Using promotions to increase your business
Promotions can be a great way to look at increasing your business and your bottom line. Let me correct myself there. . . Effective, trackable promotions can be a great way.
There are all kinds of ways to intice people to try your product. WIth SP-1, we look at ways to track your promotions and help you decide if they are working.
Facebook & Foursquare. These social media tools make it very easy to promote product to your customers. If you want to take it a step further, use the built in places and deals to allow for specials that take advantage of geolocation features in cell phones (I.E. check-in specials).
Gift Cards. I know that people think we beat a dead horse with this topic but it is because it is such a great way to increase revenue and cash flow. Gift cards can be sold at a slightly reduced price to encourage customers to pre-pay. This is a simple and effective way to increase your cash flow.
Bundles. If you are looking to discount items, try creating a bundle. The concept is that you take a high profit item and pair it with a different item. Pairing items together for a single price can help introduce low-selling items to a broader customer base.
Timed pricing. A “happy hour” special can be a really great way to encourage customers to order outside of your busy times. Creating promotional pricing on certain items and offering them only between 2 and 4pm can help direct some of your traffic to those hours when you are slow.
Tracking. This is, in some ways, the most important part of what you are doing. You have to track what is and is not working in order to know how effective these are. If a promotion is not working, stop doing it! SP-1 will allow you to really evaluate the number of times these promotions are used over a time frame. This will allow you to make better decisions about how you create better promotions in the future.
Contact us at:
SelbySoft
Mike Spence
800-454-4434
Sales@SelbySoft.com
WWW.SelbySoft.com
8326 Woodland Ave. E
Puyallup Wa 98371