Sales. They remind me of the great leggings debate. It’s either love or hate, no in between (I am pro-leggings as pants as long as your shirt covers your behind- but that’s beside the point). Some business owners run sales regularly, desperately trying to bring in new clients by slashing their prices and bending over backward just to get anyone with a pulse in the door. Others avoid anything that even smells like a sale because they believe any special offer will damage their brand by devaluing their products or services. There is an in between; here is how to build buzz about your products/services, without shooting yourself in the foot in the process!
Before we dive in, let’s look at why sales, when executed poorly, can tank your brand:
- you condition people to want more, for less
- when sales spike, it feels good, and many business owners continue offering them often, because they think that’s the way to land more clients, leading to BIG problems down the line
- you become swamped with all the wrong kinds of clients/customers
- less profit for the same amount of work
- when the sale ends, your inquiries dry up
- people begin to delay working with you until another sale pops up (and in that time, they might forget you all together!)
Here’s the gist, people buying at discounted prices place a lower value on your products, and in turn, they will not be willing to pay your full prices, leading you to offer more discounts, more often, and down the rabbit hole you go.
This doesn’t mean you can’t extend a super sweet deal once in a while, in fact, doing so can be great for business! Only, it involves ditching the sales, and inviting promotions to be your BFF.
The difference is simple: a sale is a discount, while a promotion is a sweet deal that adds value, without discounting your products or services. When you condition people to love your value, and your awesome service, instead of your low (or worse, cheap!) prices, you’re golden.
Here’s why running a promotion works:
- people feel encouraged to act fast
- you attract new clients, who are excited about scoring some extra goods but see the value in your regularly priced product or service
- chances to score additional exposure (people love sharing great deals with their friends!)
- you bring new people in the door and have the opportunity to wow them and turn them into lifelong clients/customers
- people won’t just be working with you because they see you as being cheap
- your bottom line will feel GOOD!
So, how do you run a promotion? First, you figure out WHAT about your business is making the most money.
Recently, I talked with one of my clients, a photographer specializing in families. She assumed her session fees yielded the most profit, but what we discovered is that the real money comes after the session when she sells print products to her clients. She was shocked, and it allowed her to understand better where the value comes from.
Do you know, matter of factly, where the bulk of your profit comes from? If you’re not crystal clear, do some thinking!
There are two ways to go about structuring your promotion, once you know what part of your offerings brings in the most moolah. First option: add value to what makes less. Second option: add value to what makes more.
Pretty great explanation, right?!
Here’s the thing, by adding value to the place that makes the least money, you’re losing less. But, by adding value to what sells, you may generate more buzz, IF that item creates more profit because people simply get more excited about it, and are willing to invest more in it.
Once you decide where you want to add value, these tips will have you creating a great promotion in no time!
- Determine the length of your promotion. Be specific! Usually, less is more, 3-4 days is a good window.
- Understand how to SELL. Why is this promotion a no brainer? What does the added value mean to your clients/customers?
- Create graphics to use with your promotion. If designing graphics is so not your thing, try Canva! It’s a free (though there are some upgrades you can purchase if you’d like) design tool that is mostly drag and drop, so it’s kind of the best thing ever.
- Give a little peek at the promotion to your email list, and put a teaser on social media. Build some buzz, and generate excitement! Only give a few details, and leave people dying to know more.
- If you’re creating a landing page for your promotion, be sure to optimize it correctly, and use killer copy to hook readers and make them feel all “I’ve GOTTA have that”!
- Begin your promotion, network with other businesses to expand your reach, email everyone on your list, dominate social media, and use superb customer service to wow every inquiry you get.
- If the promotion is doing WELL, consider extending it. This should be done sparingly, so people don’t come to expect it, but it can be a nice way to please those last minute buyers and will give you one final push at the end. DO NOT do this if your efforts have bombed, because then you’re only doing it out of desperation, and that’s never a good look!
- Provide knock your socks off service to every single person who takes advantage of your promotion. Treat them like royalty, and give them a million and one reasons to come back for more.
Now, I do need to put a little disclaimer in; that might burst a few bubbles. But it has to be said.
If your promotions are not working, and you REALLY are putting the effort in, it might be time to reconsider what you’re offering.
Even the most fantastic marketing strategy can fail if people just plain don’t want what you’re selling.
So, always be open to reading the signs, and making changes accordingly. Remember, in business, it’s not about what YOU think, it’s about what your ideal clients think. You might believe you bake the most delicious cupcakes this side of the Atlantic, but you can’t even get people to put them on the dessert table for free. That’s a problem.
Pinkie promise me you’ll stop resorting to discounts and sales to draw in customers, and take some time this week to figure out where the bulk of your profit comes from, and come up with a promotion that will provide the kinds of people you want to attract incredible value!
Do you ever feel pressured to offer discounts to try to build buzz about your business? Share your experiences in the comments, or head here to shoot me an email and let’s chat about it!
Latest posts by Kimberly Haydn (see all)
- Holiday Hacks + How to Have a Good Enough Christmas (and LOVE it) - December 5, 2018
- Increase Summer Sales with These Marketing Ideas! - July 4, 2018
- Seasons of Change: Navigating Building a Business while Raising Your Children - September 24, 2017