Successful sales promotions increase interest in your products and spur revenue growth. Whether you offer consumer products or services, properly positioned sales promotion is an integral component to your overall marketing plan. The best ideas for sales promotion expand the reach of your products and lead customers to choose your products over your competitors.
Tie your sales promotion to a worthy cause to increase your business profile and sales. Customers like helping a good cause and may choose your product or services over a competitor if you tie a sales promotion to an appropriate cause. Choose a cause that is related to your products for maximum benefit. If you sell makeup, tie your sales promotion to a skin cancer charity. Promote through store signs, information on your website, coupons and direct marketing efforts. Work with the charity you choose to include promotional information on their website and marketing materials for added exposure. For long-term cause marketing, consider international movements such as fair trade products.
Offer special financing deals to spur sales on new, underperforming or high-value goods and services. For some customers, financing specials can speed up a planned purchase or increase the value of an order. For service sales, financing deals can be critical to enabling customers to obtain needed equipment or ease into a service contract. For example, a security company that makes most of their revenue off of long-term service contracts can offer financing specials to offset the cost of monitoring equipment. These financing arrangements can help lock in customers to longer-term service contracts that will lead to predictable increases in revenue for your company.
Place codes on your products that require customers to text a number to enter a drawing for a significant prize. Text promotions can help you target a younger demographic and can generate a buzz about your products. Use this type of promotion to build a contact list that you can use for future text-based marketed campaigns. Text-based sales promotions work best on consumer products that are frequently purchased like beverages, candy or youth-oriented products.
Buy one, get one at a discount (BOGO) offers are popular with consumers and can have a large impact on your sales volume. Since customers must purchase a second product to receive the discount, your store benefits from increased overall sales. BOGO sales draw in repeat customers and new customers and increase traffic to your store. Make your BOGO sale encompass most of the products you offer for maximum benefit. Increase prices on any product that will not be profitable in a BOGO offer or clearly exclude them from your sales promotion. Depending on your product, consider gradually increasing the prices on all your products before your sales promotion if customers are not highly price sensitive.