As we near the holiday season and the start of a brand new year, it’s important to take the time to think about your Selling Strategy as an Author and what you can do to level up your selling game now and into the future.
In this post, we’ll go through what a Selling Strategy is and some of the ways you can put it to good use!
What is a Selling Strategy and why do you need it?
A Selling Strategy is all about prioritising the things that will help maximize your overall earnings potential. As an Envato Author, this means harnessing tactics to drive sales of your items and get them in front of more customers, at the right place and at the right time. This includes marketing activities to help improve the visibility of your item, such as SEO, Social Media, Digital Marketing and Branding.
At Envato, we also offer exposure opportunities that work alongside marketing efforts, such as the Affiliates Program and promotions and discounts via the Forums, including the Free Files Campaign and the Cyber Monday Sale.
To help you best prepare for upcoming seasonal sales, we’ll be focusing on the opportunities within Discounting and Promotions to help level up your Selling Strategy, including the new Manage Discount Tool.
What is the Manage Discount Tool and Why Does it Matter?
Discounting and Promotions are part of an overall Selling Strategy that looks at pricing as a way to attract more customers and make you more competitive. Setting discounts on your pricing is a strategy that can drive more sales volume to your business and bring in new customers.
Our new discounting tool is important because it helps you take control of any sales you may want to run, engage more strategically with your customers, and makes your discounted items easier for customers to find.
The new manage discount tool aims to make running a sale much easier by:
- Making it simple to schedule the start and end dates of your discount in advance.
- Highlighting every item discounted through the tool with sales display throughout the customer journey.
- Allowing customers to search and filter for items currently discounted.
How to use the Manage Discount Tool
The new discounting tool is in the Edit tab of your item. The section is called Manage Discount.
When you click on Manage Discount, the section will expand.
In the top right corner, you will see the Original price, the Status of any discounts, and a link to show any discount history for this item.
The first section is ‘Choose discount amount’. There’s some information about discounts at the top, and then a table where you can select a discount percentage quickly.
Just like setting the price for your item, you can choose and set the discounted item price, which is then added to the buyer fee to make the discounted purchase price, and this is what the customer pays. However, when you are looking at the discount percentages, remember they apply to the original price (which already includes the buyer fee). There’s also a custom option at the bottom of the table.
A couple of things to remember – you can’t set a discounted item price lower than $1, and when you’re applying a discount percentage, the dollar amount is rounded down to the nearest whole dollar.
Once you’ve selected your discount amount, you can choose your discount period by selecting a start and end date. Items will be discounted from 12am on the start date you select, and will be returned to their original price at 11.59pm on the end date you select.
If you decide to start the discount on today’s date, it can take up to half an hour to become active. Remember an item can be discounted for no longer than 30 consecutive days, and can be discounted no more than 60 days in a 12 month period.
You’ll then get to the Discount terms, and the important part here is to remember that once a discount becomes active, you won’t be able to edit the price or discount amount of the item.
Then click ‘Save and schedule discount’ and you’re done! Check out this Help Center Article for more detailed information.
# Implementing Your Selling Strategy Using the Manage Discount Tool
We know that setting promotions and discounts on your items can be daunting – after all, it is your amazing hard work! How do you guarantee that your discount pricing will benefit your business and Selling Strategy, rather than hurt it?
You can learn how to set your discount pricing strategically by reviewing these best practices and identify your selling goals, so that you can match it with the right pricing discount and avoid common pitfalls.
The important thing is to remember is that offering ways for your customers to receive more value from time-to-time is part of building strong customer loyalty and engagement. It doesn’t always lead to quick results but when done well, it’s an extremely effective tactic in the long run!
Similarly, we’d suggest taking a look at some of the ways you can best prepare for seasonal sales and discounts coming up to the busy shopping holiday period. This includes tips on holiday dates to be aware of, updating your item metadata, ideas for creating seasonal content and how to develop a seasonal promotion plan!
Lastly, we’ve compiled some extra tips below to keep in mind:
- When you use the Manage Discount tool, your item is included in the ‘On sale’ filter, and shows a before and after price.
- Check out the Discount & Promotional Pricing Guidelines.
- If you want to put your item on sale for 24 hours, select the same start and end dates.
- You can cancel a scheduled discount up until the discount is active.
So what are you waiting for? With upcoming seasonal sales approaching, make sure to review your Selling Strategy and take advantage of the opportunities available to you to increase your sales in 2021!
Head over to your Envato Market account Dashboard, find the Edit Tab of your item and click on Manage Discount to get started!
Interested in some extra resources, check out:
- Which Pricing Strategy Is Right for Your Business?
- 2020 Creative Trends Guide
- Discount & Promotional Pricing Guidelines
Disclaimer: Images in this article are provided by way of illustration only, and aren’t representative of current item availability or prices. The content of this blog post is provided for informational purposes only.