Tuesday, February 17, 2015

How To Host A Very Profitable Friends And Family Sale

The friends and family sale has long been used by the retail industry as a advertising tool to generate customers. However, I have very rarely seen businesses outside of the retail industry use the strategy. Well, why not find a way to make this sale a part of your advertising strategies. After all, the chances are pretty good that your current customers know other people who are similar to them that could use your product or service.

However, before you run out and try this strategy I must give you a word of caution. See, over the years, I have noticed that if you run this sale the wrong way, then  the friends and family sale will just be a huge flop. After much investigating and testing in my own business, I have come to the conclusion that the large majority of time when we promoted our friends and family sales, we mostly got prospects who would have bought days or weeks earlier if we would have just given them the discount earlier. This completely defeats the purpose of having the sale. In fact, we were only risking losing the customer and delaying our profits because we were discouraging the customer from buying today, so that they could get the better sale price later.

So, here's the solution. Create ads that clearly state that the prospect can only get the discount only if they bring friends and family (prospects) with them to the sale. You can even tier the discount to handsomely reward those prospects who bring more friends and family. For example, give a five percent discount if they bring one person, ten percent discount if they bring two, and a fifteen percent discount if they bring three and a whopping twenty percent discount if they bring four people.

However, the key to the entire sale is that the friends and family must fill out a simple little contact information form when they visit your showroom. You can even create a drawing that they are being entered into a contest to win prizes or cash. When you let them know why you're gathering the information, they will not feel as awkward giving you their information. At the very least, this allows you to build your marketing database, and you may even get a sale or two from the friends and families at the sale, but the benefit is that you get to grow your prospecting list.

Finally, make sure the terms of the friends and family sale are well laid out on your website or on the advertisement itself. This will allow your customers to really play the game to get a bargain for themselves while bringing you plenty of potential prospects.     



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