Blue skies, sunshine and holidays. Summer’s here, and while it’s a relaxing time of year for many of us, the summer months can be slow for retailers.
That makes the summer perfect for running promotions. Whether you decide to offer free shipping for a limited time, fixed percentage discounts, or buy one get one free, you’ll put your brand ahead of the competition.
Here are six ways a summer sale is good for your business.
1. Get People Talking
Promotions and discounts are fantastic for generating buzz around your business. Everyone loves a bargain, and your promotion will get people talking about your brand. Your brand will benefit from the increased awareness and visibility.
Did you know nearly half (48%) of Twitter users who follow a brand do so because they’re looking for discounts and promotions? That’s according to research by Constant Contact.
2. Pull In Footfall
When customers see your store has a sale, they’ll be curious about what deals they might find inside. Whether you’re running a bricks-and-mortar shop, an eCommerce store, or both, your promotion will mean more people coming through the doors.
That means more sales, including of full-priced products.
3. Test the Market
Running a new product line can be risky, because you don’t know whether it will sell, or how much it will sell. And what if it just gets overlooked by your customers?
Launching a new product at a discount allows you to test the waters to see if there’s demand from your customer-base, and gives you an additional reason to shout about the launch.
4. Sell Off Excess Inventory
Stock in your warehouse ties up cash that you could be spending on marketing, new products, or doing up your store.
Holding a sale lets you free up capital, and clears out your warehouse ready for your winter season stock.
5. Wake Up Dormant Customers
It’s a well-known truism in business that it’s easier to gain a repeat sale from an old customer than to win over a new customer.
If you know which of your customers haven’t bought from you in a while, you can target your promotion at them by emailing them a coupon, or making them the focus of your promotion campaign.
Alternatively, you can target your campaign at winning new customers. After all, once a customer, always a customers.
6. Find Your Pricing Sweet Spot
Promotions give you the opportunity to trial a range of price points for a product. You may find even a small discount drives a massive increase in sales, in which case you can stick with the new pricing long term.
Written by David Masters
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