EOFY used to be a simple acronym that could bring accountants out in cold sweats… but in recent years it’s become a much larger, consumer-facing marketing term associated with sales and mass clearance. So, is it just another marketing ploy or should your business be capitalising on the opportunity?
1. Think bigger picture
Is EOFY aligned to your overall business objectives? Be aware of FOMO (got to love all these acronyms) and don’t just jump on the bandwagon because you’re scared not to. Make sure any promotion has the potential to contribute to your business’ overall direction. If it doesn’t, shelve it. You can always revisit it next year. The key to effective marketing is not executing every opportunity that arises but prioritising them and focusing your efforts and budget on activities that will really make a difference to your business.
2. Be authentic
Do you genuinely have something to sell quickly? Technology and cars are obvious industries where new models touching down are a key marketing opportunity – therefore, naturally, so is the clearance of them. Consumers are savvy, if it’s not a genuine sale, they’ll call it! In the retail space, there’s a lot of consumers making the most of EOFY which comes with pros and cons. Consumers are in spend-mode but it’s also a very cluttered space so think creatively about how your message can cut-through.
3. Get a services mindset
Unless you’re a tax accountant, you might wonder what you have to offer at EOFY. But as with all marketing, it’s not about you (sorry!) it’s about the target audience. What’s their mindset? Is this a key purchasing time for them? Or a time for consideration and, therefore, some quality content marketing? For example, in the world of marketing, EOFY certainly isn’t about bulk buying marketing services at mates rates… but many businesses are in planning mode for the financial year ahead considering ‘What marketing budget should be allocated for FY19-20?’ ‘What’s the best way to get ROI on that marketing budget?’ Think about getting some great content out there to help your audience navigate this time. This will build brand awareness and keep your brand front of mind (watch this space for a marketing budget blog!) Also if you’re promoting a service direct to consumers that requires an upfront investment (e.g. Financial Services promoting a Personal Financial Plan) then think about marketing early into the new financial year. Many of your target audience will be getting tax returns – a cash injection that your services could be in the consideration for with some creative marketing.
And if you didn’t undertake EOFY marketing this year – don’t worry: Start planning for next year, if it’s right for your business. And it won’t be long before another mass sales period comes along (Black Friday / Cyber Monday we’re talking to you). So start preparing now.
As one financial year ends, another begins, which can also be a great time to review your marketing strategy… or get one in place. If you’d like help in planning your marketing for FY19-20, drop us a line at email@example.com or call 03 5875 3742.