Products that don’t sell by the end of the season or arrival of new models/collections are unlikely to sell at full price. For the same or insignificant difference in the price, the overwhelming majority of consumers will choose newer, trendier and more sophisticated products. But even if the products are eventually sold at full price, all the profit may be eaten away by the cost of storing/displaying. Rather than insisting on full prices, most retailers therefore decide to offer unsold products on a sale.
Mega Sales As a Marketing Strategy
Everyone is looking for ways to save money and buying on sales is one of the most popular methods. As a result, almost everything is sold when offered at a generous discount. But besides helping you get rid of unsold products, mega sales can also be a very powerful marketing tool, help you win new customers and believe it or not, sell more products at full price. It’s quite simple, really. If buyers are satisfied with your products and service, they will return for more and recommend your store to other people.
A sale is a win-win solution for both buyers and sellers but in the end of the day, you as a seller benefit the most. Firstly, you eliminate storage-related costs and get space for new arrivals and secondly, advertise your store virtually for free. But only if you make sure that everyone knows about your mega sale.
Attracting Buyers To Your Mega Sale
Though sales often sell for themselves, it is of utmost importance that as many people as possible know about your mega sale. If you are running a brick-and-mortar store, make sure that there is a large “Mega Sale” inscription on your display window so that everyone who pass by see it. If your store isn’t in a busy street, you are recommended to spend a few pounds on billboard, poster or similar advertisement that will help you reach the target audience.
If you run an online shop, you are recommended to put an eye-catching sale banner in the centre of the home page. But be sure to also include it on other pages so that it is clearly visible yet unobtrusive to avoid affecting user-friendliness and buying experience. Just like in brick-and-mortar stores, no one can resist the temptation not to take a look at products on sale. To attract as many people as possible, you should perhaps also consider launching an online advertising campaign such as web banner advertising, search engine marketing (SEM), social media marketing, etc., depending on your budget and goals.