Client attraction. Business growth. Pretty profits.
Phew, we’re about to hit the halfway mark of the calendar year which also represents end of financial year (EOFY) in Australia.
If you’ve been consistently hitting your goals set at New Years, firstly, congratulations and secondly, now is the perfect time to get a head start on the rest of the year with an EOFY offer.
If things have gone a little wayward now is also the perfect time to get back on track.
Not EOFY for your country?
Don’t let that hold you back – make an offer to mark the mid-year anyway.
1. Your Offer
We’re keeping this EOFY offer quick and easy for you to deliver so this isn’t the time to create and test a new product or service (you could take this approach if you had more time and energy available to invest).
Look at your current and archived products and/or services then ask yourself:
- which do you feel most confident communicating the benefits for?
- which do you have the best proven results and testimonials for?
- if you’re leaning towards an archived product or service, would it require any updating?
Choosing based on the above criteria will make promoting the offer and generating sales easier for you.
Note: A popular, previously archived product or service could work extremely well if you believe your audience would clamour to get their hands on it.
Before selecting it however, review why you archived it – too labour intensive, not highly profitable, needs updating? If yes, shelve this idea and go with another option.
Feeling ready to promote your choice with confidence?
Ok, next simple step.
2. Why Buy Now?
When designing your offer you’ll need to answer the question ‘why should potential buyers act now?’
If your offer is evergreen, there is no incentive to buy as part of your EOFY promotion.
You’ll need to make it even more attractive than ‘the norm.’ You can achieve this through either discounting or adding value for a limited time period.
Discounting to generate sales
Discounting can be very effective – otherwise we wouldn’t be forever surrounded by sales – just think of all the EOFY runout sales that car dealerships and the big chains run.
If you’ve got stale stock that you need to clear and don’t intend to replace, discounting would be the go to approach.
For example, say you design jewellery and a snake chain necklace hasn’t sold well. You’re soon to release a new collection and don’t want to be left with the snake chain stock.
A limited time discount could assist you to recuperate costs on the stock and improve your average profit margin.
Be careful not to cannibalise the perceived value of your signature products and services though, nor train your audience to expect/wait for discount periods.
These are the offers you want to be known for so you’ll want to employ discounting as your ‘why buy now’ strategy sparingly.
Adding value to generate sales
The beauty of this approach is that rather than risk devaluing your signature offers, it can assist your clients to experience even greater results which leads to further loyalty and potentially referrals or repeat sales.
The keys to success are:
- to add value for the client with no or very little cost to you
- make sure the additional value represents more of the desired product or service; a complimentary item or the logical next step in the customer journey
For example, if you have a membership site for personal trainers that helps them scale their fitness businesses you could offer an additional two months membership if they pay in full for 12 months now.
If the membership is $199 a month, those two extra months offer $398 extra value to each personal trainer who invests while the cost to your business is almost zero.
Say the average retention of members is seven months and you enrol five new members as part of your EOFY offer you’ve just locked in an additional $4,975 revenue, of which almost all will be retained as profit.
You’re a graphic designer who has created four Facebook templates for a wedding planner client. For your EOFY offer, why not include Instagram and Pinterest templates of the same design in the bundle?
The value to the wedding planner is high – they aren’t paying for additional templates and they have consistent branding increasing their perceived professionalism.
The cost to you is negligible as the design elements have already been created and if you’re using a platform such as Canva, the pro option that enables you to resize for the various social platforms costs less than $10/month.
3. Promotional Plan
You’ve got your offer, you’re clear on why potential clients should buy now, it’s time to make sure they know:
- why they need your offer
- why they should choose to invest now
- when the offer ceases
You’ll also need to address objections and questions regarding investing in your offer.
In terms of promotion length, as a general rule of thumb, if the offer investment is under $1,000 make it available for up to five days but not more.
Over $1,000 and you’ll want to allow longer to ensure the potential client has all the information they need to make an investment decision.
To reach your potential clients and ensure they know about your offer, you’ll want to send a minimum of the following three promotional emails:
Email 1: Tell your subscriber the transformation/results you are offering (why they need it), the specific benefits, how long the offer is available for and a call to action to invest now.
Email 2: Answer questions and objections regarding your offer again highlighting the benefits and providing examples of results current and previous clients have achieved. Restate when your offer expires and your call to action.
We talked about availability of testimonials when choosing your product or service to offer – this is where you want to highlight them!
Email 3: Short and sharp, this email is all about generating urgency. The aim is to move the potential client to make a decision to invest or not. Focus on being of service (you don’t want them to miss out if they feel it’s the right fit) rather than a hard sell (if you don’t buy, you’re not worthy blah blah).
In addition to emails, you’ll want to incorporate other promotional tactics focusing on those that provide you with the greatest return on investment.
This could include anything from Facebook Live to Instagram stories to picking up the phone or sharing the offer at your local networking group.
And remember, the majority of sales will come in the final 24hrs so if you don’t see immediate results don’t give up and stop promoting. Be consistent for the full offer window then enjoy the fruits of your labour.