Drum Up Business with Promotions
If summer is a slow season for your business, consider offering financial incentives to increase foot traffic. Don’t just dive in with a wholesale across-the-board discount; instead, consider some of the following options:
- Discount Certain Products and Services – Test the market to see if you can shift slower selling products with a limited-time discount (say, for the month of July). Promote your offer to a select segment of your email list, perhaps those who haven’t purchased from you for some time. Monitor the results. If the offer works, then consider extending it to other products and consumers next month.
- Package Promotions – Offer a discount if customers buy more than one product or service. For example, buy a coffee and a donut for $3.50 instead of $5.
- Off-Peak Specials – Many people have more flexible schedules during the summer months. Consider ways to draw people in during your off-peak hours, whether it’s a time-bound discount or another incentive (free corkage, bring a friend for half price, or a free consultation).
Plan for Your High Season – Take the Pulse of your Market
Again, if summer is your slow season, use the time wisely and start planning your marketing activities for the rest of the year. Conduct market research to gauge what your customers think of your business and the products and services you offer. What could you do better/more of/change? Is there a certain product that they’d like to see you carry? Are there any market or demographic trends that might impact your business in the coming year? Market research doesn’t have to cost much money; this blog explains some free resources that can help: Conducting Market Research? Here are 5 Official Sources of Free Data That Can Help.
SBA’s SizeUp Tool can also help you benchmark your business against competitors, map your customers and locate the best places to advertise.
You can also use surveys to gauge customer buying and spending habits. Use this data to inform your product marketing strategy and any other changes you may need to make in your business before your high season starts.
|The above is an excerpt from the article, “Grow Your Business This Summer – 7 Marketing Tips that Won’t Break the Bank”. For more information please visit www.sba.gov.|