One of the simplest strategies that can work wonders for your business is putting items on sale. When you do it right you can attract new customers and give your brand a significant boost. But when it comes to understanding the essentials of putting items on sale it’s more than just about putting a random discount on a product. What are the critical components?
What you can expect in this article:
1. Visual Appeal
On a very basic level, especially if you are running a brick-and-mortar store, you need to utilise carefully considered visual appeal with clear messaging, eye-catching graphics and the discount information prominent in the poster. There are many poster printing services you can utilise but when designing posters for your sale, indicate the sale’s duration to create a sense of urgency with an effective CTA (Call-To-Action) to prompt that immediate engagement.
2. The Right Timing
Timing is everything and when there are traditional sale seasons such as the post-Christmas period or Black Friday that are excellent ways to instigate immediate sales, businesses can benefit from strategically timing their sales depending on a number of factors such as the product life cycle, the sales cycle of the industry, and even the changing seasons. One great way for you to incorporate a sale is an anniversary or a business milestone. The business milestone can be particularly useful as it is an opportunity for you to celebrate a prominent landmark in your business’s development, which can also highlight your prominence within the industry.
3. Choosing the Right Pricing Strategies
Pricing strategies can be a delicate balance. Ultimately, you want to attract customers, but it should not be to the detriment of your profitability. It will depend on your goals, but there are a number of different pricing strategies available. These would include percentage discounts which are particularly straightforward and widely understood, but there’s also bundled deals, flash sales, and clearance discounts. The latter is particularly useful if you are trying to clear out old inventory quickly and tap into the bargain hunter that lurks within us all.
4. Promoting Your Sale Properly
It can be more than just a poster in the store, but you can benefit from clear and eye-catching signage, but also utilise this as part of a more comprehensive campaign. For example, digital marketing is where you utilise email, social media and your website to craft compelling content that will benefit customers. You can, of course, collaborate with other bloggers or influences who align with your brand to expand your reach and showcase credibility and/or trust.
5. What to Consider During the Sales Period
When the sale has gone live, we should be careful to monitor its performance through customer feedback, sales information and overall engagement. You may find that a sale is not enough to push a certain product off the shelves and therefore you may need to tailor your campaign quickly to maximise its effectiveness. For example, adjusting the prices further or offering additional promotions may be necessary. You should also look at fostering customer engagement during the sales period by encouraging feedback. This is absolutely pivotal to selling a product, but also delivering amazing customer service that will keep customers involved with the business beyond the simple transaction of making a purchase.
A sale can be very strategic; if you consider some of these components you will be able to boost revenue, while also enhancing brand visibility and customer loyalty.