HOW DO SMALL BUSINESSES MAKE THE MOST OF EOFY?
Haven’t thought about the End of Financial Year yet? You’re not the only one!
The End of Financial Year is a huge time for any business owner. You need to have your accounts organised, all of your business financials in place, and be ready to hit the ground running for the next financial year.
Now that the EOFY is coming up, I’m sure there’s one big question on your mind – How do small businesses make the most of the End of Financial Year?
If you’re wanting to get ahead for yourself and your small business, getting yourself set up for success during the EOFY is hugely important. While it will take some time and planning, this step-by-step guide can help you to take control of your business and see success in the 21-22 financial year!
- Determine Clearly Your Goals
Unless you want to run headfirst into an EOFYD (End of Financial Year Disaster), you need to create a solid plan. You can’t expect success if you don’t know what you want to achieve, so grab your laptop (or a pen and notepad if you’re more traditional), and start writing down some goals!
These goals will not only give you clarity about where you want your business to go in the next Financial Year, but they will also help give you clarity about how to best go about your End of Financial Year strategy.
When writing down your goals, there are a few things that you will want to consider:
- Do you want to make a large financial gain?
- Do you want to sell out of old stock or trial some new stock?
- Is boosting your social media presence something that’s important?
- How will you get feedback from the people that you do sell to?
- How will you turn these first-time customers into returning, loyal customers?
All of these questions are important to determining what you want to get out of the End of Financial Year, and therefore how you go about setting up and maintaining your marketing strategy for this period. Once you’ve got your goals fleshed out, it’s time to put an action plan in place and get the ball rolling!
- Invest in Your Social Media Presence
In a world where social media means everything, including social media in your End of Financial Year strategy is vital to success. After all, how will you make any sales if you don’t have any social media presence to promote them?
While social media marketing is still a new concept for many small business owners, particularly those who have been in business for a while, it’s now one of the most effective ways to promote your business. As of January 2021, 80 percent of Australians were regularly using social media , and this number continues to rise as technology evolves. Whether you like it or not, it’s just a fact.
So how can you use social media to advance your End of Financial Year Sales?
There are a few ways:
- Set up Instagram and Facebook shop
- Create a hashtag strategy for your Instagram account
- Run a paid advertising campaign
- Partner with local micro-influencers
- Ensure that you’re posting consistently
In a world where everyone is online, it’s wise to get your business online too! All of these things are simple to implement and achieve, but if social media is an aspect of your business that’s challenging, it pays to speak to a professional. Don’t be afraid to contact your local marketing agency to find out how they can help achieve your EOFY goals!
- Host an EOFY Sale
Want an (almost) sure-fire guarantee to make some sales over the End of Financial Year? Host an End of Financial Year Sale!
While running a sale doesn’t guarantee buyers, creating a tantalising campaign and backing it up with a strong marketing plan will almost certainly mean success. If you’ve never run a large-scale sale before, there are a few things you need to consider:
Firstly, you need to think about what kind of sale you’re willing and able to run. Can you afford to offer a percentage off the product, run a ‘buy one get one free’ campaign or can you arrange a site-wide discount code for a certain period of time?
Secondly, you need to think about how you’re going to market the sale. Do you have an emailing list you can send the promotion to? How about some sort of a social media following? If you have the money, running a paid advertising campaign through Facebook and Instagram is a fantastic way to get word out, alternatively you can opt for an online giveaway to help encourage people to your website.
- Be Strategic About What You Promote
For those who may not be familiar with your products or services, they will want to know who you are, what you offer, and what is the most popular. After all, people naturally gravitate towards what is trending!
According to Statista, up to 2.14 billion people buy goods and services online every year . The most popular products commonly bought online are fashion, travel and entertainment services, but if your products don’t fall into one of those categories, fear not. You just need to advertise to the right people!
If your strategy involves organic posts (posting content to those people that currently follow your social media, or are currently in your email list), the content and captions that you use will be key in helping you to sell your products.
If you’re advertising via paid means to a new audience, you will want to be strategic about who you advertise to. You need to really understand your ideal audience. A few questions you can ask yourself before setting up your campaign are:
- Is your ideal audience male or female?
- How old are they?
- What education will they have, if any?
- What are their other interests?
- Where does your ideal audience like to shop?
- What problems may they have that your product or service can solve?
While time-consuming, answering these questions can help you to define your ideal audience effectively, making it easier to pinpoint exactly who you should be advertising too and saving you money on advertising in the long run. Although the above list isn’t exhaustive, and there are plenty of other things you need to consider when narrowing down your target audience, the above questions will help you to have a strong start!
- Collect Your Customer’s Information
So you have started making sales – fantastic!
Now how do you get those customers to return again in the future? You collect their information, of course!
One of the simplest ways to turn your one-off customers into loyal followers is by staying in touch with them. In turn, the best way to stay in touch with them is simply by collecting their contact details and sending them an email! It’s important to note that businesses must get the consent of their customers in order to send them email communication. This can be as simple as including a check box at the bottom of a website, or writing YES/NO on a piece of paper if you’re collecting details manually. As long as there’s consent, you’re clear to go!
Now that you have their consent, it’s time to send out the emails. We’re not talking about an ‘hey how are you going, long time no see’ kind of email. In order to turn one-off customers into loyal customers you need to continue to provide value to them, and this comes in the form of education, communication and special discounts.
One thing you can do is to ensure that your mailing list is the first to hear of any new products or services that you wish to provide. You can turn your mailing list into your group of valued, VIP customers, and offer them special products, discounts and services before offering it to the wider community. You can also use our Boost Reviews software to send them out surveys, and prompt them to leave a review of your product or service once they’ve bought from you for the first time!
With up to 91 percent of potential customers reading reviews prior to purchase, having reviews is vital to the success of your business – End of Financial Year or not . The money that you save on your End of Financial Year tax return can be reinvested into your business, and help you to strengthen your marketing efforts going forward.
If you’d like to chat to our team about how we can support you in the End of Financial Year, give us a call!