Successful brands are aware of the fact that sales promotions are one of the most effective methods of boosting sales, improving customer satisfaction, and enhancing brand awareness. Sales promotions have been used extensively for decades and, no matter the size of your business or your industry, there are creative and effective sales promotion techniques that can do wonders for your brand.
In this 3 part series, we bring you effective sales promotion strategies that will take your business to the next level. The idea is to provide you with smart promotion ideas that can make your good sales strategy great.
Let’s quickly go through some effective sales promotion strategies you can start using right away!
1) Buy One, Get One Free Promotions
Buy one, get one free (BOGO) offers are some of the most popular kinds of sales promotions. Bu offering two in-demand products, at a reduced rate and for a short period of time can create a sense of urgency. This can in turn, increase your sales significantly.
It can also clear your stock. This is why many businesses refer to BOGO as “self-liquidating”.
The best thing about these promotions is that they rarely cost anything. In fact, they’re actually designed to boost revenue.
For instance, let’s assume you are paying $3 for an item that you are selling for $10. If you offer a flat 50% discount, you would make $2 from selling one at the discounted rate.
However, by running a BOGO offer, you can sell one product at full price minus your cost for two products. This way, you would be earning $4. With more customers purchasing that item, your profits would sky rocket in no time.
2) Cashback Promotions
When it comes to spending money, many consumers will agree that it does not feel as bad when you get something in return. It’s almost like having extra cash to get more desirable items and pay less at the same time. Hence, cashback promotions make for an excellent sales promotion tactic.
What’s more, by giving back to your customers, you will improve brand loyalty and generate positive awareness about your business. These kinds of offers are a win-win for both your business and your customers.
3) Flash sales & Discounts
Looking for another way to create a sense of urgency among your customers? A flash sale can get the job done. Especially for online businesses, flash sales and discounts can be one of the most effective sales promotion strategies.
So how would you go about it? There are two ways to go about it. You can provide a flash sale once or twice a year. Or, you can prepare a schedule every two months. This way, your customers will anticipate the event and be prepared to make the purchases.
4) Made in the USA & Cause-Related Promotions
Made in the USA promotions are one of the most subtle, yet effective forms of sales promotions. They can also help humanize your business and work wonders for brands that are linked with charitable causes.
Such initiatives are not often seen as promotions. However, they are a form of sales promotion that can benefit the brand, the charity, and the people participating.
This kind of promotion also works for large-scale businesses. Take, for instance, Apple and other big brands who showed an enthusiastic response to HIV/AIDS-related programs in Africa by dedicating their Red-colored products to the cause.
Your brand can use such sales promotion strategies to show your support to a cause or your country. After all, consumers seek out and support brands whose values align with their own.
For the best results, we recommend giving away USA-made promo products to your loyal customers, and cherished clients. You will instantly notice a rise in popularity, improve brand awareness, and people will be more inclined to try out your products and services. This will, in turn, have a positive effect on your sales.
Listed below are some high-quality USA-made promotional products for your next marketing campaign.
We hope you have gained some valuable insights from this article. Stay tuned for part 2, where we will bring you some more sales promotion strategies that will drive your customers to purchase your products or services. If you are looking for more options in USA-made promo products, then feel free to connect with us. We look forward to hearing from you!