When People BuyBy joanne | 26th April | Marketing Skills
If your business is seasonal, you’re probably more aware of when people buy. But how often do we think about timings and what events are coming up that might lead to more sales? And then take advantage of them in our own business?
As an example… we’ve just had Easter bank holiday. Traditionally this is a very busy weekend, with people spending money on tourist attractions, gardening, campervans, motorbikes, trips away and everything associated with that. If you’re in a related industry, it would be worthwhile considering the promotions you’re running and how relevant they are to what people are buying right now. If you can tie in with those trends, you could boost your profits.
This weekend, we travelled for two hours to look at a motorbike only to find that two minutes earlier it had been sold (at a discount) to a dealer. Despite us calling about the bike that morning. The bike was already the cheapest of its kind on the internet – It seems the seller hadn’t taken into account the effect of the bank holiday and the warm weather on bikers – they were out in force this weekend, spending their money. But he lost at least £200 in net profit after he’d already offered the bike at the cheapest price anywhere in the country – and you know I never advise being the cheapest to start with; especially when timings are on your side.
Friday brings yet more opportunities for plenty of businesses. Are you watching your timings? If people are buying in force, are you opening longer / opening on days you wouldn’t usually open / running timely promotions / taking advantage of the fact people are spending?? The companies who are will be the first ones out of the recession.