Your Competitor Is Offering A Blowout Sale. Are You?

The recession has struck, and your sales are suffering. Although you may want to keep everything the same, you have to make some changes. One change you should consider is altering your pricing.

Many retailers across the country have lowered their prices in order to motivate consumers to buy. Keep in mind that lowering prices may lower your bottom line, as well; however, it may also help you make sales that otherwise would not happen. When deciding your discount rates, consider using percentages versus fixed dollar amounts. This will help you make adequate earnings on low-priced products, as well as high-ticket items.

Popular discount rates include 25%, 30%, 40% and 50% off. Clearance items can often reach up to 75% off. Some retailers even offer savings on top of existing savings, such as an additional 15-20% off all items, including sales items, or free shipping on large orders. Whichever rates you choose, you should identify an expiration date. Deadlines will force consumers to take immediate actions.

Once you have your plan in place, advertise your savings. You can use the same promotional methods you normally use, but make sure you adjust your ad message to reflect all the wonderful deals you are offering. Also, remember that you can update your free ThinkLocal® online business listing so that it highlights your limited-time offer. Once the sale is over, you can go back in and re-edit your listing.

There’s no denying it. Consumers will buy if the price is right. For that reason, you should consider making some changes to your price list if you’ve notice that your sales numbers haven’t been doing as well as expected.

Black Friday Is Nearing. Is Your Business Prepared?

Black Friday, which always lands on the day after Thanksgiving, marks the beginning of the holiday shopping rush. Most retailers offer incredible savings – and sometimes extended hours of operation – during this great shopping day.

You should aggressively advertise prior to Black Friday, especially if your business is going to hold a limited-time special. If you don’t advertise your savings, it is likely that you will lose potential sales to competitors who have gotten the word out about theirs.

You can advertise your Black Friday savings on traditional media channels, like radio, television or print. Choose the advertising channel that is capable of effectively reaching your target audience. If you have a Web site, you should also advertise online. You can create seasonal pay-per-click ads or boost your daily budget and adjust your ad copy if you already use pay-per-click advertising. Make sure to emphasize the deals you are offering.

Consumers are motivated by cost savings during the holiday shopping season. Therefore, if you make an effort to tell them how you can save them money on the things they want, then they will do business with you.