“Without promotion, something terrible happens…nothing!” – P.T. Barnum
One of the best ways to entice customers to buy is via promos and discounts. Predictably, there’s a lot more that goes into this than simply deciding you’re going to offer, say, free shipping or 20% off a certain product. You’ll want to strategize for these promos to maximize your sales. Remember the following steps in order to optimize your promotions:
Step 1: React to Change
Seasonal fluctuations in sales can be frustrating, but they’re also relatively predictable. In other words, you can anticipate when there may be a lull or an increase in sales. For example, the periods following the holiday seasons tend to be particularly slow, while sales tend to pick up as we head into the spring. Therefore, it’s in your best interest to schedule your promotions around these particular timeframes. Promotions can help to increase sales during these slower parts of the year, and they can also maximize your sales during the busier times. When you’re planning discounts, don’t be afraid to try different things. If you have a product that isn’t very popular, consider adding a promotion to see if the lack of popularity is attributed to the price tag. Furthermore, you can highlight products that appeal to certain seasons or trends.
Step 2: Plan Ahead
While you may embrace organized chaos, it’s in your best interest to stay organized as you’re planning your upcoming promotions. You should be circling special dates and holidays, and you can prepare for your sales with eye-catching promotional images on social media. You don’t even need to opt for mainstream holidays; a little-known holiday can go a long way in establishing a starting point for a sales campaign. How can you prepare? Well, you can refer to the following checklist:
- Analyze previous year’s sales.
- Analyze previous sell-outs.
- Plan your yearly activities using a retail calendar.
- Search for other extra sales day opportunities.
- Set a timeframe for each day and season.
- Map your channels. List all needed media along with dimensions, file sizes, and maximum text length.
- Check Top Conversion Paths to tweak the design for different channels.
- Prepare key visual ideas for each campaign.
- Choose products that you’re going to promote.
Step 3: Prepare Your Coupons
While it might not be atop your list of priorities, you’ll want to assure that your coupons are ready to go when the promotion comes around. While the style and cosmetics of the coupon aren’t all that important, you will want to make sure it includes two major things:
- A definitive offer
- A professional coupon code