No matter if you’re selling online on eBay, Amazon, or your own web store.
You gotta have some promotions once in a while to push sales… The question is when? And what products to promote?
I do promotion on my web store, not on any marketplaces. WHY? Because I get better margin by promoting on my own web store…
Think about that.. If I want to promote a $10.00 product with 15% off…
If I promote on Amazon, customer pays $8.50, I get $7.22 back. (After Amazon’s 15% commission)
If I promote on my own web store, customer pays $8.50, I get $8.25 (assuming my credit card transaction is 3%). First of all you need to build an e-mail list so you will have a group of audience know about the promotion.
And what products do I usually promote? Definitely not my best sellers because they sell well without the promotion. I promote slow selling and over-stocked products. It’s the BEST time you can clear out the products that are collecting dust.
When to promote? The answer is monthly… Each month you push a different set of the products. And there’s always a reason to promote each month. Some of them give people the best reasons to buy a gift for people they care.
Jan: New Year
Feb: Valentine’s Day
Apr: Earth Day
May: Mother’s Day
Jun: Father’s Day
Jul: Independence Day
Aug: End of Summer Vacation
Sep: Labor Day
Oct: Boss’s Day
Nov: Thanksgiving/Cyber Monday
Here’s the list of holidays in USA. You can pick whichever that suits your products better.
7-Day Duration for each promotion is enough. I know some companies do 2-3 days just for weekends. Either way works. And you don’t have to do 15%. After calculating your margin, pick a number between 10% -50%. Whichever works the best for you, the bottom line is you will still making a profit after the discount.
You might have a question, “If I constantly hold a promotion, will people stop buying from me at regular price?”
The answer is no, because you’re only setting a group of products for promotion, not all of them…
Selling Online, Building Wealth!