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5 June, 2024

EOFY Clearance Sales: Promotional Products to Shift Inventory

As the EOFY (End of Financial Year) looms, are you looking at your stockroom and wondering how to shift that extra inventory? Let's look at how promotional products can be your secret weapon in driving those clearance sales. I've got seven great ideas to help you out.

1. Bundle Up for Success
The "Bundle Up for Success" strategy involves pairing slow-moving items in your inventory with attractive promotional products. This approach can significantly enhance the appeal of these items, encouraging customers to make a purchase. For example, offering a free branded USB drive with every laptop purchase adds value to the primary product and can be the deciding factor for a customer on the fence.

Similarly, including a baseball cap with outdoor gear not only increases the perceived value of the purchase but also serves as a gesture of appreciation to your customers. Essentially, by bundling slower-moving items with desirable products, businesses can create more compelling offers, helping to clear excess inventory and delight customers with a little extra.

2. Create Urgency with Limited Edition Items

Creating urgency with limited edition products is a powerful strategy. By offering special EOFY-themed items that are available only for a limited time or with specific purchases, businesses can tap into customers' fear of missing out (FOMO). This exclusivity and scarcity can motivate customers to make a purchase decision more quickly.

For instance, an EOFY-themed tote bag or a custom-designed accessory relevant to the season can entice customers to complete their purchases to receive this unique item. This approach not only drives sales of existing inventory but also enhances customer engagement and excitement about the brand.

3. Social Media Buzz
Leveraging social media to create buzz around your EOFY clearance sale is an effective strategy. By sharing captivating pictures and stories of your promotional products in action, you can engage your audience and enhance brand visibility. Hosting contests where customers can win items from your excess inventory encourages interaction and spreads word of your sale organically.

Using targeted hashtags can also broaden your reach. Engaging with your audience through shares, likes, and comments not only boosts your sale's visibility but also fosters a community around your brand, driving both immediate sales and long-term customer loyalty.

4. Loyalty Points Bonanza

Incorporating your loyalty program into your EOFY clearance sale strategy can be incredibly beneficial. Delve into your customer data to understand purchasing habits. This insight allows you to tailor loyalty point offers on products that specific customer segments are more likely to buy. Customised offers not only drive sales but also make customers feel understood and valued.

Consider offering higher loyalty points for products that have been in inventory longer. This not only helps clear out old stock but also gives customers a feeling of scoring a big win. Creative reward schemes, such as double points for purchases above a certain amount, can also drive higher sales.

Integrate your loyalty points offer into your wider marketing campaigns. Use email newsletters and social media platforms to spread the word. Create engaging content that highlights the benefits of redeeming loyalty points during the EOFY sale. Customer testimonials showcasing the benefits of loyalty points can add a personal touch and encourage participation.

Give your loyalty members exclusive access to the sale or special early bird offers. This exclusivity enhances the perceived value of your loyalty program and can drive early traffic to your sale.

5. Flash Sales with a Twist
Flash sales are a fantastic way to drive immediate attention and quick sales, but adding a twist with promotional products can take them to the next level. Imagine announcing a limited-time sale where the first 50 customers receive a branded eco-friendly tote bag. This not only incentivises customers to act fast but also provides them with a tangible, valuable item that extends brand recognition beyond the sale.

This strategy works because it combines a flash sale's urgency with a promotional product's added value. Customers are more likely to participate and even spread the word to friends and family to ensure they're among the first to benefit from the offer. Additionally, the choice of product can resonate with environmentally conscious consumers, enhancing brand image.

Overall, flash sales with a promotional twist are an effective way to clear inventory quickly while also enhancing customer engagement and brand visibility.

6. Email Marketing Magic

Email marketing, a time-tested tool in the digital marketing arsenal, can play a pivotal role in your End of Financial Year (EOFY) clearance strategies. When combined with the allure of promotional products, it transforms into a formidable sales-driving force.

Designing an effective email campaign is more than just announcing discounts. It's about storytelling, personalisation, and offering value. Your email's subject line is the first impression. Make it catchy, relevant, and intriguing. Think along the lines of "Exclusive EOFY Offer Just for You!" or "Your Early Access to EOFY Deals + A Surprise Gift!"

Use high-quality images of your products, especially those in the clearance sale. Highlight the promotional products that accompany these deals. For instance, showcase a stylish branded mug that comes free with a certain purchase amount.

Personalisation goes beyond using the customer’s name. Segment your email list based on past purchases, preferences, and engagement levels. Tailor your message to resonate with each segment, making the offer feel specially curated for them.

The choice of promotional products can make or break your campaign. They should be desirable, useful, and relevant to your brand. If you're a tech retailer, consider offering branded earbuds or a phone stand as a promotional item. These are high-utility items that customers would appreciate. Choose eco-friendly items like reusable straws or seed packets if your brand has a green ethos. This not only aligns with your brand values but also resonates with like-minded customers.

The timing of your emails can significantly impact their effectiveness. Start your campaign a few weeks before EOFY to create anticipation, followed by reminders as the sale progresses. However, be mindful not to overwhelm your subscribers. Maintain a balanced frequency.

7. In-Store Events
Consider hosting a themed event that aligns with your brand or the season. For example, a winter clearance could have a cosy, festive atmosphere. Decorate your store accordingly and perhaps even have staff dress up in theme.

Adding elements like live music or a local DJ can create an inviting and enjoyable atmosphere. This encourages customers to linger longer in your store, increasing the likelihood of purchases. Include interactive activities such as product demos, mini-workshops, or a photo booth with props related to your products. This not only entertains but also educates customers about your products.

Offer complimentary snacks and beverages. If possible, collaborate with local food vendors or cafes, which could also draw in their regular customers to your event. With every purchase, offer a promotional item. These could be branded goods that complement the purchase or something unique to the event, like a customised keepsake.

During the event, offer special discounts or bundle deals that are not available any other time. This exclusivity adds value to attending the event. Encourage customers to share their experience on social media. Set up Instagram-worthy spots around your store. Use a specific hashtag for your event to track engagement and reach.

Hosting an in-store event during the EOFY clearance sale helps move inventory and strengthens the connection between your customers and your brand, making it an effective and memorable strategy.

Wrapping Up
So, there you have it, folks. Using promotional products to drive your EOFY clearance sales is not just about moving stock. It’s about creating value, building relationships, and leaving your customers with something to remember you by. Happy selling, and here’s to a fantastic EOFY! 

The Promotional Products Team