3 Ways to Maximise EOFY / Mid Year Sales
Dean Stewart
Enterprise Account Manager - APAC | Inventory Management, Warehouse & Manufacturing Solutions
There are many dates throughout the year for Retailers to maximise their sales revenue. EOFY or 'Mid Yearly' Sales, are a major promotional bonanza for Retailers and Customers alike, if they are prepared.
As April draws to a close, now is the time to prepare, and get your business in the drivers seat.
1. Pre - EOFY Product Launch
Successful retailers launch a new range directly before the EOFY. This has a two-fold benefit:
i. Run special 'pre-launch promotions running up to 30th June to leverage a finite time of sale, and maximise FOMO.
ii. From July 1st, Launch Again! Target interested customers who have engaged but haven't purchased on the new range and continue the launch with added accessories / add-ons, and 'relaunch' the range as part of the Half Year Promotion.
2. Targeted Promotions
Everyone loves a special, and this time of year there are plenty of bargain hunters out there. Slice 'n Dice your POS database and CRM to target specific product specials to your customers based on their previous sales history, personal preferences, size, interests etc. This is a proven way to generate online and in-store. It's also the perfect time to move and promote old season stock, and increase cashflow for the next season.
3. Loyalty Point Bonuses
Did you know? Customers love loyalty programs! If you're not offering a structured loyalty program with your customers, you're opening the door for your opposition to take your business. Leverage loyalty through bonus point promotions on specific products, online, in-store, on specific days or a whole month!
Building a successful repeat business starts with your customers wanting to come back. A loyalty promotion is a great reason, and a perfect place to start. Be prepared: Don't wait until the EOFY, now is the time to start promoting, and build the awareness of your brand and your message, in preparation for the half year season.
What’s the risk to your business if your EOFY / Mid Year Sales aren't a success? Plan now, get promoting, and build your way to a more successful 2018!
Happy Retailing.