If you have leftover products, or if you have products or services that you don’t plan on offering again next year, an end of year closeout sale is a fantastic way to bring in instant revenue as well as get rid of inventory. You can generate a lot of excitement around your business while preparing yourself for the coming year.
So how do you run a successful end of year sale?
==> Call on All “On the Fence” Customers
If you had customers who were interested in your product but weren’t quite ready to make a purchase yet, now’s the time to get in touch with them.
Call them and let them know the product or service they were interested is going to be discontinued soon. Let them know that they can get a discount by ordering now, at your end of year sale.
==> Make the Sale Loud and Clear
If you’re not loudly advertising your sale, you’re not going to get nearly as much traction. Your sale should be advertised everywhere you can.
Put huge signs up in your store windows, or even in a sign outside your store. Put a large banner up on your website. Post ads on Craigslist and other similar websites. Mail the sale out to your mailing list and post it on your Facebook page.
Get the word out there about your sale.
==> Make the Old Prices Clear
Don’t just reduce your prices and display your reduced prices. Displaying your old prices is a vital part of a good sale strategy.
If your old price was $129.99, make sure that’s displayed in large font. Then slash that price and put your new price – $89.99 – right below it. You can even stats how much people are saving by buying during the sale.
Remember that you’re not appealing to people’s logical sense. You’re trying to get people’s subconscious mind to feel like they’re getting a great deal. This is best done by making the amount they’re saving very, very clear.
==> Push Items You Must Sell
If you have inventory that you have to get rid of, sell it in a countdown manner. Place the inventory towards the front of your store or the checkout line, where they’re going to get the most attention.
Then cut the price every day as the end of your sale gets closer. By the end of your sale, your price should be so ludicrously low that people can’t help but make a purchase. Start the discount small, then keep cutting it until you sell everything you need to sell.
Selling during the holidays is unlike selling at any other time of the year. People are in the mood to buy, but people also want a steal. Give them a great deal and you could walk away with enormous sales.