Best Practices & Strategies for Running Holiday Promotions
Price has always been, and probably will always be, a huge factor for people in determining where they spend their money. Discount coupons and promotions can be a tried and true way to attract attention to your store.
Are promotions are a good fit for your business?
Before diving in, be sure that this strategy is a good fit for your store. If your profit margins are low, it may not be worth your while to offer a discount on already inexpensive items.
Also, be sure to consider your time. Making lots of sales is great but if you end up rushed off your feet and resenting every order that comes in, it might have been better to make fewer sales at a higher price.
What type of promo works for your store?
Research shows that free shipping is most likely to affect shopper decisions at this time of year and it is, in most cases, a cost-effective way to offer some additional incentive to buy from you. Consider offering free upgrades to add tracking or to a faster shipping service, especially as the final shipping dates approach.
Percentage discounts or dollar-off discounts are a great lure for shoppers. For potential customers who have never made a purchase with your store, a discount can encourage them to check out. Keep in mind, this only works when discounts are clearly displayed in your store. Alternatively, a coupon code sent to previous buyers can remind them of your store and encourage them to shop with you again, as well as being a nice reward and ‘thank you’ for their loyalty to you. On Storenvy, it’s easy to export a list of the email addresses of all the people who have ordered from you in the past, making it a simple task to send them all a discount code.
If you can’t mark down your whole store, putting just a section of your shop on sale can draw people in with discounts and then get them irresistibly hooked on some full-price items.
How long will you run the sale for?
Some promotions will run for one day only (usually Black Friday or Cyber Monday) which allows you to go all-out promoting it for that one day and provide shoppers a sense of urgency which can sometimes encourage them to buy more than they would have otherwise. Be warned, though, if people are rushed into buying, they may regret it later and ask for a refund.
If you aren’t so confident with your marketing abilities, it’s totally fine to leave the promotion running for a week or even the whole holiday season, to allow it to spread via word of mouth. Just make sure you never reach the point where there is almost always a sale of some kind in your store, as that leads to customers no longer buying things at full price.
Spread the word!
This is the part most often forgotten but also the most important. If no one knows you’re having a sale or promotion, no one will come to your store for it.
- Email the people you know who might be interested.
- Share the promotion on Facebook, Twitter, Instagram, your blog and any other channel you have. Ask people to tell their friends.
- Repeat Customers add a discount code to your receipt and emails that offers a special discount to loyal customers.
- Leverage Discount to Get Featured find popular bloggers and Instagrammers that align with your audience and ask to do cross-promotions mentioning your store, and use unique discount codes exclusive to their audience.
With the holidays just around the corner, there’s no time like the present to evaluate your promotions strategy! Plan ahead, and start spreading the word for a successful holiday season.