Yes, retailers are always looking for new marketing strategies to drive in traffic and make more sales. However, there are some methods that have been used by retailers for years to bring in more customers and one of them is sales promotion. For it to be a successful marketing tool, retailers have done more than just reducing prices and notifying the customers about it by having a big sign on the window of the store entrance.
So much work has been put into the promotion before it was executed. But wait a minute; right now we are not looking about all that but about the most popular promotional methods used worldwide.
- Discounted Products
Everybody loves a good bargain and offering a discount now and then will definitely be great for your store. Although there are many ways to give out discounts, the most effective one is the percentage discount where you can offer 5%, 15%, or even 20% off deal. This method actually increases sales while still saving the customers some money.
Note that, before you decide to choose how much discount to give ensure it is an attractive deal. On the other hand, if you unsure when to hold the sales, you can start by offering the discount on holiday seasons as well as Black Friday and Cyber Monday.
2. Buy One, Get One Free Deal (BOGO)
Buy one get one free deal is also another popular promotional method that retailers use to clear out stock while still making a profit. By giving away a specific product in a sale, retailers are able to move some older stock that has not been moving at a fast pace. For example, if you have a product selling at $10 but you bought it at $3. If you offer the item in a buy one get one sale, you would make you would still make a profit. The great news is that by selling multiple items at once you get to have a great deal of money to invest in other in-demand products.
3. Flash Sale
Mostly used by online stores, a flash sale is basically a new promotional method used by retailers that only lasts for a limited time. Offering substantial discounts, the retailer’s main purpose is to get online shoppers to impulse buy by making the products offer irresistible. This in return makes them sell some great products that haven’t sold as quickly as they have hoped which increases short term sales.
With the stores usually sending this promotion via their website or customers emails you will easily get an offer like 30% off everything + free shipping. 5 hours left! Note that apart from receiving this offer any time of the day, other flash sales days are usually on Black Friday and Cyber Monday.
4. Free Gifts
We all love free gifts, that why there is no better way for retailers to reach more customers than offering free gifts for products purchased or spending a certain amount. By giving something out, the customers not only feel appreciated but it gives you the chance to bring in more customers to your store. So, if you have a new product, you can promote it by giving a free gift. Just make sure the gift is relatable to the product you are selling. For example, you can offer a pair of socks for every shoe purchased.
Competition is another traditional promotional method that only gives away one thing. Being popular for years, retailers offer the customers a chance to win by encouraging them to purchase the product multiple times for a chance to win the prize. This method is not only used to bring in more sales but it also a great way to gain email sigh ups for new shoppers who enter the competition.
6. Free Samples
According to a recent report by Alliance Data, 75% of shoppers are influenced to buy something by getting a free product? So, do you have a new product that you are trying to sell but aren’t receiving any sales? Then give out samples! This works best with food as well as beauty products and cosmetics. People love trying something new stuff before buying and if you give them a chance to try out then the new product will start selling. Remember, this gesture encourages the customers to buy products they may have not considered before.
7. Loyalty Points
Customers love to be rewarded and loyal points are one way of building a loyal fan base as well as entice more potential customers. By providing your customers with a physical card they will able to gain points every time they shop in your store. By knowing that they can redeem the points in the future, this strategy encourages them to only buy stuff from you.
8. Coupon Giveaway
Nothing makes customers feel more appreciated than receiving coupons from their favorite stores. Somehow an exclusive promotion, customers are given a push to visit your online store thus giving them a chance to even look on new products they can buy. Note that, apart from sending the coupons to loyal customers you can also send some to visitors that have joined email sign to encourage them to shop at your store. This gesture is meant to turn these visitors to become your customers.
9. Free Shipping
Great for e-commerce stores, free shipping is a good promotional way to drive in more conversions. This gesture shows the customer a sense of security and trust in your products. Keep in mind, if you are worried you won’t make any profit then add a small percentage into the actual cost of the product or just make the free shipment accessible to those customers who are willing to spend a specific amount of money.
10. Holiday Promotions
Customers love spending money on holidays, therefore, making this the perfect opportunity to bring in more sales. Just make sure you attract customers with great deals and discounts that they find themselves spending more. There is no better time than the holiday season to get creative with themes to increase sales.