What To Keep In Mind When Running Discount Sales
It’s that time of the year again, when offering Discounts becomes the song on every business owners lips. And that’s not such a bad thing. On the good side, Discount sales are a great way to make more sales, while bringing in new customers.
On the flip side, a Discount sale can hurt your business really badly as it can lower your perceived value, as well as leave huge holes in your company’s pocket.
So, what do you do to ensure that discount sales work for you?
Just before you run off slashing 30% off your product price, think.
What is the strategy for this discount tactic?
Is it to bring in more sales?
Or to get rid of old stock? To acquire new customers?
Or to retain present customers?
Having a thought out strategy will make it easier to run a discount without harming your business.
2. Do the Math
Have you worked out the financial projections for this discount sale?
What is your expected revenue?
What percentage are you spending on Marketing/ Advertising?
What is the financial risk?
What is the back up plan?
The importance of crunching the numbers just before you start a discount sale cannot be overemphasized (not to sound cliche, lol)
Now, you’ve figured out the strategy, and the numbers are looking good. But you can’t run a successful discount without an actual marketing Plan.
And by “plan”, if you’re relying solely on posting on Instagram, you might need to have a rethink. That’s not to say “that” doesn’t work, but imagine using other channels: Email Marketing, Influencer marketing, paid advertising, Cold mailing/ Calling etcetera.
Planning really does make all the difference, don’t you think?
REMEMBER: A discount doesn’t always have to be % off. There are several discount campaigns you can run this December. Would you like to see these kinds of campaigns? Then register for the “Bounce Back December Virtual Bootcamp” and get your fully loaded business kit immediately!
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