End of Financial Year sales (EOFYS for short — a term we’re all familiar with) are always a buzz in Australia, and it’s a prime time to clear any leftover inventory and get ready for the new financial year. Even if you’re not in retail, here are four things to think about during the busy EOFYS period.
Tell them why they want to spend their sale dollar with you
Think about what your customers want to get from your business, and what incentive you can give them to spend that little bit more with you. Is your business a bar? Create a special offer for End of Financial Year office parties. A shirt shop? Tell your customers something like ‘New financial year = new you (And it’s the perfect time to pick up that new shirt!)’. Targeting your EOFY promotions to a specific use case can get a much better response than a general, blanket offer.
Target the right audience
Who’s likely to need your business most at this point in time: a business or an individual customer? Many businesses have budget left over to spend at EOFY, while individual shoppers can often be enticed to start spending now because of the end-of-year bonus they may be expecting. If it makes sense to market your offer to businesses and individual customers, you could consider running different EOFY promotions for each.
Yes, people are thinking about Christmas already
You must have noticed it — some businesses are starting to promote Christmas (and yes, it’s only June). It feels like it gets earlier every year, but it could be time to spread a bit of cheer, particularly with more customers looking to spend. Have some options for gift vouchers, gift packs or prepaid corporate gifts ready to go as part of your EOFY promotion.
Know what you can afford to offer
It’s easy to pop a blanket discount on your goods or services to compete in a crowded EOFYS marketplace, but are you keeping a tab on how discounts are eating into your top line? Check the Sales Summary Report in your Square Dashboard to monitor your product sales, discounts and net sales. if you want to take it to the next level, you can also connect your Square account with Xero for a full picture of your business accounting.
Remember that you can easily process discounts through Square Point of Sale to ensure you record every transaction accurately and the books are always balanced.