Value Add vs Price Drops
To have a successful boxing day event for your business you need to promote offers to your potential buyers. There are two ways in which you can propose offers to buyers. You can either add extra value to existing products/services or drop prices to existing products/services.
It is essential for a business to either value add to a product or drop the price during boxing day to ensure they are motivating their buyers further than their competition. Consumers often evaluate a product/service to see if the price is worth the value.
For example; a retail company can either add an additional item that is overstock to a high ticket product to add value or drop the price of that high ticket product. This changes the perceived value of the product to the consumer shopping and makes the product greatly desirable.
How To Get Your Boxing Day Deals To Work
Now that you have added either value to your product/service or dropped the price of your product/service you need to establish elements of urgency throughout boxing day to ensure you sell all inventory or available services to guarantee you are in a stable position for your 2020 business year!
There are two major elements to ensure your boxing day deals work well this holiday season. The two elements are creating urgency and scarcity to offers you are promoting.
By creating urgency you are trying to get your consumers to make a decision right away. You can build this urgency by making a promotion only available for an hour or informing your consumers it ends in 20 mins and to take action right away.
Also when you create scarcity for your promotion you are trying to get a consumer to have the notion there are few opportunities to claim the offer you are advertising. You can formulate scarcity by informing them there are only four available spots or products to purchase and it is first come first serve.
Having a boxing day event that incorporates all tactics such as; value add, price drop, urgency elements and scarcity elements will guarantee a higher frequency of sales then your previous boxing day! Rest assured if you implement these strategies into your social media marketing plan you will beat your competition, increase revenue and gain consumers for your 2020 year ahead!