What doesn’t a brand do to attract customers, to make them purchase products? The brands know that no matter how much we would like to buy a product, try it out, we will procrastinate, we, the customers, will assess if the product is worth its money and if we really need such a product or service in our life.
Navigating the world of business can feel like navigating a labyrinth. One crucial element to help find the right path is the clever use of promotions. Promotions are the lifeblood of any marketing strategy, breathing vitality into a brand. The key is choosing the right types of promotion to connect with your target market, raise brand awareness and, in turn, increase sales. Knowing which promotional tactics can not only attract but also retain customers, can bring a competitive edge to your business.
The customers take a lot of last minutes decisions. Some of us who didn’t plan to buy a product ends up buying that, while some who were excited about one just leave the market without taking it. So, the Promotions, the Offers are introduced by the brand to get into the evoked set of customers and instigate purchase. Here are 10 types of promotion that works and are also unique than the traditional ones.
10 – Bonus
Bonus means giving a little or a lot extra than what the customer paid for. It is among the most used type of promotional tools to get a customer to fall in love with your product. These bonus promo or offers are also either limited or may be offered through a different channel.
09 – Sampling
Are you confident that your product is your strongest suit? Do You think that people would buy your product once they get to know them? If these are the case, then sampling would be your best bet. Give out free samples of your product to potential customers or your target groups.
Sampling might be the most expensive type of promotion, as you will have to give out your products in bulks without a single penny. However, this might work better. If the samplers love it, they will come back for more.
08 – Prizes
You know customers are indifferent while buying your product. They don’t really prefer your one, or your competitors one. Instead, they like them both equally. You do not want this. You want a strong fan, following base, which interacts with you. What better way then arranging competitions like games, contests, sweepstakes, etc. which will give out prizes to the winners.
In contests, people have to do better than others while showing their talents. At the same time, sweepstakes are a marketing term for lotteries. This way, the customers are engaged, they will know the brand more, and your cost will be limited as you will give out limited prizes.
07 – Free Shipping
This might not sound so fancy, and you may think this is not that of a big deal. Trust me, as Chandler Bing would say, “Could you be any more wrong?” No matter how typical shipping costs might seem to you, customers do not like this.
Significantly, the people in urban areas expect no charge shipping directly to their homes. A survey found that 80% of consumers tend to buy from amazon or a seller in Amazon when they get free shipping options.
06 – Referrals
There is a good chance that some people would perceive your extravagant ads and other public promotions as you lacking in providing quality products. You might come off as a weak, low selling brand. They are more tempted when a person they know recommends your brand.
You can instigate your customers to become your sales force through gifts, discounts, or cash rewards. These customers will bring in more customers, and might even start a trend of WOM for your brand.
05 – Retail Demonstration
You can’t afford to give out mass free samples to your potential target group. Still, you want to show at least some of them how great your product or service is! The way to do this is through retail demonstration. Figure out the stores or a contact point where the majority of your TG goes, then open a temporary booth within that place.
Your demonstrator will show how great the product or service is, how easy it is to use them. They can also give out some free samples to people who they think can become your customers if pushed.
04 – Bag Sale
This is quite a unique and new approach to promotions. Here, the seller will provide a bag to the customers when they enter. Now, the customers will have to pay only specific money for all the products they can fit in inside the bag. No matter how many they take, or which products they choose, the amount will remain constant.
If the seller determines a bag of goods is $10, then you will have to pay just that whether you take fancy goods or fill the bag only half. This type of promotion is better if you have a shop selling only a niche of products or for a branded store.
03 – Loyalty Points
Giving out loyalty points is a common type of promotion among retailers. The idea is very simple. The customers will have to register at the store with their phone no., email as a member, and will receive a code or a membership card.
Then, whenever they purchase from the store, they will get loyalty points for every amount. These points can be used to pay off for products, avail special discounts. So, a customer gets hooked up to a particular store and has fewer chances of switching as they need to accumulate more points.
02 – Retailer Promotion
Many a time, the retailers have an active hand in the customers’ decision making. Customers tend to listen to the retail seller when they are not sure of which product to choose. Retailers can also help a buyer know about the new products that hit the market and stimulate them into trying them out.
Now, when will the retailers be more into pushing your products than that of your competitors? If you give them incentives like cash bonuses, more commissions, allowance, product bonus, seller contests, and gifts, etc.
01 – Pop Up
Pop Up promotions are when one seller installs a temporary stall in another seller’s territory. Pop Up stores are quickly becoming popular among young customers. You can do this either way. Either you install your own shop in another shop temporarily. Or, you allow a Pop-Up store to establish their temporary store within your one.
The idea is, both of the sellers have their own traffic, if they mix them up, then the customers might start buying products from the other one too.
With the myriad of promotional types at your disposal, selecting the right one can feel overwhelming. It’s essential to understand your business, target audience, and marketing objectives. Consider your effective advertising strategies and the promotional types that align with them. Remember, the objective is to attract, engage, and retain customers while offering them value. The promotional types that manage to achieve these goals will give your brand the best chance for success.
The Heartbeat of Success: Why Promoting Your Small Business Matters
Why does promotion matter for small businesses? The reason is as simple as it is powerful: visibility. Without promotion, your potential customers may never discover your products or services. Promoting your small business is about more than just attracting customers; it’s about creating a lasting brand image, building trust, and maintaining customer loyalty.
When you’re a small business owner, your budget might be tight. As such, every penny spent needs to deliver results. An effective promotional strategy is like a compass pointing your budget in the right direction, leading to effective sales and marketing results.
Promotion is a vehicle that drives your business forward. It broadcasts your brand’s unique voice in the crowded marketplace, allowing your business to stand out. With effective advertising and the right promotional strategies, small businesses can compete on the same level as their larger counterparts, making the market a level playing field.
It’s crucial to remember that promotion isn’t a one-time effort but a continuous process. This ongoing cycle keeps the business in the minds of customers, both existing and potential. With the vast array of promotional tactics available, from traditional to digital methods, small businesses can select strategies that align with their brand, audience, and budget.
In conclusion, promoting your small business is crucial for survival and growth. Through effective promotion, businesses can differentiate themselves in the marketplace, connect with their target audience, increase their reach, and boost their sales. In the challenging landscape of business, promotional strategies could be the secret weapon to your success.