Five Easy Year-End Promotions to Help Hit Budget Targets
Gotta make those year-end numbers! How to get creative with limited lead time and a minimal budget.
Gotta make those year-end numbers! How to get creative with limited lead time and a minimal budget.
As we enter the fourth quarter, many companies are reviewing year-to-date results. Some may get very concerned about making their full-year numbers. This is a pervasive phenomenon in my experience.
Even if you’re ahead of your budget, you may be “volunteered” to generate extra revenue to help the company’s weaker areas. If you’re behind budget, you must find ways to ensure the holiday season meets expectations. With such business challenges as Hurricanes Katrina and Rita and higher energy prices, many will be playing catch up this year.
Revenue Generation Analysis
To better understand the challenge you face, conservatively project your Q4 2005 revenues:
If your firm’s revenues skew toward the fourth quarter, this should understate results. Adjust your projections by applying your typical fourth quarter uplift percentage.
Five Ideas to Increase Revenues
Brainstorm potential campaigns that leverage the upcoming holidays to make your customers’ lives more rewarding. When developing these programs, allow yourself the freedom to think of your online business in broader terms. Consider working with a company that sells complementary products. A cookware company might partner with a food company, for example, and give away special branded recipes. Of course, the broader your reach, the longer the lead time to establish the appropriate business development deal. At a minimum, you’ll start thinking differently for your first quarter promotions.
Here are five suggestions that can achieve both goals quickly and cost-effectively:
To augment the value of these promotions, include forward-to-a-friend functionality. Use humor to make your promotional piece more viral. Make sure recipients register on your site before obtaining the promotion’s value to help grow your house list.
To aid word of mouth, ensure your site is optimized to gather customer feedback. Additionally, make sure your customer service reps know you’re interested in gathering this input. Encourage them to do so.
Assessing Promotion Results
A new incremental promotion may not yield the same revenue as an existing one. Consider other delayed sales factors, such as the January coupon option. Bear in mind if an incremental promotion is placed too close to an existing one, it may erode the other promotion’s sales. To assess the promotion’s results:
With limited lead time (and a restricted or nonexistent budget), your creativity in developing and turning these additional promotions around will be your greatest asset. Consider these limitations when reviewing results. Though you may not be able to compensate for a difficult year, you can help put your firm on a better trajectory for the coming year.