Preparing your business’s marketing strategy for the end of the 2022/2023 financial year provides an excellent opportunity to increase figures for financial reporting and clear stock before 1 July. Incorporating the top-performing social media and digital marketing trends into your EOFY marketing strategy as well as using traditional marketing techniques, will optimise the success of all campaigns. So, let’s look at our top recommendations to amplify your end-of-financial-year marketing activities.
Email marketing
Utilising email direct marketing (EDM) to target existing customers with your EOFY offers is a great way to guarantee your target market is aware of upcoming promotions. Your existing customers have already established a relationship with your business and are the easiest demographic to convert to sales. Therefore, rewarding them with either early access to EOFY deals or increasing their discount strengthens your customer relationships and in return boosts sales.
Social media
Nowadays, social media has surpassed search engines for opinions and reviews for products and businesses. 60 per cent of people between the age of 18 to 54 prefer to use TikTok, Twitter or similar apps for authentic advice on a product or service they intend on purchasing. A key component of your EOFY marketing strategy should be based on customer satisfaction and loyalty.
Positive brand searches on social media can be increased by, promoting products through micro-influencers that your target customer deems trustworthy and reliable. This is a great form of third-party validation for your offerings.
Creating organic content that is relatable to your customers is another way to increase brand searchability when consumers are looking for recommendations on social media. Incorporating relevant keywords into social media post captions will also boost search capabilities.
Re-marketing
Targeting consumers who have previously shown an interest in your business by using retargeting digital advertisements, can also be effective for your EOFY marketing. AI technologies and cookies from past ads and/or website visits find consumers to retarget based on past interactions with your business to remind them of EOFY sales, and special offers.
Additionally, retargeting ads can be personalised based on the specific product or past ad interactions which can make ads even more relevant to the individual. These can run on a variety of platforms, including Google Ads, Facebook Ads, and many other online platforms. Retargeting ads are a powerful and often affordable tool for businesses looking to increase conversions and drive sales and should be implemented in an EOFY marketing strategy.
eCommerce promotions
Promoting and listing eCommerce through social media apps such as Instagram and TikTok is a proven strategy to boost sales. 80 per cent of consumers prefer to purchase products directly from social media rather than a brand’s website, increasing the convenience of impulse purchasing. Instagram allows businesses to host a shopfront via the built-in e-commerce feature in the app.
Instagram has a 33 per cent return on investment (ROI) rate for in-app e-commerce purchases followed by Facebook at 25 per cent, YouTube at 18 per cent and TikTok at 12 per cent. For successful e-commerce ROI on social media, brand credibility needs to be established first. This can be done by creating a regular posting schedule using a mixture of organic and paid content.
Put your plans into action!
Effective EOFY marketing strategies should aim to create excitement, and urgency as well as reinforce customer relationships around the end of the financial year. This will allow your business to enter the next financial year with increased finances, lower merchandise numbers and updated data for marketing plans and future strategies.
There are many strategies available to your business, which can be cheap, quick, and easy to implement – and effective in generating sales. The most important thing is to plan your strategy and implement it – and the perfect time to do that is now!
