9 tips to earn more from your end of financial year sale
Customers are gearing up for the end of financial year sales, when large discounts lure many people into buying items they normally wouldn’t.
How can retailers use pricing and retail merchandising to get a bigger piece of the pie?
Don’t be mistaken, this time of the year provides countless opportunities to boost EOFY sales and put your store on the map.
Check out these nine tips for improving your sale numbers this year, making both you and your customers happy campers.
9 sales promotion ideas
Some of these sales promotion ideas might be familiar, others brand new. All can improve your EOFY sale numbers.
- Think like a customer.
- Learn to listen.
- Use the client’s name.
- Create great window displays.
- Be creative and use emotion.
- Love your products.
- Sell a lifestyle, not things.
- Highlight new products.
- Train your employees.
EOFY only comes around once a year. Scan through our list and find one or two new ideas to try.
1. Think like a customer
It seems so simple but this type of thinking will have profound effects on the profitability of your business. Ask yourself the following questions:
- Why did this person come in today?
- What are they really looking for?
- How can you help?
Think about what you want when you walk into a business like yours. Then deliver that level of service to every customer who walks through your doors.
2. Learn to listen
It’s commonly known that salespeople do a lot of talking, and generally they’re good at it too.
But most customers don’t want yet another salesperson to give them a spiel and talk them into an item they didn’t want in the first place.
Take the time to listen to the customer. Give them an opportunity to tell you what they’re looking for and how you can help. Solve their problem and they will be in your debt.
Use the client’s name
Although it’s not always possible, using a client’s name is a simple yet extremely powerful way to connect with a person.
Addressing someone by name creates a sense of respect and helps build a connection.
It’s about creating a customer experience that will be remembered and will bring the customer back to the shop. The power of a personal connection cannot be overestimated — it’s guaranteed to boost end of financial year sale numbers.
4. Create great window displays
There is an art to creating high-converting retail merchandising displays and it’s well worth your time to consider the messages you want to communicate with each one. A well-designed display has a clear focus and tells the shopper what they need to do:
- Try on the shoes
- Pick up the book
- Watch the video
Client-focused window displays take into account the customer’s journey of discovery, comparison and purchase. Paint a picture through your retail merchandising to draw the customer into your store.
5. Be creative and use emotion
People are more likely to buy a product when they associate it with a feeling. Feelings can range from curiosity and humour to ambition or compassion. It’s essential to create an environment that evokes feelings in people because this leads to engagement.
Don’t be scared to use your imagination to turn a bland shop into a place of discovery where your customers’ senses are awakened.
6. Love your products
There’s no better way to sell a product than to be convinced it’s the best thing since Vegemite. Customers pick up on it if you don’t like an item or you’re making up the sales story as you go.
Sure, there are always some products where you might struggle to see the benefits. But in that case, you need to put yourself in the customer’s shoes. Why might a customer like the product and how could it improve their lives? This is the message you want to share.
7. Sell a lifestyle, not things
The majority of customers today don’t look for a specific item. Shopping, especially at the end of the financial year, is about finding something new or surprising for an unbeatable price.
Fitness is an aspirational lifestyle; as are books, wine and good music. Some people aspire to be better parents or cooks … or more attentive partners. Draw attention to the aspiration that your products help satisfy.
Product grouping is an effective technique to create an appealing visual presentation that draws the client’s attention to creating a lifestyle. Place complementary items together to inspire and give shoppers ideas.
8. Highlight new products
Shoppers love to discover new items or brands, so place them at the front of the store, in an eye-catching location. Skilled retail merchandisers use lighting and signage to focus attention on new products.
New arrivals are a great tool to make customers stop and look.
A great display window grabs the customer’s attention and prompts them to check out your shop. New product displays draw them deeper into the store. Together they can play a crucial role in boosting end of financial year sales.
9. Train your employees
There’s nothing more frustrating for a customer then walking around a shop and being unable to get the attention of a shop assistant. It can be just as annoying to have a salesperson follow them around as they browse.
Spend the time and effort to train your employees to ‘read’ customers and respond accordingly.
Don’t be afraid to coach your employees in the skills of communication and listening. Employees who can engage with customers are worth their value in gold.
Related: How to write a job description that gets results
Enjoy the end of financial year sales
Sales promotion and retail merchandising can sometimes lose their appeal when you’re a retailer. But EOFY is a time of year loaded with potential. So put in the effort and you’ll reap the benefits during the end of financial year sales.
And once the displays are set and the signage is perfect — relax and enjoy yourself.
Master the art of retail merchandising
Customer-focused thinking, attractive display windows and lifestyle merchandising are just three good ways to boosting your end of financial year sales. Follow these nine tips and enjoy the results.
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