ciders in the fall, shandies and seltzers in the summer, and full-bodied reds and sparkling wines for the holidays. It should not be work for a customer to find what they want.
If your business is in an area where you’re able to sell items beyond alcohol, considering stocking up on crackers, olives, and cheeses to accompany liquor purchases. And don’t forget about special bags and wrapping for customers who are purchasing alcohol as gifts. Offering accompanying items outside of alcohol eliminates the need for customers to head to other stores—and it increases your revenue.
In the ever-evolving world of small business, there’s always room for improvements. Whether you’re after marketing tips or ways to increase ROI with a small business loan, ARF Financial is here to help. Stop by today to learn more about all the ways ARF Financial can help fund your success.