Should you run a sale in your business?
The Short Answer: YES
The Reason: Everyone loves a DEAL
The Long Answer: Read On!
#1 – Let’s start with the word SALE…
=> If you focus on private coaching or you serve the corporate market, you probably don’t want to use the word SALE. You do however want to run occasional promotions and use calls-to-action that entice prospects to say YES!
=> If you have an ebook, information product, membership site, continuity program, etc…. The word SALE works great.
#2 – How Many Sales/Promotions to Run…
The sweet spot is 1-2 sales/promotions per year. More than that and it’ll seem cheesy.
Think about it. Stuff is ALWAYS on sale at Walmart.
Whereas… Nordstroms runs half-yearly sales. Lexus and other luxury car companies have their year-end “Red Bow on the Top of The Car” Holiday Sale.
A profitable and rewarding coaching business is way more Nordstroms than Walmart.
Do 1-2 major sales/promotions per year. It works great.
#3 – When To Run Your Sale/How To Position It
You need a reason for your sale/promotion. Here are some ideas:
Birthday Sale
This can be your birthday or someone else’s like a loved one, famous person, historical figure… there is a bday every day of the year, so you can get really creative with this one.
Black Friday/Cyber Monday Sale
Piggy-back on the traditional big sale days of brick-and-mortar businesses
Anniversary Sale
Of your business, your degree, your sobriety, your marriage, adopting your pet…
(If you have a pet you should DEFINITELY incorporate it into your marketing!)
Holiday Sale
Any holiday can be a reason for a sale/promotion.
As applicable choose a holiday that relates to your business, i.e.:
- Career or Life Coach (or just about any coach) => New Year’s
- Relationship Coach => Valentines Day
- Parenting Coach => Mothers/Fathers Day
- Organization/Productivity Coach => Easter/Passover (spring cleaning/renewal theme)
- Business Coach => Tax Day or Independence Day
- Weight Loss Coach => Ground Hog Day (start getting ready for bathing suit season now)
#4 – Why You Need a Deadline and Absolutely MUST Email on the Final Day
Most people are procrastinators. We wait until the last minute. When the doors are about to close we FINALLY make a decision and jump into action.
Whether you like it or not, it’s how things work. Here’s how to use this knowledge to your advantage…
- Run the sale/promotion for a finite period of time
- Announce the deadline in the SECOND email
- Use a countdown time on your sales page and in your emails – as your technology allows
- Send at least one email on the final day
INTERESTING FACTOID…
In my recent week-long Birthday Sale 75% of all sales came in on the LAST DAY!
Please post your comments or questions below.
I’d LOVE to hear if you’ve done any sales/promotions in your businesss and what’s worked (or not worked) for you!
“I hired Michelle when I first launched my coaching business. I appreciated her sense of humor and fun, and was impressed by the CAGR system and Michelle’s marketing knowledge. One of the biggest benefits of working with her learning how to adapt the CAGR marketing principles to my specific business needs.
“Michelle, I continue to benefit from the training I received from C&GR – my company made a six-figure profit last year, and is on target to multiply those results again this year!”
“Before I learned the Coach & Grow R.I.C.H. system I was unfocused. I felt like I was all over the map. I only had a few clients, no groups and no plan to increase my revenue expect to work harder.
Love this article. I had the same thinking. I was wondering how you would actually price the sale on coaching services. Would you discount package prices or offer something else?
Great article Samantha.
I always run a sale at Black Friday on my video courses
Then one just after Dec 1 for a couple of weeks encouraging people to suggest that their spouse give them a course, or coaching as a Christmas gift. This year I filled a mastermind group that started right after Christmas. .
I’m going to add this to my bag of trips. One question though. Do you suggest promoting to an existing list, or as lead gen, or both.
Cheers,
Brenda
Great question Brenda – I recommend running a sale/promotion to your existing list. For new leads I’d create an irresistible offer that you created for them as a thank you for xyz (ie: reading your free report, attending your webinar, watching your video, etc) and that irresistible offer should only be avaialable for a short period of time.