Have you thought about how your marketing strategy will evolve in this year? If you haven’t, then take a step back, assess the success of your marketing and promotion campaigns during the previous year and consider how they can evolve.
Or, you can save yourself the trouble by using these 3 digital promotion ideas for getting direct results in consumer marketing.
3 online promotions mechanics that bring good direct results
No matter how successful your business is, you should always be looking for ways to improve it. A strategy that can help to improve and grow your business is online promotions. While developing digital promotion ideas can be tough, implementing it correctly will ultimately pay dividends.
When it comes to consumer marketing, digital retail promotions and special offers are an effective way to drive ancillary traffic to your website, but also to acquire new customers, drive sales, and grow revenue. But, most importantly, you can use the promotions to encourage people to become loyal, repeat customers.
While there are many digital promotion ideas that you can use, three of them are proven to get results in consumer marketing. These are the promotion ideas that you need to take advantage of and use in your online marketing campaigns.
Cashback is one of the most well established and highly effective digital retail promotions today. In consumer markets, these promotions are proven to drive sales by increasing footfall and encouraging impulse purchases. Based on market research, following are some interesting findings related to cashback promotions:
- Consumers in UK are more likely to buy from a retailer when offered cashback
- Cashback promotions lead to an average increase in sales of 35%
- Many shoppers in the UK switch brands to take advantage of a compelling cashback offer
- Consumers tend to remain loyal to a brand that offers cash rebates
- Average cashback redemption rate is 30%
If you avoid these common mistakes in implementing online promotions, using cashback you can increase your business sales and yield a healthy return. Cashbacks are like discounts, but unlike the latter, they don’t run the risk of falling into the ‘boom-and-bust ‘cycle. Now, you may want to know how exactly can ‘cashback promotions’ help you yield a better return. If that is the case, then we’re here to provide you with the answers.
One of the most recognised digital promotion ideas today, cashback promotions are helping many retailers to lure consumers to not only buy from them, but also become loyal, repeat customers. So, how does this promotion work? You offer consumers the chance to claim a pre-determined amount of money on purchase of the promotional product. With cashback, you don’t have to discount your products, preventing their undervaluation whilst still providing the shoppers a financial incentive.
Relatively cheap to deploy, cashbacks require consumers to provide data to process the claim. This provides you with insights you need to continually improve your promotions. So, cashbacks not only encourage sales, they also provide you with valuable consumer-related insights.
The promotions can be applied to almost all markets and are understood and accessible to all types of audiences from young children to mature adults. If you’re using cashback promotions online, set time limits on them as this will create a sense of urgency and force customers to BUY NOW!
Used in both business and consumer markets, trade-in promotions are sales promotions that provide customers with a price discount in exchange for something possessed by them such as an older product that will be replaced by the new purchase. Following are some interested findings related to trade-in promotions:
- Most consumers admit that a trade-in offer influences their purchase decision
- Many shoppers say they would switch to a competing brand if a trade-in rebate was offered
- Companies using trade-in promotions experience an average growth in product sales of over 70%
- Consumers are highly likely to stick with a brand that offers a trade-in and upgrade policy
By releasing the value of customers’ old goods, trade-in promotions activate both redemption and sales. These promotions offer a subtle cash return when customers purchase a replacement from you and you alone. Customers feel they’ve gotten the better deal but you increase sales volume, boost average unit prices and activate sales.
Buy & Try Promotions
When customers buy a product from you, they have the option to test it at home for a few weeks without any obligations. If they are not satisfied with the product, they can return to the promotional site, and request a return. After the request is processed and the product returned, the customer will receive a full refund. How does this benefit you?
Buy & Try eliminates any risk consideration from a customer’s decision-making process and is proven to drive sales and increase revenue by up to 10%.As with any sales promotion redemption program, claims against a buy& try sales promotion can vary greatly depending on the quality of the communication and the attractiveness of the offer.
These types of promotions are even recommendable if you need online marketing tactics to support the POS marketing efforts.
So, it is important for you to think about how you will communicate and present your Buy & Try promotion to customers. If you don’t do that, you may end up with a Buy & Try that customers either don’t know about or finding as appealing as watching paint dry.
To sum up, if you want to attract new customers, drive sales and boost revenue using promotions, then the 3 digital promotion ideas mentioned above are great for getting direct results in consumer marketing. However, using these promotions appropriately is crucial. How can you do that? By getting in touch with us. We are experts in the field and ready to help to you!