The major difference between retailers and wholesalers is their selling technique. Wholesalers sell in bulk to get the profits whereas retailers sell in small quantities and earn a big profit.
The main reason is that they thrive on sales promotions. Sales promotion is a way to depict your product or service in such a way that consumers or the end users cannot resist themselves.
They are urged to buy the product or avail the service. Every sales promotional technique must have some rules. These are: easy to adapt, simple for the customers, increase the sales and be cost effective. If your sales promotion tactic has all these then it is the best.
The best part about increased sales is that you can add more stock items in your inventory when previous stock is sold out. All wholesale liquidation companies have to use sales promotional tactics which best suits their needs.
What some businesses do is track their competitors first and then focus on their strategies. Due to this they lack in their own sales promotion strategy formulation.
In this article you will read about 6 amazing sales promotion tactics that will help you boost your sales and make more profits for your business.
First Technique Is To Buy X And Pay Y
First let us talk about the problem. What if you have excess inventory left of some xyz stock and you want to clear it? This technique of uy X and Pay Y works best in a liquidation store.
This sales promotion tactic can be used for diapers, socks, toiletries or any essential good. If your customer can store excess inventory for you then you should not worry. Customers often purchase a big stock of essential goods.
When you promote this campaign, always show your goods in a bundle or clubbed together to entice the customers about the perks of buying them together.
Pay Y% less
Your business needs immediate cash. What can you do? You can start a campaign of giving a % off to your customers. Target a specific segment of customers and then sell them the products.
This works for all classes of products irrespective of how cheap or how costly they are. The best example of these kinds of campaigns are flash sales. Customers also prefer this Y% less tactic during season sales.
A certain amount off
Again your business needs cash but you cannot lose profits this time. You need to maintain the margin because the company cannot bear losses. What to do this time? The best tactic is to launch a promotional campaign offering $X off.
This way customers will buy more and agree to pay a lot of money to get that $X off from the total bill amount. The amount you decide should depend on the amount of the basket of goods that customers buy at once.
Selling at a fixed price or getting some price off
Sometimes companies are left with stock that is not sold at all. How do they get rid of it? You make campaigns that specifically target those products.
Companies are ready to sell those products at a lower cost and even without a margin. If you want to know How to start a liquidation business then you can start buying these low cost products and maintain your own stock. Customers usually buy extra things when they are at less prices.
To get more customer loyalty and retain customers it is better to maintain a reward point system. Once the system is in progress customers will automatically know that if they buy again they will get points.
These points can be redeemed for prizes or coupons. Companies can set a time frame for customers to redeem points. This way customers will buy more to earn points.
Coupons and Gift Vouchers
In order to get more in-store traffic you can adopt a campaign which gives the customers coupons and gift vouchers. On the next purchase you can redeem the coupons for gifts and other rewards or maybe some discounts.
So, in order to redeem these points customers have to visit the store again. It means repeat customers. Companies like Quciklotz, sell liquidation pallets and also give coupons. Companies have to set a timeline to ensure that customers come again within a specific window.
Now that you know some amazing sales promotion tactics you can easily implement them based on your needs. Customers can also get benefits when buying during these campaigns. New liquidation businesses can also make the most in the initial stages from such tactics.
They can make reliable and loyal customers. So, start by making some sales promotional strategies and once you have made them start implementing them to get more profits.