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Run profitable promotions

 

In this article, we will cover key steps to running a promotion without sacrificing profits.  

 

Set your goal

Promotions are a good way to reduce dead, short-dated or excess stock. They can also be used to attract customers or incentivise them to increase their basket size.

 

Start by creating a yearly retail marketing calendar to track seasons, holidays and events (e.g. Christmas, back to school). Use this calendar to plan promotions for upcoming events and incorporate ad hoc promotions as the schedule permits.

 

Plan your promotion

Select the type of promotion you plan to run and check that the promotion price has an acceptable GP%. In Minfos, you can check whether the reduced price meets your acceptable GP% range before you apply the new price. Check that all promotional products have shelf talkers.

 

The below sections offer a few promotional campaign ideas for the hay fever season.

 

Bundle offer using multi-buy for dollar or percentage amount

You could create a hay fever survival bundle and include products such as hay fever tablets, immune boosting vitamins, eye drops, nasal spray, soothing cream, pocket tissues, etc. Offer a bundle deal that discounts 5% of the total value of the bundle.

 

Dollar or percentage off the full retail price

You could create this type of offer, when you have excess stock. For example, you may have an excess of nasal spray. While you may be able to use this for the following season, you want to reduce the stock levels now. To do so, you could put this on promotion and apply 5% or $2 off the retail price – as long as it is not less than your minimum gross profit margin.

 

Complementary products

Sell more by leveraging companion products. In Minfos, you can link companion products to appear as a prompt when one item in the group of selected products is scanned at the Till or Dispense. This reminds the staff member who has recalled the product to recommend companion products where appropriate.

 

Implement the promotion

Brief your staff before the promotion so they are aware of the start and end dates, the products included and the location of the products on promotion. The in-built Minfos calendar is a great tool to help you share key events with your staff.

 

Tell your customer’s about your offer using in-store posters, email campaigns, website, and social media. Then, be strategic about product placement in your store.

 

Track your results

Analyse your promotion to identify what worked and what you can improve for next time. In Minfos, using a single report you can analyse sales before, during and after the promotion.

 

Looking to create and manage profitable promotions? Minfos software enables you to manage every aspect of your pharmacy – from dispense to retail. Let us show you a demo.

 

All advice provided is general in nature and is not intended as legal advice.