One of the most effective ways to increase sales and build customer satisfaction is sales promotions and successful companies know this well.
They have been using sales promotions for years and years to great success. With so many ways to promote your business, there’s no need for you to suffer from sluggish revenue.
The purpose of promotions
Regardless of the size of your business or the industry you belong to, there are sales promotion techniques and tips that can benefit your business. The whole purpose of promotions is to make your business stand out and be noticed.
But the main question that arises is: How to make good promotions?
For starters, you need to understand what good promotions entail. Put simply, good promotions are promotions that draw the attention of the customers to your products and services. However, the foundation of your marketing—all marketing, should be clearly defined, well-packaged, competitively-priced products and services.
The newer you are in the market, the harder you have to work to attract and retain customers. While you may try various tricks in the hat to win the attention of customers, your promotional activities must focus on communicating to customers the features and benefits of your products compared to your competitors.
Use the online sales promotions
During the past decade or so, the internet has expanded and developed, opening opportunities to reach out to customers through new media. Furthermore, it has greatly affected marketing by offering marketers the possibility to reach consumers through online communication.
Today, many marketers communicate and interact with their customers through the internet. In fact, the use of the internet to communicate a message to consumers has become a significant part of many companies’ promotional mix.
Companies use online promotions to either attract and retain customers or create an interest that makes the customers visit the website again.
Put simply, online sales promotions are short-term activities intended to encourage customers to buy products or services, or other goals your company may have, such as lead generation or brand awareness.
Short-term value is added to a product or service during these promotions to stimulate the goal completion.
Optimum online special promotions to attract consumers
The internet can help as it opens opportunities for marketers to develop new designs for promotions that can be more thrilling and enjoyable for the customer. Re-iterating an earlier point, the whole purpose of promotions is to motivate and stimulate the completion of the goal you as a marketer have previously set, especially purchases.
A consumer sales promotion is used by companies who aim to promote a product directly to a consumer market. In simple words, consumer sales promotion are offers -in different formats and mechanics- that are targeted to consumers.
You can use digital promotions in order to attract consumers to try a product and test a specific market, to free the stock you have for a specific product or to reward existing customers who are loyal to your brand, among other reasons.
Now comes the million-dollar question though: how to make good promotions or how to make promotions more effective?
When developing an online promotion campaign, the first thing you need to consider is the type of consumer promotion you want to use. When creating promotion campaigns, consider and develop knowledge about consumer behaviours as this will help you to make online promotions that work for consumer marketing.
That said, then we recommend you to use the following types of online promotions that have worked for many companies to date.
Buy & Try promotions
Buy & Try means that your customers can buy products from you and then test them at home for a few weeks without any obligations. If they are not satisfied with the product, they can return it to the promotional site, and request a refund. Only after the request is processed and the product returned, the customer will receive a full refund. So, what is in it for 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%.
Cash backs are commissions you offer to cashback sites to direct traffic to your website. Basically, cash back sites advertise your business and you pay them a commission when they send a paying customer to your website.
Also, you can run your own cashback program. The point here is to know exactly what return on investment could you expect and also to calculate in a proper way other important promotions KPIs, such as redemption.
Bundle Gift promotions
Bundling your promotional items take them to a new level, creating super optimum online special promotions. When you combine products in one promotional gift, or add special packaging, you provide customers with something special and unforgettable, which increases your chances of making direct sales online.
Used in both business and consumer marketing, trade-in is a form of sales promotion that allows customers to obtain a price reduction in exchange for something possessed by the customer such as an older product that the new purchase will replace. Trade-in promotions compel the ‘buy now’ message by effectively offering cashback-with-conditions.
How to make good promotions when using trade-in? Well, offering subtle cash return when customers buy a replacement from you is the key to incentivising purchases.
This will make customers feel they’ve gotten a better deal when the reality is that it will be your company that will be increasing sell out volume, boosting average unit prices and activating sales.
Competitions are an effective type of online promotion because you give only one thing, but gain so much. Competitions not only promote your business brand, but every person that enters becomes an email contact that you can try and convert into a sale, by using retargeting email campaigns.
Chances are that people who are entering the competition are somewhat interested in your product, making competitions a great idea and online promotions that work. For assuring this interest, you should align the incentive with your business.
If you’re still confused about how to make online promotions that work for consumer marketing, then get in touch with us today for some great ideas.