The End Of Financial Year Effect

Calling all business owners! As the financial year comes to a close, we’re gearing up for the annual End of Financial Year (EOFY) rush.This is your chance to drive sales, revenue, and growth – but only if you’re prepared.

Let’s face it, as the EOFY approaches, businesses in Australia are bracing themselves for a bumpy ride in this critical period. With consumers increasingly waiting for offers and discounts, it’s more important than ever to capitalise on this opportunity to maximise sales.

According to recent data from the Australian Retailers Association (ARA), consumers are expected to spend $2.4 billion in the EOFY sales period, a 3.5% increase from last year (Nielsen, 2023). However, with 62% of consumers delaying purchases in anticipation of discounts (Deloitte, 2023), it’s crucial to adapt your strategy to meet this level of commercial demand. By leveraging the EOFY period effectively, many brands can expect to:

• Boost sales and revenue
• Clear outdated inventory and make room for new stock
• Build customer loyalty through strategic promotions
• Gain a competitive edge in a crowded market

So, what’s the secret? Our team of highly skilled creatives and strategists at Zib Digital have got you covered. Here are just some of the top digital marketing tips we give our clients at this commercially crucial time of year;

1. Targeted Ad Campaigns: Get precise with your targeting and drive conversions like never before. With reducing access to data, privacy concerns and reporting models shifting (due to the phasing out of UA and GA4’s introduction), it’s more important than ever to utilise first party data, smart remarketing strategies and broad targeting to find new customers while reminding those you already service, about new and exciting offers.
2. Limited-Time Offers: Create a sense of urgency and incentivise customers to make a purchase. Offering your customers exclusive discounts and brand promotions can encourage customers to make a purchase quicker than ever before. If you want to do something extra special, instead of giving discounts to all customers, why not use your existing databases to send a special offer to VIP customers (ideally the big spenders), promote bundled purchase offers or free gifts with purchase to every new customer? Be creative and targeted in your approach.
3. Email Marketing: It’s no news flash that email marketing remains a powerful tool for businesses looking to capitalise on the EOFY rush. However, utilising your CRM (Customer Relationship Management) tools and nurturing your email contacts throughout the entire year maximises engagement opportunities and alleviates the pressure on key sales periods. And don’t forget…crafting compelling campaign content is equally as important in driving conversions and building brand trust. Consider thoughtfully relatable copywriting techniques that effectively portray key brand messaging, paired with engaging visuals that leave the reader wanting more.
4. Content Marketing: Cut through the noise with high-quality, informative content that establishes your authority in the industry. By creating engaging content marketing such as blog posts or case studies that address the pain points and interests of your target audience, you can position your brand as a trusted thought-leader and go-to resource in your field. This helps to build trust and credibility. Carefully considered content is essential for attracting and engaging your desired customers during the EOFY period.
5. Social Media: Confidently connect with your customers on the right channels at the right time, building strong brand awareness as you go. By developing a tailored social media strategy, your business can; increase brand awareness through short targeted ads and engaging video content on TikTok, or boost sales by leveraging platforms like Facebook, Instagram and LinkedIn. Maintain community engagement to enhance customer relationships through responsive social media management.

By incorporating these digital marketing trends and strategies into your EOFY marketing plans, you’ll be setting yourself up for success and driving growth in the year ahead.

Our CEO, Chris Knights, says “As a leading digital marketing agency in Australia, we’re confident that our clients will thrive during the EOFY period and beyond by implementing these effective marketing strategies.”

Considering the next major sales periods for most businesses will be Black Friday and the onslaught of Christmas-related sales later in the year, brands aim to maximise the EOFY commercial period as much as possible. With so much activity already in the market, the sooner you get out there – the more you will reap the ‘EOFY rewards’.

Ready to capitalise on the EOFY rush? Contact Zib Digital today and let’s make it happen! Learn more about our digital marketing and Social Media services based in Melbourne today.