“How do I run a promotion that doesn’t damage my brand?” is a question I get asked all the time by small business owners.
It’s a valid concern, evidenced no better than by what my friend and fashion brand consultant Elizabeth Stiles calls “The Gap Trap” – where the constant over-promoting and discounting of stock at the famous clothing retailer culminated in the admittedly flagging brand having to shut up shop in the UK.
The important thing to remember is that promotions should look like they’re designed for and are beneficial to your customers, but really, first and foremost, they need to work for you and your small business! One of the best questions to ask yourself when you’re considering running a promotion is: “What is your end goal?”
In today’s episode of The Resilient Retail Game plan we’ll discuss the types of promotions, discounts and campaigns available to small businesses, their effectiveness and when best to employ them. We’ll discuss the powerful but short-term impact of blanket promotions, using specific targeted promotions to clear stock and how this differs from a ‘stock clearance’ sale. We’ll also talk about plotting your promotions against your sales calendar, promotional options such as free shipping and how promotions, at their core, are a great way to have new conversations with your customer.
PROMO: If you join the Resilient Retail Club before June 18th you’ll get your first month at 1/2 price!
You’ll also be just in time to join our brand new, very exciting 30-day sales challenge. Exclusively for members the challenge will include daily audio prompts, access to a private members-only podcast, goal setting, some truly special guest talks and group co-working sessions.
If you enjoyed this podcast episode take a look at my Forbes article ‘Maximizing Your Profit Potential: What Small Product Businesses Need To Know‘