Discounts and promotions are among the best ways of increasing sales. For many businesses, promotions will be built into the marketing plan for the year, offering a chance to reach a customer base that had been reluctant to make a purchase. A good promotion, will need to be presented and marketed in a positive light. Giving a good reason for the promotion helps contextualize it, so consumers become more invested in the process. Some of the most compelling reasons are those that relate to your customer’s emotions. The following methods can all be used to help build a successful and profitable promotion.
Holiday Promotion
Holidays are the perfect time to hold a promotional sale, with many people off work. The extra free time gives browsers the chance to look at an offer, give careful consideration, and avoid distractions that prevent sales. As many other businesses also offer holiday sales, consumers are in the mindset of making a purchase.
Flash Sale
A flash sale can increase sales as there is a clear time limit on the offer. Many people could have been considering your products, so the start of a flash sale can give the extra impetus required. As with most promotions, giving a clear reason is your best option. The reason, however, could be quite simple, including a birthday, a current event, or the success of a sports team.
Coupon
Coupons can be used in a variety of ways, whether this involves a public discount or loyalty offer. General coupons could be helpful for affiliates trying to generate interest, but they often benefit from not being immediately accessible. A loyalty offer could involve sending a coupon to a prior customer, often reigniting their interest in your products.
Free Shipping
Free shipping could be offered as standard or an occasional promotion. Having a policy of free shipping will need to be calculated, with higher-priced offers more able to absorb this additional cost. Occasional promotions will be similar to holiday discounts, but they are less likely to draw quite the same attention.
Free Gift
A free gift will typically be an additional item of lower value, but it should still be worthwhile to the consumer. For example, if a consumer buys a tablet or phone, they could receive a case with it. Free gifts can sometimes be provided by the manufacturer in an attempt to make additional sales, so will cost little or nothing for the vendor. A laptop, for example, might come with some free software, but users would need to pay to upgrade to the complete version.
Price Match
A price match involves reducing the cost if the item is sold cheaper elsewhere. This type of offer can help if you are selling common items, but you have a prominent position in the marketplace. While some consumers will search for cheaper offers, others might just assume you are the cheapest based on this price promise. If you choose to offer a price match promotion, your business should be heavily focused on offering cheaper deals as a general practice.
Offers and promotions need to be scheduled throughout the year, avoiding the impression that your products are always on sale. The standard price of your items will be their perceived value, while the discounted offer should represent a great deal for consumers. Though the offer might reduce the profit on each item, overall you should find a spike in earnings as prospects are tempted in by a bargain.