Meaningless Sales Don’t Ensure ROI and Business Growth
Every year around the holidays it begins: endless holiday sale offers. From mattresses to appliances, to everyday products and services, it’s the same thing year after year. Buy now. Weekend sale!
Why do brands of all sizes assume that certain holidays can trigger buyers to spend money? The truth is, people buy when they are ready, not when a holiday sale kicks in.
This is true even with highly commercialized holidays like Christmas and Valentine’s Day. Even for these major holidays, a “sale” isn’t the motivation. Buyers are motivated by the holiday itself and the need it creates to make a purchase.
Think about it. You’re going to shop during these holidays anyway, so a “sale” doesn’t influence that behavior, and more so, it doesn’t even influence where you shop. Customers are flocking to high-quality, high-convenience retailers, rather than retailers with sales, even during holidays.
So, if you want to grow revenue and successfully market your products and services, what do you do?
As entrepreneurs, we cannot fall into this deal mentality that former Mad Men style marketing conditioned us to: It’s a holiday, so we must offer a sale. If we discount our product this holiday, we will sell more. IT DOES NOT WORK.
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People buy when they are ready, not when you have a sale.
But wait, our revenues are flat, and it feels as though we need to do something to stimulate growth.
Someone then has the brilliant idea, “A Holiday Day Sale is just the thing.” Resist…there is a better way.
With the holiday season coming fast, how can businesses build marketing campaigns that work, rather than launch another meaningless “sale” which simply reduces profit and provides no meaningful ROI?
First, slow down and shift your thinking from action to impact. What impact are you trying to make? Is it selling stuff or growing profitably? Impact is the key.
Second, think about your target market. What do they value and how can you increase your value? For example: Memorial Day is not just another holiday. It’s a day to remember brave soldiers who fought for our country. Rather than having a “sale” why not give a portion of that month’s revenue or profit to a charity that honors the military, or provides needed services for veterans with traumatic injuries or PTSD, such as:
Third, and this is key, authentically promote this activity. Tell your current customers: write a short blog from the CEO, contact the media, post it on all of your social channels. Shout it from the rooftops! BUT don’t do so to GET people to buy. Do so because you care about our military and you want to give back. Let your customers and potential customers see your passion and learn about your values rather than be made to feel as if you’re trying to get them to buy from you.
Advertising doesn’t work. But authentic demand generation does. Care more about connecting with your target market and educating them than trying to get them to buy.
If your business is trying to do well by doing good, and want help growing profitably through authentically generating demand, please contact us today.