5 tips for running sales without killing your profits.

5 tips for running sales without killing your profits.

Running promotions with discounts is one of the most popular and one of the most effective ways to drive sales. However, as effective as they are, discounts can be a double-edged sword. While reducing prices certainly attracts customers, executing discounts the wrong way could end up killing your profits or enticing people who’ll only buy from you when you lower your prices.
That’s why if you’re looking to run sales or discounts at your store, it’s important to plan your promotions well and craft thoughtful offers to meet your objectives. Here are some tips to help you:

  1. Define your objectives

Blindly implementing discounts is one of the biggest mistakes you can make as a retailer. Before running a sale or offering a hot new promo, see to it that you have a clearly defined purpose for doing so.
Are you doing it because you want to gain new customers or are you looking to engage existing ones? Are you looking to get rid of excess stock? These are just some of the questions you should answer before running a promo.

  1. Segment your customers and offers.

Creating discounts or offers based on different customers’ preferences or purchase histories can greatly increase conversions. Take the time to segment your customer base so you can market and sell to them accordingly.

  1. Make sure the timing is right

When it comes to discounts and offers, timing can be just as important as relevance. Sending out deals at just the right time (i.e. when customers need them) will greatly increase your conversion rates.
This is why you also have to pay attention to when shoppers are buying from you. For instance, if you have a lot of customers who buy at the end of the month, then schedule your offers around that time.

  1. Run conditional promotions

A good way to protect your margins while implementing discounts is to set conditions. Rather than running blanket promotions set certain limits or conditions that customers have to meet before they can redeem the offer.
These conditions could be: Buy x number of items and get % off, spend x amount to save %, buy specific items/SKUs to save %.

  1. Promote impulse buys.

Discounts can drive more people to your store, so take advantage of the increase in foot traffic, by upselling or cross-selling. Encourage your employees to suggest products or upgrades to customers shopping around in your store.
At Dreamworks, we are currently running our “BETA NOVEMBER “promo. With the holidays coming, now is the time to take advantage and shop from our website or any of our stores across Lagos for quality products from well-known brands like Apple, Bosch, Binatone, Budi, Playstation, Samsung, Tecno and many more.
Visit any of our stores and follow us on social media.
DWStore Ikeja
5, Oremeji Street,
Beside Polaris Bank,
Computer Village,
Ikeja, Lagos.
DWPremium Store Lekki
Shop C9, Lennox Mall,
Admiralty Way Lekki Phase 1,
Lekki, Lagos.
Dreamworks Abuja Office
Shop 5, Cappador’s Center, Alexandria Crescent,
Behind Banex Plaza, Wuse 2, Abuja.
Call: 0812 815 8673
DWPremium Store Aromire
D’Podium Event Centre