Everyone loves a sale. I know I sure do. Any time I feel like I am saving money or getting a really good deal it feels like a win. There is just something satisfying about thinking you got one over on the store.
I know this is a silly way to think, but it is true and I know I am not the only one. Common sense tells you that sales are used to draw interest to other items, clear overstock, and hit sales goals.
But there is something about the magic word “SALE” that will get customers flocking to any business that utters that word. It doesn’t matter if it’s in a retail store or online – a sale is a great way to drive business.
If you own a business then you should consider launching a sale to get the cash register singing. Here is a simple strategy to follow to help you accomplish this.
Get the Word Out Using Social Media
There are so many ways to promote your business using social media. It’s one of the most effective ways to attract business, notify your customers of specials, and get your company’s offerings out there for people to discover.
Consider hyping up your social media feeds for 24-48 hours prior to your big sale, offering no information other than you are going to announce a huge sale.
This is a great way to ensure you have an audience waiting and ready to buy once you do announce it. Build hype and excitement. Stress that it’s a limited offer. If you build the hype well you will see an instant reaction once you put the details out there.
Use it to Liquidate Old Inventory
Sometimes you will get stuck with a lot of inventory that you know will never sell at full retail price. If you liquidate it at cost it will allow you to then use that money to stock up on inventory that is moving and that you can make a nice spread on.
This is the easiest way to sell surplus inventory that you would otherwise get stuck carrying. Hype up the sale and do whatever it takes too clear it all out on the spot. Whether it’s deeply discounted like 80% off or something like “buy one get two free” – make it hard to pass up.
Don’t worry about profiting. The goal is to recoup the money and buy inventory that will sell a9and generate a nice profit) rather than sit on stuff that won’t sell.
Think of it as Cheap Customer Acquisition
You have to get creative sometimes. What if you were able to acquire 100 new customers in one day and it would cost you nothing?
Would you do it? Of course you would.
Think of sale items that will attract brand new customers and even if you break even on the purchase you are gaining a new customer. Their email address is worth it, because you now have a customer you can market to at future dates and make money off long-term.
Bundle Regular Price Items to Make Sales Profitable
Have some items that are good sellers and offer you large margins? Bundle them with super sale items to make the event profitable.
Let’s pretend you sell an item that retails for $100 but only costs you $10. The profit margin is huge. Create an offer that gives the purchaser of that item something for free or highly discounted. The incentive will push more sales of the items you make the most money on, while also helping you push out old inventory.
This is the best possible scenario, because you get rid of old stock and drive sales of your highest margin products.
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