June 11th, 2010
In the prior two segments, we looked at fire sales and contests as viable ways to boost sales during the slow months of summer (or any other time of year). In this final piece, we’ll explore a third powerful way to increase revenue: creative promotions.
Get Creative…Get Paid
Sizzling promos are welcome any time of year, regardless of the current state of the economy. People love to find a deal, scoop up a bargain, and feel as though they’ve really scored a win. But because buyers are constantly bombarded with marketing messages, it pays to truly get creative by inventing promos that pop.
Ultimately, your main goal should be to give folks a reason to buy right now. There are many ways to do this, including:
1 – fear of loss – would include verbiage such as: “for a limited time.” “a limited number,” “only __ remaining,” etc. The idea is that if they don’t act now, they’re going to miss out.
2 – buy in bulk – prepaid packages, two-for-one or BOGO deals, discounts on gift cards, annual passes, etc. The idea is to make it wildly appealing for them to spend more now, because what they get will either last longer or include a lot more perks.
3 – bring a friend – friend flies free, payments or incentives for referrals, buy now and your friend pays nothing, sign up 2 friends and you’re free for life, etc. These tactics rely on the power of peer persuasion, as well as social proof.
Whenever you are preselling packages, be sure to consider the long-term and medium-term ramifications of your current actions. For example, if you presell packages now that customers have six months to use, keep in mind that your immediate cash flow will rise, but you may not be able to run a similar promotion for six months if your capacity can’t handle the increase in customers (and at that point, you’re working and paying your staff for money that’s already been collected and possibly spent).
Got your own ideas for boosting business during slow periods? Post a comment and share with us.
And remember, when you need to rent a projector, whether it’s for an employee contest, to draw more attention to your business, or to award as a prize to the winning sales rep, the clear choice is Projector123.com. Click here to get started.
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