The end of year sales is a good time to clear stock from the last season to make way for the new. The fourth quarter is full of holidays and as a business, you need to be able to leverage them. It is a short quarter and you need to hustle from the get-go.
Set a goal
Before you create a marketing campaign for the end of year sale, you need to decide what you want to achieve and the results you want to get in the end. The goal must be SMART, it must be specific, measurable, attainable, timely, and relevant.
Also, it is about informing your customers about what hours your business is going to be closed and what days your company will be shipping or not shipping items
This is the time to really dial in on existing customers. Frequent conversation with existing customers is vital for the smooth running of this. Understanding their hours of operation or availability, what they are going to be doing is key to serving them. Contact existing customers, ask what their game plan is for the next year.
Referrals close quickly and referrals in the 4th quarter should take up more value, more priority because customers want to make decisions fasters. Prospective clients are going to place more value on that. It just works.
Knowing how much inventory you have in stock as well as how much inventory the customer has will help the customers maximize their additional inventory and for some, it might be ordering additional quantity. Build up customer inventory.
Competition isn’t only in prices but also in strategies. Keeping business open when competitors are closed is a very easy way to gain customers. Also differentiating your business from the competition is pertinent particularly in value creation and most businesses are more
Look to get insight into what your client is doing next year, it puts you in a strategic position to serve their supply chain in the current year and the next. Also, in planning the calendar for the festive taking options off the table and making it easier for them to make the decision could be a better strategy than giving them a wide range of options to select from.
Pre-qualify the customer
If there’s something that needs to be set up, get it set up. Decide if the offers will be open to everyone or if they will be based on an eligibility criterion. If it will be based on a criterion you must be crystal clear about them.
Changing the discount and extending the payment days are both strategies that can help improve end of the year sales
Before offering credit terms on huge purchases, you must have an assurance of the creditworthiness and financial position of customers willing to take up the offer. work with your finance personnel or department in this regard is very key in working with your limits.
There’s always more business that you can get from old customers. Reach out to old customers and intimate them about the offers and discounts available to them. It just might be the push they need to make that sale.
Upselling is a sales technique where a seller invites the customer to purchase more expensive items, upgrades, or other add-ons to generate more revenue. It may be selling them more quantity or additional items but whatever it is, upsell is the easiest way to increase the size of the order.
The offers and discounts are sure to attract them or leave them drooling but to close the sale you must follow up on every call or message, answer every question and push to close.
From the above-stated points, it’s obvious that there are multiple ways of improving the revenue figures at the end of the year, and only the right strategies that suit the business model should be implemented.