June 9th, 2010
Do your sales cool off during the hot summer months? If so, you’re not alone. Most businesses find they experience a “slow season” each year but here are our hottest tips for boosting sales during your slower months (whether they happen to occur in the summer or not!)
Heat things up with a fire sale
The term “fire sale” usually refers to an emergency clearance sale at deeply discounted prices. Originally, a fire sale referred to the sale of merchandise that had been damaged by fire or that could no longer be stored because the storage facility had been destroyed (which meant an immediate sale was necessary).
Today, fire sales are common for boosting overall sales during a spending slump, or for liquidating inventory to make way for new product and stock. You can create your own fire sale to attract buyers into your business, boost overall sales, and clear out older merchandise that isn’t moving.
You could put certain items on sale as “loss leaders,” meaning you sell a few items at a loss in order to get buying customers into your store or onto your website. Grocery stores and discount department stores use this promotional practice quite a bit. In many cases, buyers will buy additional items that may or may not be on sale (especially when combined shipping costs are low).
Holding a fire sale doesn’t always mean taking a loss. For example, if you host an online store, you can have a fire sale on shipping (free shipping for all orders over $10, for example). Though you’ll take a small loss on the shipping costs, the sale will encourage more people to make purchases, so your overall volume and revenue will increase.
Another alternative might include purchasing a discounted product to offer as a fire sale item to your customers. There are many ways to incorporate this pricing strategy.
In the next installment, we’ll explore the use of contests to boost sales during a slow season. In the meantime, remember to visit http://Projector123.com whenever you need a rental projector for your business or personal use. Weekend rentals start as low at just $99.
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