As an entrepreneur, being on Amazon is already a big thing. It enables you to be on such a big platform and have a chance to find your target market around the country or even the world. However, there are even more ways to boost your revenue on Amazon, and this involves holidays — specifically New Year’s Eve.
Joining New Year’s Eve Clearance Sales
New Year’s Eve clearance sales are rampant on big online shopping sites and even shops in the real world. In fact, it has become a norm in the retail industry and consumers are always ready to spend money during these clearance sales.
That said, it can be a great opportunity for you to boost your own revenue.
If there’s one thing people love about shopping, it’s shopping when there are discounts, especially huge ones. A lot of people experience impulse buying whenever they see the words “sale” or “10% off” or “discounted items.” That’s why the Black Friday Sale has always been so big.
You can take advantage of this kind of mentality and boost your sales for the upcoming holiday sale. In addition, there are many people who got money and coupons and gift cards during Christmas. This gives them even more reason to spend and shop during clearance sales.
However, you should never jump into it without a plan.
How to plan for a sale?
If there’s one thing you need to plan for, it’s how much discount you are willing to take off. There are two things that could happen when you don’t plan for a discount: it’s either you lose profit or you attract the wrong kind of shoppers.
Here are some tips to avoid these kinds of problems:
Know your goal
As a business owner, there’s always a goal for every move, even with end-of-the-year clearance sales. While the obvious goal is to reach a certain number, there are also specific goals such as trying to attract new customers, maximize the engagement of your existing ones, re-acquaint past customers with your company, and/or getting rid of your excess stocks.
Most of the time, we get aggressive with our sale tactics and often have a store-wide sale when we are trying to find more customers. It definitely lures in more people and you have more chances of finding a loyal follower in there.
However, clearance sales are also a means for you to get rid of excess stocks. For this, it’s best to find the perfect balance between a good discount so people will buy everything in a blink of an eye, while still earning.
Nonetheless, people expect higher discounts and great deals during clearance sales. If you can go all out at 75% off or maybe even more, there’s a huge chance you’ll attract more people. In fact, it gives you a chance to earn from excess stocks of items you’ve already gained income from.
Know your customers
It’s not just about knowing where you currently stand — it’s also about knowing who you’re dealing with. You can now get data from Amazon and even some software about your customers. From there, you’d have a better understanding of who your customers are and segment them properly.
For example, if a certain percentage of your customers are frugal buyers, they are the best ones to inform about a clearance sale. They are basically the customers that are always on the lookout for the best deals and the lowest price.
If you send out an early invitation to your shop’s clearance sale, they’ll likely respond better than other customers.
How to Market your New Year’s Eve Sale?
Imagine having the best possible deals you can manage and items on sale that you know your customers will love, but you rarely had a customer during this clearance sale. In a big place like Amazon, it is possible to get lost as there are hundreds of retailers there.
The best way to guarantee your loyal customers know the big event is to let them know about it. Here are the ways you can ensure your clearance sale will be a success.
If you still haven’t built an email list, you really should start now. It’s one of the best ways to market your business, especially to people who are already following you. You can alert them when there are new products coming out or there are important events such as your New Year’s Eve clearance sale.
Keep your newsletter enticing, direct to the point, and short. It’s even better when the letters are personalized and give them a glimpse of items that will be on sale and that you believe they will love. You can use the data you got about their previous purchases or what they saved.
Use social media
If your company has a social media, be sure that you use these accounts to build up hype around your sale.
You can create banners that include important details such as the biggest discount you’re offering, when it will take place and how they can take part. Postig about it at least once a day can build the hype and remind your loyal fans.
Post previews of what items will be on sale. This will give your audience an idea of what they can buy from you.
Put a deadline on it
Creating the sense of urgency builds people’s hype and makes them want to act more on it. For example, making it well-known that your clearance sale only takes place for one day persuades your customers to act.
They know they will be missing out if they fail to show up or that they won’t be able to get any more good deals after that day. You can also put a timer on your page which heightens the level of urgency.
The holiday season is one of the best seasons for a lot of businesses. It’s the season where everyone is buying something and when people are most likely to spend their moneys. Taking part in these sales is only one way of boosting your revenue; and while the iron is hot, it’s best to strike hard.