Canada Day is a time for celebration. An annual birthday party for our nation. And of course, a day off work for many Canadians. Most businesses are closed on July 1st but this is not always a welcome event, as it does mean a day of lost sales and revenue. Read below for some easy-to-plan marketing and pricing strategies that will help guarantee a relaxing day off for you as well.
A few pricing strategies to try this June
Planning an effective pricing strategy isn’t difficult; it just takes some thought. The best approach is to try several strategies to find the one or two that work best for your business. Here are a couple to try:
Loss leader
This is the time-tested strategy of offering one of your most popular products or services at an exceptionally low price in order to lure customers to your business. Once they’re in the doors (real or virtual) you can offer them other, higher-priced items.
Bundle pricing
By selling multiple products for less than it would cost to buy them individually you can tempt some customers to buy more than they intend. It's a good way to sell off surplus inventory. It has the bonus effect of making the buyer feel they’re getting a deal.
Versioning
In this case you offer different versions of a product or service with varying degrees of customisation or features. Your customers have the option of getting a stripped-down version for less or a more robust version at a higher price.
Volume discounts
This strategy is fairly straightforward: Customers receive a discount after they’ve reached a buying threshold -- say a total purchase of $25 or multiples of the same product. This is great for decorations, gifts and products that are often bought in bulk.
Before you commit to any of these pricing strategies, be sure to read the legal requirements here for competitive pricing set out by the Competition Bureau.
Related: How to increase sales online by authentically upselling
Nail down your pricing strategies in May
May is the ideal time to start planning for the June launch of your sales. Starting this early gives you time to:
- Design catchy advertising
- Bring in or manufacture extra stock if needed
- Plan an email campaign to generate interest among customers
You will want to try to catch your customers’ attention a minimum of at least seven times through your advertising efforts so that your June promotions will imprint in their minds.
Here are a few marketing themes to consider:
Made in Canada
Although globally manufactured and traded products are a big part of any industry, there is a special place in a Canadian consumer’s heart for any product that bears the label “Made In Canada.”
If your business happens to manufacture, wholesale or retail products that are made in Canada, use this to your advantage. Be sure to provide background information on where the product is made to increase consumers investment.
Patriotic partnerships
Another great marketing strategy it to partner with other complementary businesses to offer a value-added package of products or services. This works especially well well in local shopping areas or during street fairs or other community events. You’ll want to avoid partnering with any business that is a direct competitor however.
Throw a birthday party
Everyone enjoys a holiday party — even more if it last for an entire month. Create a calendar that includes:
- Daily trivia questions and contests leading up to July 1
- Canada Day “age” discounts — in 2019, Canada will turn 152 years, so $1.52 or $15.20 or 15.2% are all fun discounts to use.
- Themed giveaways, prizes and free birthday cake
You can add a pay-it-forward element and donate a portion of your sales to a worthwhile Canadian charitable organization. The end result of a month-long birthday celebration will definitely be more traffic and a memorable impression that should last all year long.
Start planning now
You are busy in your day-to-day business operations and it’s easy to forget to plan upcoming holiday sales but it’s quite crucial that you make it a priority. If you don’t personally have the time to plan and orchestrate events, then it’s a very worthwhile investment to hire someone else who can do this for you. Consider hiring a virtual assistant or a digital marketing service to help you prepare for Canada Day.
You should always be planning at least a couple of months in advance for the many special opportunities throughout the year. By annually updating your pricing and marketing strategies, you can easily take a few days off every year to relax, enjoy and celebrate … and still run a profitable Canadian business.
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