Why promotions can be GREAT for business!

Pre-Christmas Sales, Easter Sales, Black Friday, Boxing Day Sales, Christmas Savers, BOGOFs....everybody loves to save money right?

So you've seen a product in October and November for ￡199. And, then you see it in December and it is ￡399, whose fault is that? Yours - for not purchasing at that time, or the company selling (because they didn't wait for you to make the purchase)?

Sure you'll possibly feel cheesed off, but as consumers and professionals in business, we must get into practice of taking action, making decisions for ourself (based on actual facts not hearsay) and taking up opportunities - instead of letting them pass us by!

As I always say, an opportunity missed is someone else's opportunity. So if you see a saving for something and you don't take it up, that is your decision. And when that saving goes back to normal price the following week, or even the next day - DON'T beat yourself up about it, just accept that the offer wasn't for you at that time and keep it moving. We can get hung up on minor things when really there are much more pressing matters to look into!

When it comes to taking up or offer promotions, timing is everything.

Now, I'm not suggesting that you camp outside Selfridges, John Lewis, Currys Electrical Store or PC World, but just be realistic as a consumer or as a business running a promotion.

I mean, let's consider how many sales you've not made as a business owner, or how many purchases you've missed out on because stock has ran out. How did you feel? Gutted? How long did you feel gutted for? And why?

Buy, but don't impulse buy!

The best way to avoid impulse buying is to think about what you need - what you really need. But also consider what you need by budgeting in advance whenever you can. This is where planning your marketing and business expenses can be of huge benefit!

I know a few of us are getting sucked into the Black Friday debate today - as we all have an opinion (rightly so)! I've seen a whole lot of differing views as to whether or not we should be offering or buying today (based on conversations around culture, business ethics, reputation management etc) - so here are some pointers to consider:

If you are consumer:

• Consider if it is a need or want
• Budget for what you need in advance so you only buy what you need
• Just buy what you want to buy. It is your life!!! Everybody has an opinion

And remember that great service providers or product retailers will usually offer a refund within 7/14 days of purchase. So if you change your mind, you should be able to return it (T&Cs will usually apply and not all companies offer this service).

If you're in business and you are considering running an offer anytime soon - GO FOR IT!

Read my Festive Marketing eBook online now, for more tips on promotions

What is the worst that could happen?

If the Gary V brand is associated with major discounts, how bad can it be for your business or your brand? Come on, seriously, lets consider this. Gary V is a major brand offering 85% off his online training products.

Still not convinced? Well, truth is, if you don't run a promotional offer nothing will change. This could mean one of a few things:

• You won't know if running promotions will work wonders for generating sales in your business
• You may not attract that price sensitive customer on board that has been pending on your follow up list for weeks because they couldn't make their mind up
• You may not get the extra sales in that you really need to this month?

So what are the advantages of running promotions for your business?

• Increase in sales
• More people know about what you have to offer (if you promote outside of your normal communication channels)
• You can appeal to more customers, perhaps first time buyers who have been waiting for the 'right time'

Is there a way to offer discounts and generate even more money, strategically ?

Possibly yes and this is what myself and my clients are experiencing. What I call a 'win win' for everyone involved. You see, discounts and savings will be most relevant to people who are price sensitive. These people may be individuals that are going through challenging financial times or who were not yet convinced on your price. It's a great way to warm them up to your brand, by offering them a discount.

What if you don't want to offer discounts?

Well, even if you only offer premium services, there are many well respected Business Growth Experts who suggest that this is still a good thing to do. It's debatable though, so I would advise to do what works for YOU and YOUR business.

I personally am not discounting my coaching services or online programmes, as I am told they are already exceptionally great value for money. However, I am offering reductions on my masterclasses and workshops for a limited period to appeal to more startups.

insight2Marketing has a solid reputation for over delivering value, great content, customer service and reliable products. In addition to that our Masterclasses and Workshops are a hit too. Here's what recent attendees had to say after she paid for one of my premium 1-2-1 branding/social media training sessions:

We are running a promotion on selected workshops (but not insight2Marketing coaching services or online programmes I'm afraid). There are a number of promotions and offers taking place between now and the end of the year. Including a special promotion this weekend.

Visit www.insight2marketing.com/BlackFriday for more details.

If you are going to hold off running a promotion because of what your current clients think, think again.

Lastly, I want to re-emphasise that timing is everything

Whether you are a consumer or a business owner. I truly believe this.

For example, if someone buys your product last week at a higher fee than you're offering this week (as a seasonal promotion), then perhaps that's just business. Check out the photo below - have you ever bought a smartphone or tablet at a set price, only to see it go cheaper (and then 50% cheaper) in the same month! Yikes. I kicked myself, but at the same time I recognised that on the plus side, I had my phone, working when I needed it most. And that is what this is all about - the nitty gritty stuff - Wants versus Needs:

Wants Vs Needs

Online Training Providers, Car Dealerships and Major Retailers Do It...

......so who says YOU can't?

Small businesses, consultants, leading retailers, nail technicians, accountants. Yes, we can all run promotions and offers if it suits us. Heck to be honest in terms of brand visibility - a promotional campaign will give you more brand visibility too.

Reality check: Big department stores have major sales and Car Manufacturers do special deals too! In fact, every time a new car registration mark comes in most car dealers run an offer (and change the offer frequently too, whether its the APR % or bonus trimmings and car products). And these are just examples. So, if someone purchases a new car and then spots a better promotion from the same dealer a few weeks/months later, then they maybe just need to bite their lip and move on. As long as the customer service is still on point then what is done is past. Past. No point crying over spilt milk, right? What are your thoughts? Does the car dealer look bad for offering a new deal? Read the related article from the Telegraph here debating whether Black Friday sales are better than Christmas and Boxing Day Sales.

Surely this is how business works? And if you are your own boss and serious about business, you will do whatever YOU feel is right!

When it comes to taking up and executing promotions, timing is everything. You have to make informed decisions and go with what is right for you!

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