The sales promotion is interest creating marketing strategy to incite the customers to be curious about the brand’s products and services and complete the purchase. By using appealing sales promotions, businesses can convince the target market to buy the item up on sale. Through these promotions, businesses can reach their goals, thereby increasing sales and revenues.
How Significant Are Sales Promotions For Businesses?
Along with creating brand awareness based on products and services, increasing customer loyalty and increasing sales and ROI, sales promotions are noteworthy for attracting new customers while rewarding the existing ones. With sales promotion strategies, business owners can create a greater sense of urgency, and encourage the customers to take quick decisive actions before the offer closes. This is how the bottom line increases when the business drives more sales by implementing the right sales promotion strategy.
Where Should The Sales Promotion Be Run?
Choosing the right platform to successfully run the sales promotion is very important. Options are available depending on the type of promotion the business is running.
Facebook, Google Ads Platform, Instagram, YouTube and online market places are suitable to run paid advertising promotions for products or services.
In fact, influencer marketing can also be considered for promoting the brand’s products and services by well-known individuals. Even, email marketing is a good choice for reaching out to a larger audience base and increasing sales. The chosen platform should be fitting to specific goals and needs.
Sales Promotion Strategies To Keep In Mind
Many forms of sales promotions can be utilized as sales strategy to suit any sales cycle stage. The two main approaches to take include –
a. Pull Strategy
With the Pull Strategy approach, the brands persuade the customers by giving out incentives like special offers, BOGO deals and discounts. This approach is common among various industries.
b. Push Strategy
In the Push strategy approach, the brands utilize B2B sales to push the products towards the customers. For selling a large part or more of their products to their end customers, the parent companies give out incentives to the distributors and retailers.
The Sales Promotion Ideas That Really Work Out to Lure More Customers
To attract more customers to the store, the marketers have to put these sales promotion ideas to practice –
1. Product Discounts
By offering a discount on a specific product, the business incentivizes the customers to purchase it. The discounts can be formatted as a dollar amount or a percentage. It is much helpful to increase sales, specifically for struggling products and for promoting an older product's updated version.
2. Vouchers And Coupons
Vouchers and coupons effectively entice the customers towards purchasing, since the discounts are indeed so tempting. These excite the customers and create a sense of urgency so the customers can take advantage of the deal before it expires.
Vouchers and coupons are good to target specific customers, especially those who have recently purchased or are continuing as loyal customers for a long time. These are even a good choice for rewarding customers who refer the products to their associates. While increasing sales, vouchers and coupons even build up customer loyalty.
3. Free Gifts
Customers feel more encouraged when they are given a free gift with a purchase. So, including gifts with the orders fulfilling the minimum purchase amount threshold drives customers' interest to place more orders. This is a good to introduce new products.
4. Customer Loyalty Programs
By establishing customer loyalty programs offering perks that encourage customers to be loyal to the company, they are more engrossed in making recurring purchases. For instance, loyalty program members can be given frequent discounts and coupons.
5. Holiday Promotions
The typical themes used in holiday promotions are customer friendly, which helps to connect with customers and encourage them to purchase.
The used colours and imagery associate the people with holidays.
6. BOGO – “Buy One, Get One”
BOGO is all about offering a free or discounted product to customers when they are buying one product. BOGO promotions are indeed praiseworthy for selling extra products and emptying the inventory. This can be done by encouraging the customers to make more purchases than they have originally planned.
7. Free Shipping
Through free shipping, a lot of online sales are successful. When limited-time free shipping with no minimum purchase amount or free shipping for a specific purchase amount is offered, then the customers stop abandoning their carts. Whatever they have added to their carts, they complete the purchase.
8. Free Samples
Free samples for physical products are indeed an effective promotional strategy – once the customer is satisfied with the free sample, they would decide in purchasing the full version of the product. This is a fruitful procedure for introducing new products to customers, or new customers to a specific brand.
9. Cashback Promotions
Cashback promotions drive sales and increase customer loyalty, since consumers are interested to receive something in return when they have made a purchase. So, offering a cashback promotion is great for grabbing attention. Customers get an incentive for spending more since they are aware of receiving a portion of their spending back. Rather, implementing cashback promotions is easier, and cost-effective since immense upfront investment is not needed.
Whatever the sales promotion idea is that is to be used, it should be first enrolled on a micro-scale. The discounts and buying scenarios should be filtered to suit the audience. What makes a successful sales promotion is combined clever ideas, continuous A/B testing, customer tracking and tracking adjustments.
Adapting smart campaign ideas can help move businesses forward. To pull in a larger volume of customers, you need to get savvy with your sales promotions.
Selling opportunities are diverse; but the business taking the smartest move survives at present and in the long run. Sales promotion ideas are one of them which are capable of earning the leads and conversions to keep the businesses going.