By Funke Olushola
This is the valentine week…yeah!!!
So many businesses are having promo sales already.
Amazing offers to entice people into buying things for their loved ones. Great marketing concepts but there are several things you need to consider as a business owner before you consider doing any promo at all.
What is your main reason for the promo: Is it to get more customers, to introduce your new product or services or for-profit?
Duration of the promo: It is always a smart move to have a defined time that the promo would run for and your customers are aware.
Who is the Promo for? Active customers, nonactive customers or potential customers? Knowing this will help you create a better compelling message with your promo in order to achieve better results.
What percentage are you cutting off from the actual price? You need to be very smart and sure about this so you don’t run at a loss in the end. What is the promo price against your initial selling price? Are you making a profit or just gathering sales?
What medium are you considering for marketing the promo? To know the best medium, you need to know who the promo is for and where you can easily have access to them. Are they on Facebook, Instagram, Twitter, on your email lists, your phone contacts so you can consider SMS or phone calls?
Have a budget for marketing: The medium you will use will determine what your budget will be. Ensure you fathom all this into the running cost before you put a price for your promo sales.
Promos should create more awareness for your business, get you more sales and profit and not losses.
Promos are not compulsory if your business cannot afford one now.
For the love of the business make sure you are not harming your business by running Promotions when the business is not ready or when you don’t have a good reason to.