This week is all about running promotions that pay! So many online business owners that I run into are just running sales and promotions randomly without putting much thought, time, and or calculations into them.
Running a sale, promotion, or discount can be a great way to attract new customers, clients, and those who have shown interest in your brand and/or products or services. But rolling out your promotions prematurely and incorrectly can work against you and your bottom line. Below are 6 things that you should consider before you rollout your holiday promotions to ensure that your promotions are working for you and not against you.
1. Your timeline.
You audience should know from the moment you release your promotion that this is a limited time offer and that they should act fast. Be strategic when setting your timeline. You want to give your audience/following enough time to prepare or add your promotion to their wish list. You shouldn't roll out your promo on the day of because in most cases you will be too late. These are short term sales bursts that should be treated as such! Don't extend them or bend the rules for the stragglers. We have to teach our following to shop on command!
2. Get your content together.
Don't wait until the last minute to create your promo content! Start getting your social media posts, emails, and marketing materials together at least a month or two in advance. There are two main reason for this. 1) Creating content for your promo will force you to get the rules, timeline, and your goals in place. 2) It will give you time to prepare your inventory and get ready for the anticipated influx of online sales.
3. Get ready to boost your email marketing.
According to Chad White, Research Director, Litmus, [On average] most retailers increase their email frequency to their subscribers by roughly 50% during November and December, compared to non-holiday months.". This makes sense! Your competition is going to double during the holiday seasons so you need to be ready to extend some extra reach to ensure that you don't get lost in the sauce. Be sure to tend to your email list and opt in features year round. You will thank yourself during the holiday seasons!
4. Prepare beyond marketing.
Remember if your marketing is effective, you will have in influx in sales. That means for those who are selling tangible merchandise or products, you will be shipping out a larger volume than normal. GET READY! I will never forget my first Black Friday and going crazy because I had over 100 orders to fill in one day versus my 8-20 orders a day. Stock up on shipping materials and inventory (you can't sell what you don't have).
5. Revamp Your Website
If you have the means, adding a holiday theme to your website never hurts. Shopping online is emotional and anytime you are able to heighten your customers/clients experience you are more likely to land sales.
This is probably one of the most important parts of running a holiday promotion that pays. Be sure to budget. Ask yourself: How much will it cost me to run this promotion? How much will my offered discount cost me? The increased revenue will not make a difference if you are not getting a return on investment and making a profit UNLESS you are running a blow out sale to get rid of inventory.
Try some other alternatives to running a CRAZY promotion to attract new and repeat customers. Try storytelling, a creative campaign, enlist an influencer, etc. Don't mark your entire website 50% off just to make a few extra sales that will equal less than what you invested in your inventory!