Determining when to have a product sale promotion will increase your total sales for a given month plus increase your returning visitors. This how to, will cover the geographic region of North America specifically the United States and the best timing to execute a product sale. Each geographic region around the world will be different when considering the best time to promote a product sale. The obvious promotion of a sale here in the United States is around holidays. Depending on the types of products you sell you can target other forms events like back to school sales, seasonal sales and secondary holiday sales. What I want to cover is not the obvious seasonal and holiday sales but monthly and weekly sales.
In the retail industry you will notice a lot of the sales will occur at the end of week and the end of the month. This is geared towards taking advantage of when US consumers receive their weekly and bi-weekly paychecks.
The end of the week sale promotion takes advantage of how workers in the United States get paid weekly. The normal payday of the typical American usually occurs on Thursday or Friday. This weekday is when most Americans still have a large portion of their paycheck left. Common sense tells us by the end of the weekend and into the middle of the following week consumers will have spent the majority of their paycheck. We as business owners can take advantage of this in many forms like having a end of the week sale. This will get consumers coming back to your website at the end of each week because they know they can get more product out of what they have earned and plus they want to make that money last longer.
Something to note is most employers like to pay their workers on Friday. The reason for this is to ensure the worker will show up on Friday so they will not take advantage of a 3 day weekend unlike if they were to be paid on Thursday. It is much easier to skip work on Thursday if you already have your paycheck in hand for the week. So veteran employers will almost always issues checks on Fridays, like I said to ensure the workers show up for work on Friday and to pick up their paycheck.
End of the month sales are geared towards the United States population that is currently retired collecting Social Security benefits and the disabled collecting Social Security Disability also get paid during the same time frame. Their payday can range from the 3rd or 4th Wednesday of each month. So creating a sale around this time frame is a must to cater towards selling products to this percentage of the population collecting those benefits.
With unemployment on the rise gearing your sales toward when people receive their unemployment checks is another important time frame to dissect. You can get these consumers to spend their money through sales promotions and at the same time save them the much needed money they are attempting to make last longer.
Although this guide is aimed for the best times to promote a sale we will be taking a deeper look at the mechanics of creating a sale. Here in the Unites States we have a free market economy. I ‘m sure some of my readers are not familiar with this type of economic system. The mechanics of a free market economy will be explained in detail to make you understand how to monetize and increase your yearly revenue.
With that this is Scot Manaher signing off. Check back tomorrow when we cover the mechanics of creating a product sale promotion and how you can beat competition pricing weekly.
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