As a retailer you need to be informed enough to act before the October deadline. Use these questions and answers to make an educated decision about your next steps. All Products. POS Solutions for Industries.
Payment Solutions. Attract and Increase Sales. Display Systems. Utilize display screens to simplify front and back of house operations. Payment Terminal. Mobile Ordering. Customer Display.
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Powerful Data Tools. Read real-time insightful reports and share data with external platforms. Staff Management. Have your team work efficiently with timecards which track their work time. Determine exactly what you want to accomplish with your sales promotion, then add a specific number — one that is ambitious but achievable — to the goal. This will allow you to chart your success or failure, and identify aspects of your campaign you need to change or develop.
Behavioral psychologists have found human beings tend to assign greater value to things they perceive as being scarce. In a classic study , researchers had participants assign perceived value to identical cookies located in two identical jars. The only difference between the two jars was that one had 10 cookies, while the other had only two. While there was no apparent difference between the cookies or the jars, participants assigned greater value to the jar with two cookies.
This is anxiety about missing out on an exciting event or rewarding experience that other people know about. Take advantage of these behavioral triggers by offering limited-time deals. A sales promotion — such as a gift with purchase — may seem like an attractive incentive for motivating sales, but unless that promotion is only available for a limited time or in limited quantities, customers might not respond.
But what about drawing attention to the promotion itself? For a promotion to be effective, your target audience needs to see it and understand it. Market or advertise your promotions like any other product or service. In-store signage, website, blogs, social media, email marketing campaigns, text messaging, mobile apps, media releases, brochures, and print and online advertising can all be effective ways to let prospective customers know about your sales promotion.
Visibility is key. Just be sure to account for the marketing cost of promoting your promotion. By getting rid of both forms of friction, you can encourage more repeat purchases from your product-based business. The best cure for a ton of abandoned shopping carts? Here are a few approaches you might consider. You could double or triple loyalty points for a limited time, which can be a great incentive to buy.
Punch cards are also a well-known option, which makes customers eligible for a special offer after a certain number of purchases. Some businesses even offer a small discount every time customers use their cards. The more familiar your audience becomes with your brand, the more they will trust and look forward to your business's announcements and content.
Let's take a look at some sales promotion ideas to build and strengthen your brand story. Whether your company owns several brands or you partner with companies in similar or related industries, you can make use of joint sales promotions. All you have to do is bundle products or services from each brand into a package and promote it via the other brand s.
Your partners can do the same for you, which means free promotion for both of you. This type of arrangement can extend the reach of your brand. The partnership between Red Robin and the X-Men Wolverine franchise is a fine example of a joint promotion.
Red Robin offered discounts to patrons who showed up for a burger with their Wolverine ticket stub in hand. While they may not have received a discount for the actual movie, the film benefitted from attracting people who were more excited about the burger at the end of the tunnel than the movie itself. For example, one common method is to require followers to tag a certain number of people in the comments, or post to their stories, to be entered to win.
If you can get your existing audience excited enough about your contest or giveaway, this is basically guaranteed exposure. This boosts the probability of meaningful engagement and sales in the future. Of course, you have to be careful not to leave too much merchandise up for grabs because that could end up costing you dearly.
However, allowing for a generous shopping spree can prompt powerful word-of-mouth marketing. No doubt, the winner will be excited to share their good news and, after the spree is finished, to show off their goods. This user-generated content can put your business on the radar of potential customers and encourage them to check out what you offer.
Additional value for less can be very enticing, so you may bundle together your most popular or closely-related services for a reduced price. This is an excellent way to get people talking about your business. Alternatively, you can offer branded gifts to existing customers and others. Who knows how many people will find out about, be reminded of, and check out your brand as a result?
Both bundles and branded gifts can spark a good deal of new interest in your business. Bringing new customers into the fold should always be on your radar. Samples work in all lines of business to let customers try before buying. The key is to sample products that are so great they'll win raves and repeat business.
Events and experiences draw customers for celebrations, product launches, special appearances or presentations, and other activities that combine entertainment with brand and product presentations. When hosting an event, make sure to go all out. A half-hearted, poorly attended event is worse than no event at all, so plan, decorate, train your staff and publicize accordingly. Know what you want to achieve Promotions work especially well when consumers are in need of a jolt to take buying action.
Just be clear about what you want to achieve. Set the number of sales you want to ring up, dollars you want to bring in, customer names you want to collect, buying patterns you want to change, or any other objective you want your promotion to achieve. Then determine what your desired change will mean financially to your business.
By knowing the potential bottom-line impact of your promotion, you'll have the information you need to allocate a promotion budget, dedicate staff time and invest the energy necessary to host a strong promotion that will deliver business-boosting results over the time period it covers.
David Walter.
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