It might only be October, but if you haven't started planning your strategy for the holiday season, you're cutting it close. Whether your business is product or service-based, holiday promotions, when done correctly, can be a huge boost in your bottom line, right in time for the end of 2017!
A note about reducing prices: Don't shoot yourself in the foot here! Too many business owners end up losing money (or not getting enough return for their time) when they run sales promotions, so let’s make sure this isn't you.
If your prices are already on the low side for physical products or services, reducing them further may not be a good idea. You're much better off creating new product bundles or adding value to your existing products and services so that your customer gets more bang for their buck and you don't end up eating the cost.If your prices are already on the low side for physical products or services, reducing them further may not be a good idea. You're much better off creating new product bundles or adding value to your existing products and services… Click To Tweet
If you're selling digital products that don't require your direct participation, you have a little more leeway! Be strategic if you plan to lower your price, even on digital products. While you're not sacrificing your time, you still don't want to devalue your product or brand. You can use the same strategy as mentioned above and create bundles.
Keep in mind that whatever you decide to do, make sure your sale has a purpose. Don't just have a sale because you think you should or because everyone else is having one. Ask yourself what you want to get out of this sale.
- Is it a quick boost in your bottom line before the end of the year?
- Is it to build your list?
- To sell a bunch of tripwire offers and build up your higher-end customers later on?
- To clear out inventory before the new year?
Be clear about your purpose and strategy before you decide to have a sale.
Got that squared away? Good. Let's talk sale ideas!
Here are some ideas for holiday promotions for any type of business!
Date: Friday, November 24th
The day after Thanksgiving is the official start of the holiday shopping season, and this is a great date to take advantage of, whether you sell products or services or a mix of the two. You can discount your rates on services, your prices on products, or create new bundles of services, digital products, or physical products to offer on this day for overall savings for your customer. Consider advertising in advance that you'll be sending a coupon to your list. This lets people know there are perks to being on your list and now would be an opportune time to jump on. YAY! for turning your sale into a list-building tool! You’re welcome to throw in a bonus opt-in as well. It’s a nice touch and instant gratification for your new list member.
Small Business Saturday
Date: Saturday, November 25th
This is an event founded by American Express to give small businesses a boost on the Saturday after Thanksgiving. You can apply and get special benefits just for SBS participants. This works great for product-based business and especially brick-and-mortar businesses. Learn more here!
Date: Monday, November 27th
This is a newer shopping day, piggybacking on the popularity of Black Friday. This is like another Black Friday, but specifically for online businesses.
12 Days of Christmas
Date: Pretty much anytime in December!
You could do a lot of fun things with this!
- Use it as a sales funnel or list building tool by running a challenge.
- Give away a bundle of products that you dole out every day for twelve days.
- If you have a wide range of products, put a new one on sale each day for twelve days.
- Do a giveaway each day to build your list or social media.
- Create a bunch of products bundles for twelve days.
- Put your flagship product/service on sale for twelve days. This is great for products or services that could be given as gifts!
A caveat: If you're shipping physical products though, make sure you have a plan in place for getting those products out in time for Christmas! This is a good idea for things like gift cards or products/services that are purchased in advance and redeemed later. That way, you aren't slammed right before Christmas!
I trust your creativity sparks are firing with some fun and lucrative ideas for your business! Have a happy holiday season!