Running a Sale on Your Private Label Vitamins
Running a sales promotion for your private label vitamins or anything else can be an effective way to bring your numbers up. However, many small business owners do not know how to properly run a sale and end up wasting time and money on something that can easily be done. If you take the time, you can run a sale that will bring in new customers and garner loyalty from current customers. Continue reading to learn more about properly running a sales promotion for supplements.
Running A Sales Promotion For Supplements
Set Goals
Before you start to come up with the visuals and method of your sales plan, you will need to decide what your goal is. This means identifying what you want your promotion to accomplish. Some examples of goals for running a sales promotion are:
- Bring in new customers
- Bring back old customers
- Increase sales during slow months
- Promote new products
- Increase sales for an old product
While there are many more options for why you would run a sales promotion, this list is a good start. You may even use a combination of these as the base for your promotion plan. As long as you have a set goal for your sale, you can move on to planning it out.
Come Up With Sale
Once you have set your goal, you can start planning what your sale will be and when it will be held. This is arguably one of the most important steps in running a sale for your private label vitamins.
Sales Ideas
There are many sales ideas that you can use to promote your supplements. If you want, you can simply discount a certain product. However, it may be better to offer a buy one get one free deal as it is the same as offering a 50% discount. Many people will choose the buy one get one option as they like the idea of getting something for free.
If you don’t want to offer a free product at the moment or discount a product, you can offer a bundle pack. An example of this would be offering an Advanced Multi supplement along with a Children’s Advanced Multiple at a discounted price. In fact, one study found that there was a 73% increase in the sale of lotion when in a value pack.
When To Hold The Sale
Determining when to hold your sales promotion can be tricky because it depends on what kind of store you operate. If you run an online business, and over the weekend or overnight sales would be good as you do not need to worry about business hours. However, if you have a physical location, it may be best to run the sale all day on a certain day of the week. Another thing you can do is hold a sale for specific holidays like a Mother’s Day Sale or something similar. In addition to that, look at your past data from previous sales so you can see when your customers are most active or around times that you already see an increase in sales.
Advertise Sale
Once you know what your sale is going to consist of and when you are going to hold it, you are going to need to advertise it. You can do this by sending an email to those on your subscriber list. Other ways include posting about it on all of your social media channels and maybe even consider spending some money to promote those posts on all platforms possible. If you have a physical store location, consider publishing your sale in the weekly newspaper and having a sign in your window.
No matter which way you approach advertising your promotional sale it is important that you advertise or else no one will know about it and it will be a waste of time. Even if it is a “flash sale” at least give some notice so people know it is coming. The US Small Business Association recommends flash sales as “Nothing sparks spending like a really limited-time offer.”
Post-Sale Analysis
After you have completed your sale, and everything is done, it is important to look back on it. That way you can we what went well and what didn’t. You can then use this information to better improve further sales promotions. What you want to look for is how much your sales increased during the promotion and how many were new customers that had created an account with you and how many are returning under a previous account. What you can also do is look to see how many of the new customers came back to buy something else from your business.
Conclusion
When it comes to running a sales promotion for supplements and your private label business, you will need to know a lot. One thing to remember is to set your goals for your sale and plan it out. Another is to advertise your sale and then look back so you can improve in the future. Be sure to check out one of our previous articles to learn about Using Instagram to Grow your Private Label Business.
Sources
https://www.sba.gov/blog/18-ideas-marketing-seasonal-business-season
https://www.leadpages.net/blog/promotion-ideas-to-boost-sales/
https://www.b2bmarketing.net/en/resources/blog/why-promotions-are-so-important-and-why-you-should-run-them-often
https://www.economist.com/business/2012/06/30/something-doesnt-add-up
