Well-timed promotions can help you sell more, hit your targets, and achieve your business goals. But it takes some planning and preparation to get the timing just right, while offering your customers maximum value. Before you can start planning your promotions, you need to ask yourself these 5 essential questions.
Who Am I Targeting?
First, it’s essential to know your audience. You need to know what issues and problems they face so that your offer provides a solution. You’ll also need to know their tastes, behaviors, and what motivates them when choosing the timing of your promos, the promo types, and the messages and communications that will accompany the promos.
Do some research and gather feedback from the market. Follow your target audience on social media and interact with them. Conduct surveys or polls and ask direct questions.
What Is My Business Objective?
What do you want your promotions to achieve? The answer is critical. It will inform future decisions and will also help you determine if your promotions were a success.
Your goal might be to grow your audience, increase sales, attract new customers, strengthen the relationship with existing customers, or bring back customers who haven’t purchased from you in a while.
What Is Happening In The Industry?
You can’t completely grasp the market landscape if you don’t know what is happening in your industry. What kind of promotions are already being launched and what is the response? Knowing this will provide insight into your target audience’s likes and dislikes. You may also have an opportunity to fill an untapped need.
How Much Can I Afford to Discount?
Before you get started creating promotions, you should have a realistic idea of what you can offer without breaking the bank. Set a price or discount that can withstand a high volume of orders. The same advice applies to service providers: Make sure you have enough time to deliver your service in the event that there’s a flood of orders. Digital products or free access to paid services are great promo ideas that won’t cost you a thing.
Is It Appropriate for My Brand?
Every promotion reflects on your brand, so make sure each one creates a positive impression. The promotion should be relevant to your products and services and complement your brand image. Too many promos can devalue your brand, so proceed with caution. Don’t create an association between your brand and cheap goods (unless you’re a value/budget brand).
Creating Your Promotional Calendar
Once you’ve answered these 5 questions, you’re ready to start planning your promotional calendar. The first step is to look at your sales data and find slumps throughout the year where you could benefit from a boost in income.
Want to create your annual promotional calendar? Innovative Business Solutions has helpful planning workshops.
Visit Innovative Business Solutions website HERE.
Want to learn more about growing your business in a self-paced learning environment?
Visit Innovate Academy For Entrepreneurs HERE.
Pat Simes is a Business Strategist, blogger and Founder of Innovative Business Solutions and Innovate Academy. She currently resides in the Midwest and is committed to inspiring and empowering entrepreneurs to transform their vision to reality.