As the end of the financial year approaches, customers can expect to see incredible discounts and deals on a wide range of goods and services. While these deals can attract customers, it’s easy for brands to get swept up in the fray and lose sight of their unique brand voice, flagship products or key services to improve sales.
It’s crucial to create a strategy ahead of time and prepare for EOFY sales so your brand can maintain consistency across marketing channels rather than solely prioritising sales.
Why companies jump on EOFY campaigns
EOFY is a popular tradition here in Australia where companies offer exciting sales as the country’s fiscal year ends on June 30th. This end-of-year aligns with the start of tax return period as well as government budget cycles being reset, giving businesses a great opportunity to offer promotions and increase their sales before the financial year concludes.
As such, the EOFY has become a significant event where customers eagerly anticipate sales and plan their major purchases. This has provided a market trend that brands leverage for increased revenue, inventory management, and boosted visibility. However, it’s important to keep in mind that all discounts and promotions should align with your brand’s voice and values.
Why you should invest in an EOFY campaign
There are a good number of reasons to offer EOFY discounts and promotions. With proper planning and strategy, you can create a campaign that leverages the EOFY opportunity to drive sales, resonate with customers, and showcase your brand.
EOFY campaigns are more than just having another sale; they are a strategic opportunity with great benefits. Some of these benefits are to maximise revenue. The end of the financial year is when customers intend to make big purchases; therefore, it’s an opportune time to attract customers who are looking to spend.
Brands can clear out old inventory to make way for new stock and incentivise customers to purchase stock that has been around for a while.
Boost your brand’s visibility by running well-planned campaigns that showcase your products and services to a wider audience that are looking to buy.
Offering special deals to existing customers during this time can improve customer loyalty and retention while showing appreciation for existing customers’ business.
EOFY is a time when customers are more likely to make impulse purchases. They are actively seeking deals and are motivated to buy before time runs out. By implementing a well-planned strategy, your brand can capitalise on this sense of urgency and maximise returns.
What are some things to be aware of with EOFY campaigns
As the EOFY sale season approaches it’s important to assess your brand’s readiness to handle the expected surge in demand.
Some questions to consider before creating a campaign:
- Do you have any budgets to use before the end of the financial year?
- Is your business ready to handle a potential influx of customer enquiries and orders?
- Do you have enough customer support to answer customer queries and assist new customers in a timely manner?
- Are your FAQs up to date? This could help reduce the amount of customer support needed.
- Do you have enough resources to ship products to customers making purchases?
In addition, you need to think about pre-sale marketing. Rather than suddenly having a sale, prepare your audience. Take them on a journey so they are ready to buy. That requires planning and organising your campaign to create buildup and ready your audience to want to make a purchase.
Tips from the Red Herring Digital team for your EOFY campaign:
- Invest in a creative agency that can manage your budget as well as maintain your brand integrity.
- Tell a story and entertain your audience. Ensure your creative shows, demonstrates and makes your audience feel – not just tells.
- Don’t just focus on the discounts. In some cases, this can negatively affect your brand. For example, Imagine Swarovski sold its crystals for $1 at the end of June. Would they still be perceived as exclusive and valuable?
- Highlight your point of difference and brand values—this is what customers align to. This could be price, sustainability, or supporting causes or charities relevant to them.
- Ensure your campaign doesn’t undo the work of previous brand campaigns.
- Tell the story of your ideal customer.
- Provide value to your past customers and loyal purchasers, too. It’s easier to resell to someone who is already a fan of your brand.
- Don’t just sell and forget; invest in some strategies for post-EOFY engagement and retention (we can help you here!)
The Rollout
Depending on your budget, consider the best media mix for your campaign. This can include social media, billboards, influencer marketing, PR stunts and more.
Ensure your message is consistent across all channels and that each medium complements the others. For example, if you’re promoting sustainability, you wouldn’t use plastic merchandise. If you need guidance, talk to your agency. They can assist you with creating an effective campaign that aligns with your brand voice.
We’ve run hundreds of creative campaigns and can help you with yours! Start your business’ EOFY campaigns with a strategy session at Red Herring Digital.
