Sales Promotion strategies are the techniques businesses use to boost their sales by attracting new customers and encouraging them to make repeat purchases. In other words, sales promotions are the methods by which businesses intend to achieve short-term sales goals within a particular time period. Many brands rely on sales promotion agencies in India, while others plan and run such promotions on their own.
By running sales promotions, a brand aims to motivate its customers and influence their behaviors to make them perform the desired action. In today’s highly competitive market, building a wide customer base is quite challenging, especially when you have newly entered a particular industry. However, numerous brands became market leaders just a few years after their launch. This is because they built and implemented highly effective sales promotion strategies.
Latest Trends in Sales Promotions
The way sales promotions work today is very different from how these strategies used to work a few decades ago. This is due to the continuously evolving technology. You can now get access to a global audience with the help of the internet, which was not possible earlier. The latest technologies like data analytics and AI are also playing a vital role in enhancing the effectiveness of sales promotions.
Whether you plan a sales promotion program on your own or partner with some sales promotion agencies in India, it is essential to be aware of the latest trends and incorporate them into your program. Here are some most effective sales promotion strategies used by various successful companies:
1. Free Samples
Offering free samples has become a popular method for boosting sales in recent years. Consumers often hesitate to spend their hard-earned money on something they are not sure about. They are more comfortable using the same product they have used for years in the past. By offering free trials or samples, you can encourage many potential customers to try your product and buy it. Customers love the idea of ‘free’ and hence, they will definitely want to get the free samples.
If you have an online website or app, this will help you get more and more registrations. Chances are that many of these people will become your customers if they like your product. If you run an offline store, you can allow your customers to try the product and buy only if they like it. For example, many supermarkets or makeup stores have trial products that visitors can check and even apply for free.
2. BOGO Deals
Another popular sales promotion strategy is running ‘Buy One Get One Free’ offers. When you offer two products at the price of one, customers see it as a great saving opportunity. They are very likely to purchase the product under a BOGO deal even if it was not on their shopping list. A BOGO deal is similar to a 50% discount offer. However, running a Buy One Get One offer is more effective for increasing sales.
Many businesses avoid running BOGO deals as they believe it reduces the profit. However, that is not the case. For example, suppose you manufacture a product at Rs. 15 and sell it at Rs. 50. Now, even if you run a BOGO deal on this product, you will still be earning profit. Customers will buy more products and many of them will buy it just not to miss out on the deal. This is the best way to clear inventory fast and encourage customers to purchase more.
3. Customer Relationship Management (CRM)
Building strong relationships with customers and managing these relationships properly is extremely important to retain customers. Customer experience is an important metric to measure the overall growth and success of a company. You should have a pepper CRM team that focuses only on improving your customers’ experiences instead of the products or services you offer. All the queries of your customers must be answered in the best way possible
4. Discount Coupons
This is quite a common yet powerful technique to boost your sales and retain maximum customers. Whenever your customers make a purchase, you can offer a discount coupon for their next purchase. The discount percentage can either be the same for every customer or it can vary based on the amount they spend. The more a customer spends, the higher discount they will receive on their next purchase. This doesn’t only improve your customers’ shopping experience but also gives them a strong reason to return to your store. Sales promotion agencies in India like RewardPort can help you run and manage such programs more effectively.
5. Additional Rewards for Repeat Customers
Your loyal customers deserve special treatment. By offering special rewards and perks to repeat customers, you can motivate all the buyers to stay loyal to your brand. The rewards can be in the form of cashback, loyalty points, additional discounts, free merchandise, or anything else. Repeat customers bring more profit to your business. Hence, there is nothing wrong with putting a little extra effort into appreciating their purchase.
Partner With The Best Sales Promotion Agency in India
A sales promotion technique is effective only when it aligns with your business objectives. Apart from the above-mentioned strategies, there are many more methods that brands use for sales promotion. However, not each technique is suitable for every business. You first need to understand your brand goals and customers’ interests in order to figure out what works best for your customer base. You can also get assistance from RewardPort, which is one of the top sales promotion agencies in India. Their team has a good experience in analyzing business details to plan the best Loyalty program.
