Utilise SMS for End Of Financial Year sales
Coming up to the end of the financial year, EOFY and stocktake sales are already kicking off and Australians are estimated to spend almost $26 billion. Whether it be a car company, clothing store or white goods showroom, communicating with your audience about what’s on offer is integral to a successful campaign.
SMS marketing is a direct, no-fuss way to inform your stakeholders on vital information. In this case, stocktake sale dates, promo codes, exclusive VIP and loyalty member discounts, online deals and assistance with payments and deliveries.
These annual sales aim to clear inventory before the fiscal year is over, making it easier to count stock before a company submits its financial statements after June 30.
What is EOFY?
An abbreviation for the End Of the Financial/Fiscal Year, EOFY refers to the conclusion of Australia’s financial year (FY) beginning July 1 and ending June 30. For example, the dates for this financial year began July 1, 2018, and end June 30, 2019.
The FY is broken up into four quarters:
- Q1: July 1 - September 30
- Q2: October 1 - December 31
- Q3: January 1 - March 31
- Q4: April 1 - June 30
EOFY is a particularly important time for businesses and individuals to report their financial status to the government. In order to determine how much tax is owed (or returned) for each FY, vital information must be gathered such as income tax return, profit and loss statement and balance sheet.
You may have received text messages from the ATO (Australian Tax Office) via myGov with reminders, progress updates, industry changes, advice and information in relation to tax season. These SMS can be helpful notifications reminding you to organise your business’ documents, prepare for stocktake and give advice coming up to the conclusion of the FY.
Why is EOFY important to the retail industry?
Every year by June 30, businesses across Australia complete a stocktake. This is necessary for every company unless you’re a small business that has a turnover below $10 million and less than a $5000 difference between your opening and closing balance.
For companies to do a stocktake, if there is less stock, there is less to count. Sales can move products quickly making it easier to count stock.
It has become the norm for the retail industry to capitalise coming up to EOFY. Consumers have taken the hint and tend to spend a lot during this time, with good deals popping up left, right and centre.
This is where stocktake sales come in hot, so don’t forget to let your customers know when and where they can take advantage of your sales!
What is a stocktake sale?
Sales are the best way to move stock and EOFY is the perfect time of year to get rid of any excess stock and make room for new products.
Making sure your brand is heard, cut through the noise with the help of SMS marketing. Notify your customers of good deals, get them involved with flash sales, keep them updated on online purchases and ensure secure payment methods online with OTP (One-Time Password).
As it’s the same time of year every year, customers tend to wait for sales on big-ticket items in order to maximise their opportunity for savings. And this is why EOFY is a bit of a big deal. Even more so than Christmas season, consumers are willing to wait until June to spend more.
Although EOFY sales may sell themselves, getting your brand to the forefront is essential coming up to one of the busiest times of the year in retail.
Retail and marketing
Marketing an EOFY sale needs a robust platform that can implement direct mass communication on any scale. A bulk text messaging campaign is a reliable way to inform customers through a quick, easy-to-use and efficient gateway.
As 91% of adults keep their mobile device within arm’s reach at all times and 98% of SMS being opened within 3 minutes of being received, SMS marketing is a modernised way to get your message across.
Mobile messaging is particularly important to cut through the noise during a time of heavy online marketing from many other companies. For example, email marketing is efficient at delivering multimedia messages with larger amounts of text, however, these can be sent to junk/spam folders and go unseen.
Capitalising on the increased spending during this time of year is what these sales are all about, but if you don’t have any effective exposure, your sale might go unseen. With high open rates, SMS marketing provides an easy, low-cost and practical alternative.
Using bulk SMS for EOFY
Personalise communication with your customers
Merge SMS allows you to send bulk messages with personalised content. Creating relevant messages for stakeholders is easy using templates as well as specific to the individual. This means you can address your customers by name and also send specific content such as an order number or discount code.
Links to online content & sales
SMS is direct, however, there is a limit of 160 characters so sending a link and a call to action can create more website traffic. By including links in a message it encourages users to engage in online sales, competitions and check upcoming key dates.
Send discounts & promo codes
Exclusive access to discounts, special deals and free gifts are a great incentive for customers to spend more. Promo codes are short and easy to send out via SMS to your brand’s mailing list. It is also a lot more efficient to pull out your phone and find a text or QR code than it is to sift through emails or print out a document and bring it in-store.
Advertise sales online & in-store
Reminding your customers of sale dates is essential for a successful campaign and for your customers to utilise the best deals on offer. Particularly with stocktake sales, it’s best to start your sales early, and then increase discounts as the new financial year draws closer. Letting your customer base know where and when these sales are going on will only benefit sales.
Exclusive deals for VIP & loyalty members
It is vital to ensure your VIPs and loyalty members feel appreciated and gaining exclusive access to deals, discounts and free gifts show them how important their business is to your brand. Sending a direct message alerts your VIPs of what opportunities are available to them and how they take advantage of what’s on offer.
Reminders & notifications for important dates
Let your customers know when they can start enjoying the sales on offer and make sure they know when to get in before it ends or items sell out. An SMS marketing campaign is perfect to ensure your customers don’t miss out on key dates around new stock, sales and promotions. A content calendar can make it easy for timely messages to be scheduled and send out in anticipation of these dates.
Secure payments and delivery updates
Using 2FA (Two Factor Authentication) via OTP add an extra layer of security to customers who want to access or enter sensitive information online. This includes online payment methods, shipping details and delivery updates. Informing your customers each step of the way shows transparency and includes them in the purchase process.
Key dates of the upcoming Financial Year
2019
June 30: End of FY2018/19
July 1: Start of FY2019/20
July 1 - October 31: Individual, company and trust income tax return due for FY2018/19 (without a tax agent)
July 14: PAYG withholding payment summaries provided to employees
July 28: Q4 BAS (Business Activity Statement) and superannuation guarantee contributions due
August 14: PAYG withholding payment summary annual report due
August 28: Taxable payments annual report due
October 21: Annual PAYG instalment due
October 28: Q1 BAS and superannuation guarantee contributions due. Final date to change GST report options and/or PAYG instalments report and payment options
October 31: PAYG withholding annual report due
November 11: September quarter BAS due
2020
January 28: Q2 superannuation guarantee contributions due
February 28: Q2 BAS due
March 31: Individual, company and trust income tax return due for FY2018/19 (through a tax agent)
April 28: Q3 BAS and superannuation guarantee contributions due
May 11: March quarter BAS due
May 21: FBT return due
June 30: End of FY2019/20