I’m sure you’ve seen all those adverts on TV for sofa sales, carpet sales and garden sales, among others. It seems like there’s always a sale on! Do they ever stop?
Yes, they do – it only seems like it’s constant because they’re so successful. The fact that the sales was all over the TV should be an indicator of that.
But how is a successful sales promotion created? How is it executed? Sales are a great way to draw in new customers and reward your current ones, and they’re vital for any business to undertake. Here’s how they’re done!
- Do it by season
Christmas, Easter and Valentine’s Day are all perfect times to run promotions relating to those times of year. Of course, there are plenty of others over the 365-day period, so look to find one that matches your company.
If there’s no time of year that relates to your sale, then don’t worry. You can make your sales event its own time of year instead!
- Throw in a freebie
People love to receive free stuff. By throwing in a free item with the sale purchase, it adds more perceivable value to the deal. This freebie could be a free branded mug, a range of custom promotional pens or even a free trial.
Companies like Amazon and Netflix have perfected the free trial model, so see if it’s one you can implement. You can let people sign up for 30 days, with no commitments. This will allow users to try your service and is the best way to get them to start paying for it.
- Use the right descriptive terms
Your sale’s success will be determined by your marketing as much as it will anything else. So, when you’re devising your campaign, litter it with the right words and phrases. Instead of ‘this fridge is $100,’ it should be ‘only $100’ or ‘just $100.’ That simple change makes it seem like the deal is of a greater value.
Use phrases like ‘cheaper than our competitors’ and ‘deals you won’t find anywhere else’. Subconsciously, these click with the consumer and make them more likely to part with that cash.
- Set a time limit and make it clear
Make sure your sales promotion has a clear start date and a clear end date. This makes it seem more exclusive and will make people feel rushed – and that’s a good thing. If they’re rushed, they’re more likely to buy quickly for fear of missing out.
If your promotion is surrounded by a season, then it makes sense to make your dates when that season starts and ends. This won’t always be possible, so keep it brief. 5 days, or 7 days, would be good choices. Anything more and it starts to lose that sheen of exclusivity.
- Measure the success of the campaign
Each time you run a sales promotion, it’s important that you measure its effectiveness. Did your sales increase? By how much? Did you see an increase in one particular demographic? Why was that? This information can help you to improve your services outside sale hours.
You can do this by tracking your revenue for a normal week, then for the sale week. Then track the number of products sold in a normal week, then in a sales week. Use this data to make your next sales promotion even better than the last one.
- Use old stock
If you have any stock that’s proving rather difficult to shift, perhaps there’s a reason for that. Maybe it’s too overpriced, or maybe it’s just not appealing to your target audience. This means that it’s ripe for a price reduction, just so you can get rid of it and buy in something different.
But don’t let this come across in your sales promotion. Make sure people think the stock is fresh, brand new and exciting. If it starts to fly off the shelves now, perhaps you could buy some more in again but sell it at the sale price point normally. You could discover a popular item here!
- Product samples
People may not even be interested in your sales promotion if you don’t give them a reason to be. One way to garner interest is to use product samples, and lay some out for people to try. This can allow people to see exactly what they’ll be getting for their cash, and can tempt them into buying something.
You could even use your old stock for this, as we mentioned in the last point. It’s important that you show the customer what they’ll be getting. These little things can have a big impact on the way they perceive you.
- Try something different with each promotion
There’s no point sticking to the same thing time and time again, unless it worked perfectly of course. You must switch things up a bit each time, in order for things to stay fresh. This will also allow you to test the effectiveness of different promotions and sales tactics.
As we mentioned previously, make sure you track that progress for each campaign!
- Limited edition
By making something that’s limited edition, you’re all but forcing people to part with their cash. Make sure you stress just how exclusive this product is when you’re marketing it. This makes your audience feel like they’re getting something special, and worth buying.
- Target audience
The target audience of your sales promotion is everything. If you get it wrong, you may find that the promotion did not move the needle at all. It’s important that you assess exactly what you’re putting on sale, and who might be interested in that product.
So if it’s millennials, aim for millennials. If it’s seniors, aim for seniors. Your sales target audience will usually be the same as your regular target audience. So don’t attempt to go after a new demographic. Now is not the time for that!
So, in short, your marketing is on point and you must choose the correct products to put on sale. After these tips, you’re all set for success!