Today without taking proper sales promotion steps, you can never get success in the market. It is a fact that setting up a business, successfully, may not be as worth celebrating for a business person as getting an enormous customer base, and that’s what marketing and promotion are meant to deal with, your customer base. They unveil your product in front of the world, attract customers and bind those customers with your brand in the bonds of trust. That’s why companies make use of different promotional methods and introduce various types of sales promotion promptly to give an immense boost to their businesses.
There are a lot of Promotional Techniques in existence. But when it comes to getting an optimum environment for your customers, how can you be sure that your business is getting the best of it? Are you struggling with the right ideas and in good ways? Read along to find out and on the way; you will meet some of the most powerful types of sales promotion.
Different Types of Sales Promotion
Putting up some discount on the products has always proved itself to be one of the most paying ways of promotion. Since, bargaining has often attracted customers; therefore, setting up discounts on the products can always pay off, either now or later. When it comes to deciding on a way, i.e. $ or %, to create the most appealing kind of promotion, then try to think like a customer, like if you were a customer, which one of them would feel more charming to you.
Holidays Make a Perfect Opportunity
It is a fact that customers enjoy doing shopping on vacation as compared to normal days thus creating a perfect opportunity for brands to do some business. What you have to do is just to get creative, so launch up some slight discount and get ready to welcome a broad range of customers. Just one thing to keep in mind is not to offer enormous discounts; even smaller ones can do for you.
Provide free Shipping and Returns
Apart from your product, customers want a sense of security. Well! That’s not me saying this; there is a thorough research behind this fact. According to a survey, more than 80% of the existing customers shop from Amazon just because it provides free shipping, following which are 66% who would prefer Amazon on the basis of the one-day delivery. And 64% responded positively to the option of free returns. All of that massive customer count is because of that sense of security provided by Amazon.
Well! You can also implement such types of sales promotion for your business; just connect the shipping costs to the original price of the product without even letting the people get a feel of it. Or you can set it up in such a way to provide free shipping just for making purchases above some absolute limit.
For new businesses, it’s hard to get out in a tight competitive market of today. Even if they manage to get customers, the differences in price between theirs and their competitors’ lay down a heavy barrier in the way of their businesses. That’s where price matching finds its application. It’s a win, win method in which you promise your customer to pay back the difference of the price of your product if they get it at a cheaper rate somewhere else.
Set up a Flash Sale
Create a limited time offer for your customers to make them feel that they are going to lose something vital. A short duration sale with recognizable visuals and some attractive deals can get you a huge boost in the sales. According to studies, flash sales are successful in getting a greater number of sales as compared to average days. Furthermore, it also enables manufacturers to sell away all that extra stock of their product that filled up their stores.
Coupons are getting popular day by day. They are just another way of setting up a product discount but are more powerful in making people follow a call to action. Just think of a discount coupon you just received in your inbox which tells you that you can buy a great product at an excellent discount. Because most of the time, people think whatever you receive in your inbox is important and when it is a coupon with an enormous personal push, would lead to action of purchase. Just make sure that you are providing coupons to loyal customers only.
Promote Business by Launching Competitions
Competitions are one of the most astounding types of sales promotion. Astounding in the sense that even if you have to give one thing, you make a lot more not just, regarding business but also your popularity manages to get a power boost. Furthermore, anyone who enters the competition becomes a part of your email marketing strategy. Since, you make customers happy and they make you happy; and that’s what makes it a real win, win situation.
Save More by Buying More
Let your business convert the visitors into potential customers by making them purchase more of your product by providing them a discount. Well! Not a usual discount! This discount will be on the basis of purchases that customers make. Greater they make the purchase, the greater the discount they will get. That way you would also be able to sell away more of your products stocks.
Rewarding Customers by Giveaways and Loyalty Points
Obviously, everyone likes getting free stuff either it’s with every single purchase or with a count of loyalty points gained through making a purchase of your products. Although, both deal with free stuff but also have some differences. Giveaways can be some useful branded gifts that you can offer your customers with each and every purchase of the product. These are small gifts like pens, wristbands, etc. that make your customer think of you every time they see at the present. On the other hand, loyalty programs deal with certain points generated by making purchases in your store. You can offer your customer a free item after every certain number of items they buy or a huge discount. After all, FREE is what makes both of these one of best types of sales promotion.
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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