In the world of marketing and selling, timing is extremely important to the success of a campaign, for many companies it can be tempting to advertise during a downturn in their sales or during the off-season, however depending on your market, the majority of sales actually occur in less than 10% of the year.
This obviously means you need to think carefully about when your target audience are making their purchasing decisions and when they’re actually buying – as these two periods could be weeks if not months apart.
Good times to Advertise include
before your peak buying season
your peak buying season
a recession or economic downturn
relevant holidays – such as jewellery before Valentine’s Day
your customer comes into money – for example, payday, end of financial year
your customer has a life-changing event – such as moving to new home, new baby,
retirement, marriage and so on
an exhibition or trade show
a customer purchases your product – this means you can cross-sell your other products
a customer begins thinking about a future purchase (before your peak season)
your competitors don’t have a viable product
weather triggers sales
a competitor staggers, goes out of business, raises its prices and so on
- When your customer can’t afford to have a problem that your product prevents
Of course, there’s also Bad Times to advertise – these are:
there is a problem with your product or service
demand collapses (such as off-season)
a competitor is outspending you in advertising
your customers have less money to spend
you are drawing back on products, services, locations, employment
customers are not naturally thinking about your products – such as beach suits
Equally, it is appealing to promote products that aren’t selling as well as you hoped. For most business this is a mistake. Advertising will only quicken the demise of your poorest products. Instead, focus your money on winners which your customers love. This will usually give you the highest return on your marketing investment. Focus your efforts on your:
Best Sellers: Your best sellers have the strongest appeal for the most people in your market. Advertise and encourage your best sellers, and then offer your buyers the opportunity to purchase other products or services (this is also known as cross-selling). You can even promote your weaker selling products by using coupons or discount codes that you give customers who purchase your best sellers.
Top-of-the-line Product: Remember a lot of products are attached to lifestyles and additional benefits they can give the customer, for example a sports car is a dream purchase for most people – after all it gives off the suggestion of success. Even if few people actually buy your top of the line products, it is possible that many people will be attracted to it through your advertising.
We can all dream of owning a sports car, but few of us achieve it – however your audience may quickly be drawn into your more affordable best sellers instead. Remember from an advertising view point, an average product isn’t going to create general interest, or the wow factor your business wants to achieve, so use your big-ticket products to your advantage.
Promotional Offers – If you choose to offer a sale, a discount, or a gift with your product as an incentive, remember that the goal of the promotional offer is to entice customers to consider purchasing your other products. So, don’t make the promotional offer so good they won’t come back to you for other items.
Hopefully now you can see that you seriously need to consider the best and worst times to advertise for your business, remember advertising is linked to people’s emotions so tap into their interests, dreams and wants. This can easily give you a competitive advantage over your competition.