Promotions Are Great for Your Business: Here’s How to Time Them Right

Have you ever experienced that joyful feeling when you spot your favorite product on sale, especially when it coincides with your payday? Or when you check the product you’ve been saving up for and discover that it’s on sale? Yes, it feels like winning a lottery somehow. As an entrepreneur, promotions are an essential part of your business that helps you attract more customers.

Why Are Promotions Important?

Promotions do a lot for a business. They help boost sales, increase brand awareness, attract new customers, foster customer loyalty, and clear inventory.

While promotions greatly benefit your business, remember that promotions should be timed well to maximize their effectiveness. Here are some ideas on when to run promotions and sales:

1) Holidays and Special Occasions

Promotions and sales tend to perform well during holidays such as Christmas, Halloween, Valentine’s Day, and other cultural or national celebrations. People are often in a shopping mood during these times.

2) Seasonal Promotions

Align your promotions with the seasons. In the Philippines, we have two distinct seasons: the dry season and the wet season. However, this doesn’t hinder entrepreneurs from running promotions based on these seasons. For instance, if you are selling milk tea, you can align your promotion with the start of the dry season or summer. Provide customers with a discount or a “buy one, take one” promo during the hot summer days.

3) Product Launches

The launch of a new product is also an opportune time to run a promotion. This helps your new product gain more market awareness and excites customers about your new offerings.

4) Off-Peak Times

Consider running promotions during slower periods for your business. This can help boost sales during times when customer activity naturally slows down.

5) Identify Customer Buying Patterns

You can time your promotions according to your customers’ buying patterns. Analyze historical sales data to identify trends in customer buying patterns. If you notice certain months or days when sales are consistently higher, plan your promotions around those times.

6) Clearance and Inventory Management

Do you have excess products you need to clear out? Sales are effective for clearing out excess or outdated inventory. Holding clearance sales can help you make room for new products and prevent losses due to unsold items.

7) Customer Lifecycle Events

This type of promotion is common in encouraging customer loyalty. Offer promotions to customers at different stages of their relationship with your business. For example, provide special discounts to first-time buyers or loyalty rewards to repeat customers.

8) Anniversaries and Milestones

Celebrate your business’s anniversaries or milestones with special promotions as a way of thanking your customers for their valuable support. For example, run an anniversary promo for your customers. This also helps you connect with your loyal customers on a personal level, as they feel they are also part of the success of your business.

Always remember that timing your promotions right can significantly boost your sales numbers. However, it’s important to strike the right balance with promotions. Over-promoting your products might devalue them in the eyes of your customers, leading them to expect low prices all the time. Align your promotions with your business goals and tailor them to your customer’s preferences. (ASC)