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Mastering Discounts and Promotions for Maximum Profit
Manage episode 446572998 series 3554546
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In this episode, we explore the art of discounts and promotions and how a misstep could cost you millions. Imagine losing £20 million due to a discounting error! We delve into the infamous Hoover promotion debacle, where a seemingly brilliant marketing strategy went disastrously wrong, costing the company dearly and impacting its brand.
Learn the critical steps to avoid similar pitfalls in your business. Claire shares invaluable tips on understanding the true impact of discounts on your profit margins and why it's essential to know your numbers. Discover how to craft promotions that not only attract customers but also maintain profitability.
We also discuss the importance of having the right terms and conditions in place, such as the right to withdraw, to protect your business from unexpected outcomes. Additionally, Claire emphasises the power of setting clear targets and using the "power of three" to ensure your promotions are aligned with your business goals.
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ABOUT THE HOST:
Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.
As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.
Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
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