If you plan your promotional calendar a year in advance, this will help you generate a steady income while offering great value to your customers. When planning your promotions, there are many types to choose from.
Here are 5 popular and effective promotion ideas to inspire you.
A flash sale is a very short, limited-time offer. It can last just a few days or even a few hours. The idea is to offer a deep discount in a short window of time – and then it’s gone.
Make sure your Flash Sale is not something you offer every month just to generate sales but, something offered periodically such as twice a year to motivate people to purchase your offer.
Seasonal and Holiday Sales
Seasonal and holiday sales are promotions that are linked to an annual event or time of year. This includes Valentine’s Day, summertime, or ‘back to school’ sales.
These promotions are effective because they’re tied to important events in your customers’ lives, making your sale relevant, memorable, and meaningful.
Another option is to hold a major annual sale. Create a promotional event that your customers will look forward to every year. Annual sales are often used by businesses that rarely offer promotions.
Choose a time of year when sales are slow. For example, if you have a dip in sales in January, this is the ideal time to hold your annual promotion. You can also use your annual promotion to fill a gap in your calendar, during a quiet time when there isn’t a relevant or exciting holiday to celebrate.
Clearance sales allow you to get rid of excess stock or items that aren’t selling. Offer a steep discount to motivate people to buy.
BOGOF stands for “buy one get one free.” Most commonly, BOGOF means that you’re offering two items for the price of one, but it can also refer to product bundles or free upgrades with purchase. The idea is that your customer can buy a product at regular price and get something else in the bargain.
Pair products that people typically buy together, or products that can be used together, and increase the value of the BOGOF offer.
Creating Your Profitable Promo Calendar
How do you put these promotional types to work? Analyze your cycle, pick the optimal times of year for your promotions, and then create the right offer for your target audience.
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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.