Blackburn Accounting

Are you about to embark on a marketing campaign offering ‘mega discounts’?

Yes,

then keep reading to gain value tips on what DISCOUNTNG is all about, importantly what it takes to make it a successful campaign!

Simply put, the Do’s and Don’t's!

DO your planning, develop your Discounting Strategies
DON’T ‘jump in, cutting prices without prior preparation.

What's it all about!

In a nutshell, the aim of ‘discounting’ is to drive sales by reducing the original price of goods but it takes careful planning to achieve the results you want.

‘Discounting strategy’ is the planning on how to offer discounts and specials and still make a profit! For example, short-term discounts can motivate potential consumers to make an immediate decision to buy.

Discounting is a strategy used for a number of purposes such as;

to attract, persuade, motivate new, potential and inactive clients.
to help move ‘slow or old’ stock
to achieve sales targets during a down or slow period
most importantly, to improve cash flow.

To help, here are 5 Discounting Strategy Tips:

Discounting methods

Is discounting worth it?

Types of Discounting Strategies

Timing your Strategies

Does discounting affect your sales targets

1. Discounting methods include:

Cash: discount for cash payment instead of credit
Loyalty: discount for loyal, frequent customers/clients
Trade: discounts for trading in a similar product
Quantity: encourages purchase of more of the same product

2. Is Discounting worth it?

Discounting requires careful planning. It can attract more customers but before offering ‘cut’ sales prices you need to consider the following;

Determine, calculate the best discount price that still provides a profit
Establish your current profit margin, markup and break-even point

Know what your competitors are offering and doing
Decide the ‘sales price’ period, time
Develop a Marketing Plan targeting current, potential and past customers

3. Types of Discounting Strategies

The type, such as examples below, will depend on your Business type and customer base. It is essential to know your customers, to have an understanding what strategy method is likely to attract them.

Special deal, offer or price
Package/ Bundle
Valued added
Seasonal, Occasion
Quantity purchase

4. Timing Your Strategies

Don’t have a ‘willy-nilly’ approach. It’s all in the timing, it's been said before! Different strategies work better at different times. This is about planning in sync with specific events, milestones etc. For example, seasonal sales, Festive celebrations, Easter holidays, school term breaks.

5. Does discounting affect your sales targets?

Do your homework. Before embarking on a discounting promotion it is essential to understand the workings of your pricing structure. That means, if changing the sales price and markup of your products you need to understand how it will affect your profit margins and sales targets.

Do your sums. You need to know your gross margin, markup ad breakeven figures to conduct a sale without making a loss. That is calculate, to work out how the discounted price will affect your profit margin. In other words, the sales increase needed to counter the effect of discounts on your gross margin.

Use these Tips to develop your Discount Strategies that will allow you to offer discounts and specials while still making a profit!

You are ready now to start your CAMPAIGN!

Are you a Retailer?

YES!

then act now,

plan, prepare and promote your Black Friday Sales and Marketing campaign.

Don't miss out on the chance to be part of what is a growing retail activity for shoppers and bargain-hunters everywhere. And with rising costs more and more consumers are looking for the best ever deal and price!

What can, will you offer them!

Here are our 7 Top Tips to planning your SUCCESSFUL campaign:

1. Plan, prepare and promote your Marketing strategy, NOW! Identify your deals and align with stock, supply, resources, budget etc.

Consumers buying habits have changed and where possible smart Businesses now engage in retail sales both Instore and Online. Bargain hunters are keen, and eager to get ‘early-bird’ specials.

Get your Business ‘house’ in order. Instore make sure your premises are ready and equipped for more customer traffic. Ensure you have sufficient and suitably trained staff. Online/digital make sure all systems are up to date, in working order and ready to go! Do a ‘test run’! Have a backup system, plan!

Embrace Social E-commerce. Adopt all marketing mechanisms to get full exposure, such as; social media, display advertising, newsletters, and Instore promotions. Maximise sales opportunities with ‘Click and Buy’ purchase options. More direct simple methods mean less time and hassle for customers. Explore new marketing tools and seek expert technical help if needed.

Use the power of social media. Craft clever emails, tailor and personalize to regular customers, re-engage with past and target potential ones. Be authentic, honest and offer ‘can’t refuse’ incentives.

Plan your ‘sales’ pitch. Be savvy! Develop your product deals and offers wisely to get the best results. Motivate customers, make offers both attractive and irresistible! Remember your (USP) unique selling point. Consider if possible, offering free delivery, bundled offers bonuses and gifts. Explore ‘upsell and cross-sell' methods.

Delivery methods. Critical to have delivery systems in place for Online shoppers. Check your providers/arrangements are reliable and ready to go to deliver orders as promised.

Is your Business ready?

YES OR NO,

start your Black Friday sales campaign now!

Time and Opportunity wait for no-one!

If you are a Retailer and wanting to ‘crank-up’ your sales activity and boost revenue, and who doesn’t!

READ ON

Online, Instore, OR BOTH, don’t miss the opportunity to be part of the sales phenomenon that is ‘Black Friday’.

A time of shopping, with promotional offers, huge discounts and big sales! From fashion and beauty to electronics and household goods there are bargain hunters out there just waiting to grab a deal, save money and get that best ever price.

What can your Business offer!

2022, Black Friday begins on Friday 25th November, with sales usually beginning at midnight.

Cyber Monday is the follow-on event traditionally offering ‘Online only’ sales. 2022 Monday 28th November.

But be flexible, choose what best suits your Business and customer's needs to maximize the shopping opportunities and experience for both parties.

What’s this all about!

Black Friday began in the USA, emerging in the 1980’s as a major shopping holiday post- Thanksgiving. a time of celebration and holidays.

And, the ‘shopping event’ has morphed globally into a sales bonanza offering special deals to entice consumers, to stock up, indulge themselves, including on grabbing Christmas bargains.

Aussies have embraced the retail event smashing records in 2021 with sales totaling $8 billion during the 4 day period.

It’s popular! Figures indicate November is stealing the limelight from December as the time of peak sales, so makes sense to get on board and be part of the phenomenon! As a Retailer you can't afford not to.

If you don’t get onboard this opportunity you may be left behind. As consumers traditional shopping period has changed. This may have a significant impact on your sales performance.

2022. As households experience rising cost of living expenses, they are looking for savings across all purchases. Whether everyday items or Christmas present shopping everyone is becoming a bargain hunter, chasing the best price and deal!

Key Takeaways:

Black Friday and Cyber Monday makeup this four-day sales event BUT choose the time period that best suits your Business and customers
Start planning, preparing and promoting now
Offer Instore and Online buys

Offer your best ever deals

Financial Literacy, a subject often avoided, clouded in mystery or misunderstood.

True! and a fact for many!

A recent survey found 46% of people confirmed these feelings of finding financial information hard to understand.

Is that you!!

In a time of rising prices across most essential items, interest rates rapidly increasing and a booming buy now pay later market, it is critical to have some understanding of how money works. Basic financial literacy is a must.

Let's chat!

We begin with the premise that for most of us saving and budgeting are essential to financial wellbeing and the ‘smarter’ we are with our money the better we are, and the better we sleep!

The foundation of this thinking is understanding how your money works, or doesn’t. For example, what are the fundamentals of borrowing, the intrici's of home loan and credit arrangements and how to survive financially to retirement!

Simply, how money works and how, when to build, grow, your assets and gain some extra dollars to make that money work harder for you.

To help you with these questions there are resources available, such as: Moneysmart.gov.au

Basic literacy includes knowing the: