3 ways to make more EOFY sales

End-of-financial year (EOFY) sales are big business.

The Australian Retailers Association estimated that Australian consumers spent $8.8 billion at end of financial year sales in 2022. And if your business wants a piece of the pie, you'll need an irresistible EOFY offer.

As we grapple with the increased cost of living, the major sale events at the end of 2022 gave retailers a taste of what's coming for 2023. Over the Black Friday and Boxing Day sale periods, more shoppers than ever went out searching for bargains, as households limit discretionary spending to sales. That will stay the same in 2023, as subsequent interest rate rises have further stretched our finances.

And the end of the financial year is the other major sale event on the calendar. With upcoming tax refunds, consumers have a little more money in their pockets. Businesses, meanwhile, are looking to claim expenses in the current tax year.

Just like boxing day, the end of the financial year has gone festive. Not a winter goes by where a brand doesn't wish us a happy EOFYS (maybe they're trying to replace the "Christmas in July" fad that never really took off?).

But how do you stand out in a sea of EOFY promotions?

Here are some tips for creating an EOFY offer your customers actually want.

How to make an EOFY Offer for your business:

What are customers looking for in EOFY offers? Here are 3 tips to ending the financial year on a high note with an excellent EOFY offer.

1. Offer deals on the essentials

 Sure, there will always be a place for selling your old stock at a heavy markdown to make room for new stuff. But now, more than ever, consumers are looking for deals on everyday essentials.

So if you want to increase uptake of your core products and offers, there's never been a better time.

At the end of the financial year, consumers and businesses alike reassess their budgets and find ways to save on what they need.

So, look at your current full-price offerings. Are you prepared to discount anything to get prospects over the line? Of course, your EOFY discount will look different depending on what you sell. For an ongoing service, consider offering a discount on the weekly or monthly fee for a period of time.

That way, consumers can save, giving them an incentive to try your offering. Now all you’ll need to do is win them over so they stay!

2. Lead with value

Even in the price-conscious environment we find ourselves in today, you can't win customers by competing on price.

Consumers are more intelligent than that. In fact, the cost of living crisis has made consumers less price-conscious than before. Let me explain: Whether it's a new phone, kitchen appliances, or even a car, consumers are less prepared to save money if it means getting a poorer quality product they'll need to replace sooner (and when their budgets aren't expecting it).  

So, your EOFY offer must convince consumers you're the best-value choice. Yes, the price comes into it. But it's far from the only factor. When crafting your EOFY offer, make sure your offering gives your target market the best value.

Some ideas as you how you can increase the value of your offering are:

• Define your target customer as specifically as possible - so your promotions speak directly to them. 

• Offer exceptional service - before, during, and after the sale.

• Create educational content that helps customers get the most out of your products and communicates your expertise in your field. 

• Build relationships with your customer base.

• Get customer feedback, so you can continue improving in ways customers want you to. 

• Implement a loyalty program that rewards customers for doing business with you. 

3. Keep it simple

How often do you respond with "busy" when someone asks you how your business is going? Do you feel you have so much to do and not enough time to do it all? You're not alone. A study by Harvard dubbed this phenomenon “time poverty”. 

That’s why we gravitate towards things that give us our time back by taking things off our to-do list. 

Consumers are just as busy. They want products that make their lives less complex, not things that add to the chaos of modern life. 

That's why simplicity sells. The easier you make it for customers to buy from you, the more likely they are to purchase. 

There are two sides to keeping up simple: One being the offer itself and the other being letting customers know about it.

As soon as an offer gets too complex, customers tune out - and your value’s lost on them. So no matter what you're selling, you want to make it easy for your customers to buy. If you're selling your offering online, ensure your website offers a seamless user experience.

We consume a lot of content every day. So, keep things simple with your EOFY offer. Communicate your offer (and its benefits) in plain language so it's obvious to the customer what they'll get and how they can get it.

When to start and end an EOFY Offer

EOFY sales in Australia typically run for the month of June, ending right before the clock ticks over to the new financial year. 

As EOFY sales become more lucrative, businesses have tended to start (or at least promote) their offers in mid-late May. 

So when should your business start its EOFY offer? 

Of course, the length of your business’s EOFY offer will depend on what you’re selling. If your product or service is a high-value one that consumers would typically need to do research before they buy, it’s probably best to run (or at least promote) your offer over a longer period of time. 

On the contrary, if you’re selling fast-moving consumer goods at a low price, it’s best to keep the offer short without much (if any) pre-offer promotion. That way, customers get a sense of urgency and won’t forget about you.