As long as people have been buying and selling goods, there have been sales promotions of one sort or another. Even vendors in ancient Greece and Rome knew the value of giving customers something that will bring them back time and again. And, in the end, that’s what you hope to accomplish through the use of sales promotion in marketing as well as in your day-to-day business affairs.
While each business will benefit more by some promotional strategies, there are some which simply won’t work for all types of sales. (More on this in a bit!) If you find your sales floundering, check out the Salespromotions.Org website to get the latest and most effective promotions for your business. Based on information found there, here are 3 proven sales promotion strategies to drive your bottom line.
1. Two-for-One Sales Promotion
Most often used for apparel, cosmetics, OTC pharmaceuticals and groceries, the two-for-one sale is an all-time favorite among shoppers. However, there are some businesses that would lose their proverbial shirts if they implemented this kind of strategy. Can you imagine a Mercedes dealership offering two late model Mercedes SUVs for the price of one? Not going to happen, so don’t look at new car dealerships for this one. The object is to satisfy that urge to get something for nothing. The buy one, get one free strategy is best suited for high-markup items of relatively low cost.
It can’t be said enough that few people aren’t looking to get something for nothing. Freebies are a huge success if done right. Keep in mind that you want to boost your bottom line, so don’t give away your entire stock! Also, limit the number of freebies you give. This is a great promotional idea for startups. For example, the first 100 people in the door get a free dessert with their meal. Or the first 10 people get a mystery gift of differing values, and here you choose prizes within a price range. And again, who doesn’t like to get something for nothing?
3. Limited Time Offers and Flash Sales
Offering a significant discount for a limited time is always highly effective. However, make sure to adhere to the time limits you set. This sales promotion idea only works if you truly set the timer and conclude when time runs out. If your customers know that whatever discount you are offering is good for longer than you have it advertised, they will often procrastinate. This can work against you if they happen to find something at a cheaper price while they’re ‘thinking about’ what you are offering as a ‘reduced price.’
The object of running sales promotions is to increase your bottom line. Always keep this in mind because you do have to factor in the ROI. What are you investing in order to yield the results you are after and if they aren’t up to your expectations, how much do you stand to lose? A great sales promotion always factors in the unknown so that they aren’t spending more than they can realize in profit. And that, truly, is the bottom line.