End of Financial Year sales are always a prime-time buzz in Australia (or EOFY for short — a term we’re all familiar with). It’s the perfect time to stock up on products or services you need, clear any leftover inventories and get prepared for the new financial year.
It’s also a great period to boost your sales and brand awareness. You can run ad campaigns, promotions or buy print merchandise of your custom-branded promotional banners or products.
This time of year provides countless opportunities to put your small business on the map! Check out these five tips to help improve your sales numbers this year:
#1 Highlight New Products
Guess what customers love to discover — new products or services that can help them! Run a promotion to your existing customers via an email campaign to promote your latest range of products and give them a good offer to try them out. Same thing goes if you have an online store — you need to put your brand new items in front of the pages or at the top of your social media posts!
#2 Act-Fast Promotion Strategy
EOFY promotions should have a deadline for you to ensure your customers shouldn’t wait. That message needs to be In your sales promotion strategy and it needs to create a sense of urgency such as:
- “Time is running out”
- “It’s now or never”
- “Buy while you still can”
- “ ______ is almost sold out”
- “Sale ends 30th June”
#3 Free Offer/Gift with Purchase
What’s one thing people love more than winning? Well, it’s free stuff! So, sweeten the deal with a freebie and let your customers redeem a cost-effective item or service for free when they make a purchase from you. It may be a low-cost item for your business, but for your customers, it should feel valuable enough for them to bother trying to spend enough to redeem it. A win-win for both sides!
#4 Create “Everyone’s a Winner” Campaign
Customers are thrilled to get a chance to win a huge prize, but what makes them more excited? It’s if they’re guaranteed something even if they’re not the big winner! It gives them a little more motivation to enter a few more times by making more purchases. Best of all, this will surely delight them into coming back to spend more at your store!
#5 Cashback Loyalty Program
Promotions are great and all, but what can you do that’s long-term to increase sales for your small business? The answer: run a loyalty program. It’s a perfect strategy to entice shoppers to keep coming back and spend more at your store. Running a loyalty program also helps you collect customer data that will help you know who your customers are. Now, you can come up with ways on how to better sell to them… win-win!
Bonus Tip: Buy One, Get One Free (BOGO)
Running a Buy 1 Free 1 promotion is ideal, especially for retailers who want to get rid of old stock. This type of promotion is also great because customers are either:
- buying presents for their family and friends
- stocking up on products
- looking for a great year-end deal