Looking for an increase in sales?
Thinking of a way you can persuade a target audience to make a purchase of become your client?
Time to run a sales promotion! After all, who doesn't like a good deal?
Sales promotions can stimulate immediate sales by providing added value or incentives to customers using several communication activities.
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What is a sales promotion?
The process of persuading a potential customer to buy products or services is referred to as a sales promotion. Running a sales promotion involves giving a discount to a product or service, with a beginning and end date in mind.
The discount is the amount or percentage deducted from normal selling prices of products, goods, or services.
Sales Promotion Objectives
Sales promotions targeted towards customers are called customer sales promotions. Trade sales promotions are targeted toward retailers and wholesalers.
Sales promotions aim to trigger prompt action for generating sales of products, upgrading current customers, increasing sign ups for services or move prospects to limited time trails.
Sales promotions can come in many forms such as coupons, loyalty rewards, cash back, samples, displays, sweepstakes and more. These promotions play a vital role in attracting new customers, creating customer loyalty, and can thwart attempts by competitors to steal customers.
Most common in sales promotions is the presence of a discount. Customer behavior and interest can be largely influenced with discounts that provide valuable savings.
When a business can create a reputation of saving customers money, they have a better chance of creating a business full of loyal customers. There are may incarnations of discounts that businesses can employ, all at once is they so choose.
Sales promotions should be short in duration and used to bolster other marketing efforts, but not serve as the main marketing tactic.
Sales Promotion Methods
Sales promotion methods can vary and businesses can choose multiple methods at once. The include both inside and outside promotions.
Outside Sales Promotion Methods
- Public Relations
- Special Sales Events
Inside Sales Promotion Methods
- Product and Promotional Material
- Window Displays
Sales Promotion Tactics
There are several sale promotion types or tactics a business could use. Here are the most common.
- Price deals
- Loyalty Rewards Programs
- Bonus pack deals
- Service bundle discounts
- Vouchers and Coupons
- Mobile Coupons
- Loss Leaders
- Samples and Free Trials
- Point-of-sale- displays
- Checkout dispensers
- Free-standing insert coupon booklet
Sales Promotion Ideals
- BOGO (Buy one Get one)
- 2For $
- Buy 1 at $, get second one % off
- # day(s) only sale
- Buy one and receive a free gift
Sales Promotion Advantages and Disadvantages
- Quickly boost sales
- Moves prospect to trials or switch brands
- Short-term effects
- Customers may hold out until discount is available
Sales Promotion Campaign
- Will the expected increase in sales cover the cost of running the promotion?
- Is this promotion beneficial to the brand?
- Will the promotion attract customers who will remain loyal or only bargain-hunters?