How To Build An Effective Sales Promotion

Coming up with attractive promotions is key for drawing in potential buyers and getting them to spend money on your product or service. Great promotions can get customers out of a holding pattern by giving them an incentive to take action before an offer expires. However, promotions can only be useful if they are done correct. Here’s how:

  1. Target Your Effort
    Rarely can one promotion accomplish every objective, so the first thing you  must do is decide which one is currently the most important.

    • Do you want customers to purchase more frequently, buy in greater volume, or be attracted to new or different offerings?
    • Do you want to lure new customers into your business?
    • Do you want to boost business during slow hours, weekdays, or particular seasons?
  2. Plan Your Incentive
    A properly targeted promotion should prompt customers to take action by offering one of these incentives:

    • Price Offers – Must be strong enough to compel, but reasonable enough to keep your business out of the red. Avoid very deep discounts unless they’ll attract valuable, new customers
    • Coupons – Both young and affluent shoppers are using coupons, boosting the typical 1-2 percent redemption rate by nearly 20 percent!
    • Samples – Allow customers to try before buying with the end objective being to wow them so much that it will lead to repeat business.
    • Events and Experiences – Draw customers with activities that combine entertainment with brand and product presentation. Make sure to go all out, because hosing a poorly attended event is worse than hosting no event at all.
  3. Know What You Want To Achieve
    Make sure to be clear and know what objective you want your promotion to achieve. By knowing the number of sales you want to ring up, dollars you want to bring in, customers names you want to collect, or buying patterns you want to change, you can then determine what that desired change will mean financially to your business.

Source: https://www.entrepreneur.com/article/204860

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