The biggest mistake I see eCommerce store owners make with their promotions is that they discount constantly! This is the fastest way to train your customers NOT to buy at full price.
But, used sparingly, a sale event can give your business a nice injection of sales revenue AND clear out slow-moving inventory.
It can ALSO help convert new customers by enticing them to stop sitting on the fence and try out your products for the first time…
I recommend only doing two to three big clearance sales a year: end of financial year, Black Friday, and end of calendar year (or Boxing Day).
A successful sale comes down to two things: URGENCY and EXCLUSIVITY.
Why is this such a big deal? Because the whole point of running a sale is to create a sense of urgency and exclusivity in your customers. You can’t achieve this if you discount constantly.
Urgency and Exclusivity SELL.
And the only way you’re going to create a sense of urgency and exclusivity is to run sales sparingly, keeping people on their toes.
You want to make them think, “DANG, I better buy this NOW or I’m going to miss out on this great deal!”
A fear of missing out is always going to be the most successful motivator for action (AKA purchase!).
The “Now or Never” mentality creates urgency, and urgency sells a lot faster than “we’ll be waiting for you whenever you may or may not feel like it”, or “I know they’ll run another sale next week so I’ll wait till then”.
Listen as I share our biggest takeaways from Black Friday that you can apply to your Boxing Day sale event.
PLUS I share some actionable tips to help you get the best results possible from your Boxing Day promotion.
….EVEN IF you desperately need to take a holiday yourself!
Next, be sure to head to our Rockstar Productpreneur community to ask your #askcatherine questions! I can’t wait to hear them.
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Links mentioned in this episode:
FREE eCommerce Campaign Planning Guide & Template
Free Rockstar Productpreneur community
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