Customers love shopping on the weekends. This has been a foregone conclusion now for the longest time. Although various researches and surveys have validated this fact time and again, it is easily fathomable for the common mind. Shoppers simply have more time on weekends and are subject to lower stress levels. Here lies the chance for retailers to cash in. Weekend deals are a common phenomenon all across the Globe. But, it’s no point having deals if they don’t yield too much of a profit. Following are the things every retailer should follow to ensure that weekend deals provide the maximum returns.
Know the kind of ‘Deal’ to be offered
Retailers should consider various things before finalizing on the perfect deal. Referring to customer feedback can be very helpful in understanding what kind of offers they are looking for. This can be done through various kinds of polls on social media and other platforms as well. One of the primary things to consider is the overall business objective. For instance, if emphasis is on acquiring new customers, then providing whopping deals like (Flat 50% off) should be provided. On the other hand, if the need of the hour is to clear stock or inventory, then the (Buy 1-Get 1), etc kind of deals comes into play. Also, brands and retailers should also know the costs attached inside out. The deal that is eventually finalized should make sense financially to the brand. Hence, knowing the kind of deal for the retailer or the brand is very important before finalizing it for promotion.
‘Time’ the Deals to Perfection
Properly developing the content calendar is important in order to yield the maximum out of the discounts and deals. Content may include blog posts, social media updates, etc. Social Media is by far the most feasible choice for retailers to start a campaign on these days. However, it is very important to time the promotional messages to perfection. Content developed is different keeping in mind the distribution platform. Facebook, Twitter and Pinterest are the primary platforms of significance for the retailers. It is important for retailers to study the most pertinent time for promoting their deals on each of these platforms in order to attain the maximum effectiveness from them.
Proper Targeting of Audience is the Key
Retailers and Brands have to keep in mind that proper targeting is essential in order to drive sales over the weekends. Getting carried away and offering the same deal every day can hamper the chances of maximum returns. It has to be understood that people of different age groups shop at different times. This fact is validated by data generated from the 2016 CouponBox Analysis which states the following:
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Shoppers belonging to the age group of 18 – 24 mostly shop on Sunday
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Shoppers belonging to the age group of 25 -34 & over 55 mostly shop on Friday
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Shoppers belonging to the age group of 35 – 64 mostly shop on Saturday
Deals should be formulated and promoted keeping the above data in perspective. Pertinent deals should be offered to different age groups on the respective days. This will ensure maximization of sales and also help in achieving the maximum returns from every deal in terms of the overall revenue collected. Thus, proper targeting of audience is the key.
Retail Analytics | Location-based Marketing 