Article written by Graham Fitzpatrick, Business Advisor, Western Sydney Business Centre.
Everybody seems to be on having a sale at the moment and there is more to come. Black Friday Sale, Cyber Monday Sale, End of Month Sale, End of Season Sale, Christmas Sale, Toy Sale, Boxing Day Sale and New Year Sale. There is a sale for everything. Deciding to have a sale does not mean you will have instant success. Here a few things to consider when you’re having you next sale.
Don’t use discount offers. How many times do you see sales with promises like up to 70% off? The first problem with this is you can never find any of the 70% off items. Secondly you then need to become a math’s wiz to work out how much the savings is.
“Take the price and divide it by point 7 and then multiply it by 10? Or do I add this and subtract that?” Just tell people how much they will save. Even a saving of $5 on something sounds so much better than save 20%
Or don’t discount at all. Bonus offers always work well. People love it when they think they are getting something for free. Offers like ‘Buy One, Get One Free’ or Free Delivery always work great.
If you have a shop or store, make sure your advertised sales items are displayed someone up front and centre so customers don’t need to go searching for them. Window displays still work extremely well to attract foot traffic. Use professional looking point of sale posters and shelf stickers to highlight the price and the savings. Also remember to advertise and promote your sale. But make sure you factor in your return on investment. Think about how many items do you need to sell to cover costs.
Tell your staff what is on sale and about any special offers. The last thing you want is to lose a potential sale because your staff had no idea of what was being advertised and promoted. You can also place ‘up sell’ opportunities at the point of purchase. Things like batteries, refills, extended warranties and storage cases, add extra incentive for customers to spend more.
Happy Sales Season and remember to sell, sell, sell.