Every company wants a lot of revenue. That’s the whole point of running a business, after all. Using sales promotion in the right way can easily get that without putting in much effort. But what really is a sales promotion, and how can companies use sales promotions to get more customers?
In a nutshell, sales promotions are a way to increase sales and encourage the use of a product or a service through which the target audience might turn into loyal customers. Many companies use this technique to promote their brand and increase their customer base. However, not all of them can do it effectively.
If you plan to use sales promotion properly, then take a look at these four ways to use sales promotions to get more customers.
Giving out samples to your target audience is a great way to promote your brand. This will let the people know what your product is like and make them aware that you’re willing to go the extra mile for them. This is an attractive technique because everybody loves to get free products to know what is in store before buying them. What you need to be careful with is how you give out samples, because free products can set up an expectation in customer’s minds that the product should cost nothing. When you do give things away, make sure they are only small samples that don’t represent the full product value.
2. Buy One Get One Free Tactic
BOGO promotions have skyrocketed in popularity recently because everyone loves to save a bit of cash and get two things for the price of one? This sales promotion technique creates hype and a sense of urgency to avail a deal instantly, making the sales increase exponentially. BOGOs are also sometimes great for clearing stock. Another common strategy is to offer the second item at 50% of its normal cost. This is still attractive to customers and ensures that you don’t lose money as the second product is still receiving some revenue, usually sufficient to offset the cost of goods sold.
3. Cashback Promotions
Paying money for something becomes a lot more fun when you know you will be getting some part of it back, which is exactly why the idea of cashback promotions seems so catchy to many. This results in more loyalty and a better customer base for you.
4. Flash Sales and Discounts
Flash sales are a hearty way to create maximum urgency among individuals to buy products right away, enticing customers in the best way possible. You can schedule flash sales according to your choice and keep people anticipated by marketing the event. Flash sales can take the form of a single day, a weekend, or a holiday event. To maintain a strong brand value, don’t hold too many of these as it sets up an expectation that people will just wait for the next one before they buy.
Sales promotions are an easy way to get customers running towards you. They ensure that your brand always stays relevant and that people never stop coming to you to get their hands on products either because of discounts, BOGO deals, free samples, or cashback promotions.