Local Deals, when developed with your company's goals and brand in mind, can be a great way to influence customer behavior, drive more sales and grow your customer network. In our previous post on Local Deals, we covered the parameters to consider as you select the appropriate Deal Vendor. Now let’s look at how to develop the right deal that will result in the maximum impact for your jewelry company.
The webinar, “Make the Most of Local Deals for Small Business,” led by email marketing specialist Constant Contact, provided the 5 key steps to a successful deal:
- Clearly define the goals of your deal. This will help you develop the deal parameters and promotion strategy. For example, do you want the deal to help you:
- - Get new or return customers to your store during slow periods? To address this goal, design a deal with a percent discount or special offer for a limited time (a weekend, slow month, a few deals throughout the summer, etc). One company who used Save Local offered a 30% discount on $50 worth of products and services for traditionally slow Memorial Day weekend that resulted in more than doubling their margin – with $10,000 compared to $4,600 the previous year.
- - Showcase new products or sell excess inventory? Create a deal that focuses on one jewelry product or line in your merchandise.
- Consider Deal Frequency and Timing. Constant Contact suggests creating a deal calendar and plan offers based on your customer flow throughout the year or at seasonal sales periods. Some deal timing strategies include:
- - Consistently slow periods for your business, like summer months or post-holiday.
- - Celebrate business anniversaries or milestones to reward loyal customers or customer interaction. For example, ask people to like your brand page on Facebook to hit a target number and grow your network, then offer special discount to Facebook fans to celebrate hitting that milestone.
- - Seasonal, holiday and gift giving deals. This is especially relevant for jewelry sales. Time your deals to boost popular jewelry sales and gift giving periods, like Mother’s Day, Holiday, Engagement/Bridal jewelry add-ons.