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Building Your Business With Sales
One of the easiest ways to build your business is through the use of “sales”. Whether online or offline, historically, this has proven itself to be a great way to generate traffic and sales, even more so in today’s economic climate. With inflation and “gas prices” soaring, everyone has become “price conscious” and looking to save where they can. Business owners can no longer sit on large or stale inventories. Having a “sale” not only brings in customers, but helps to move merchandise and reduce inventories. Everyone profits when they participate in a “sale” if it’s done right. As a business owner, when it comes to having a sale, you need to be creative, develop a profitable pricing strategy, and actively market to your target audience. Just putting up a “Sale Sign” and expecting a strong response just won’t do. There are many factors you need to consider before developing a pricing strategy. If your store has an upscale image, uses a “low everyday pricing” philosophy, with a strong client or customer base willing to pay your regular prices, and it is necessary for you to have a strong profit margin, then most likely you will have a low sales profile or limited sales events. On the other hand, if you willing to accept lower profit margins with a higher volume of sales, look to attract new customers, want to reduce inventories or generate sales in the “slow season”, and be competitive in a down economy, you will have a high sales profile with numerous sales events. It makes no difference how active or creative you are in implementing a “Sale”, or how many people respond to your offer if they don’t buy. In order to move merchandise and make that sale, your customers need to think they are getting a good deal. How your customer perceives your sale and how he benefits is all that matters for him. Don’t think that just because you “marked down” the price that people will automatically buy! You should also market and promote your “Sale” wherever and whenever you can. Heavy promotion is the key to getting the word out about your great deals. You want to reach the widest possible audience and generate as much traffic as possible. How you do this could include: • Advertising (Local, National, and/or Internet)
• Direct Mail/Email
• Signs, Banners and Displays (Storefront or Website)
• Handbills or Fliers
• Bill or Invoice Stuffers
• Media (Local, National)
• Forums/Bulletin Boards
• PPC (Google, SEO)
• Etc. etc. etc. When it comes to having your “Sale”, you must always remember to make sure you have enough of the product in stock. Don’t include an item in a sale if you only have a few in stock, unless you clearly state that it is a “clearance” sale with limited supplies. For other products, always be prepared to offer a “rain check coupon” in the event you sell out of any particular item. Customers can become extremely irate or unhappy if they think they’ve been tricked into coming to your store/website under the pretense of a “Sale”. Customer perception is paramount when conducting any kind of business. What kind of Sale you have or when is up to you. Be Creative. Make it fun and exciting. Give your customers something to “remember” you by and make your “Sale” a Success! |
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