I have spent my life as a proud bargain shopper, so I know the importance of a good deal as a shop owner. I mean, come on, who doesn’t love a good deal?
As a small business, you want to stand out from the crowd by showing that you are providing competitive value for your customers while being a rock star at increasing sales. But how do you do it?
Know your customer and be confident in your pricing
I can’t tell you how many small business owners can’t tell me why they chose the price they did. Before you can give a discount or offer promotions, you must know what you can afford to do and what makes sense for your customer. You can create amazing promotions but make sure you know who you are selling to and why they buy from you in the first place. Every decision you make for your business should have your ideal customer in mind, while asking yourself a few questions.
Is this going to attract my ideal shopper?
Am I offering them something they will find valuable?
How will this speak to them and their needs?
Don’t be afraid of losing those dollars
The biggest mistake people make when offering promotions for their business is worrying that if they give a discount, they will lose money. This is not the case! In fact, it’s the exact opposite. (Of course, if you were giving away product like there’s no tomorrow, we’d need to have a serious conversation!) But, when you create strategic discounts for your customer it gets them more excited to shop and save. It’s a proven fact that shoppers experience a surge of endorphins when they save money. Endorphins make people happy and you know what happy people do? Shop more!
Make them an offer they can’t refuse
Think about it. If you went to buy something and the sales associate shared with you that if you bought two items instead of one you would save ten cents, how would you react? If it were me, it would be a hard pass! Why would I spend more of my money on a second item to save a measly dime? People don’t need a deal for the sake of a deal – they want to feel like they are getting a bargain! So, make sure those “deals” are actually adding value to your customer.
Examples of popular promotions
Buy One Get One Free
Buy One Get One ½ Off
Percent Off Deals (40%, 50%, 60% etc.)
Two for $____
Free Gift Wrapping with any purchase
Free Personalization (on items that qualify)
Create multiple reasons to buy
Once someone walks into your store or market booth, make sure they are reminded of how many options there are to purchase. They may fall in love with one item, but surely they need something else. You know what goes great with that? Get one for a gift and one for you? You can guide your customer’s shopping habits by offering these suggestions without being too pushy.
Shout your sales from the rooftops
You came up with a great promotion strategy. Now it’s your chance to tell the world! You don’t want to keep these deals a secret! Get on social media and start sharing. Take a few moments to create some fun graphics to display with your upcoming and current promotions and show your excitement over them. If you have a customer email list, send out a quick email giving them a heads up!
Also, make sure you have signage with your promotions in plain sight for customers at your shop space. You can do this in such an effortless way, just make sure it stays in line with your branding. Do something simple like hang small chalkboards up with your deals, and hand letter them with metallic sharpie or chalk. It doesn’t have to be complicated.
Your number one reason for running promotions should be to help your customer see value in your product and brand. When you concentrate on that, increasing sales comes so much easier. Keep in mind that big sale days are the perfect time to snag new customers, not just for a day, but for life. The customer service you show, and the reminders that their purchase means something to your small business, will make them a loyal customer.