If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
In almost any industry, it’s hard to stand out. It helps if you spend time developing brand stories, quality products and services, and memorable campaigns. But sometimes, an exciting retail promotion is the best way to generate buzz that cuts through the noise.
A well-executed promotion converts wavering prospects and increases sales, at least in the short term. And if your new customers receive a great product, excellent service, and compelling follow-ups, some will stick with your brand for the long haul.
A retail promotion is a persuasive marketing strategy designed to drive sales. Most retail promotions appeal to logic and urgency. They communicate to consumers, “This is a great deal, and you don’t want to miss out.”
When you run retail promotions, use integrated marketing to reach prospects on multiple channels. Incorporate both print and online advertising, including email, organic social media posts, and paid advertising when possible.
You can use retail promotions for either brick-and-mortar or online store marketing. Successful promotions provide a boost in sales and may convince indecisive prospects it’s time to buy.
Blend classic and creative retail promotions to generate buzz, engage consumers, and increase sales. As you consider various retail promotions, keep your target audience in mind. What type of promotion will appeal to them?
Discounting products may be the most popular type of sales promotion. Everyone loves a bargain, so it makes sense to offer sales discounts when you want to garner attention.
You can offer a percentage discount, such as “20% off,” or offer dollar amount deals, such as “$5 off.” Promotional pricing can extend storewide, or it can apply only to certain products. Storewide attracts the most buzz, but it’s important to do what works for you.
In retail terminology, BOGO means Buy One, Get One. You may sometimes see the acronym BOGOF for Buy One, Get One Free. Similarly, some retailers offer buy one, get one half off deals.
These offers entice customers because they cut down on shopping guilt. People feel more comfortable spending money when they secure a deal they wouldn’t normally get. For prospects hesitating to make a purchase, BOGO deals can nudge them in the right direction.
Think about sending virtual coupons to first-time shoppers or customers who spend a certain amount of money with you. When someone receives a coupon in their inbox, it feels more exclusive and encourages them to return to your store.
You can even use targeted marketing to cross-sell products based on a customer’s purchase history. For example, a customer who purchases a new swimsuit could receive a coupon for 5% off on beach towels.
You may also want to host product giveaways or contests. Entry to giveaways may require purchasing a product, filling out a form that includes an email address, or liking and sharing your brand on social media.
If coupon and product giveaways don’t appeal to you, consider sending branded gifts with purchases over a certain amount. Examples include pens, magnets, and keychains, preferably with a cute image or clever saying that your audience will appreciate.
Plus, branded gifts will remind your customers of your brand and can even spark conversations about your store with others.
Loyalty programs are a great investment because they increase customer retention and maximize their lifetime value to your company.
With loyalty points, customers earn points each time they shop with you. They earn discounts, free items, or perks such as free shipping when they reach a certain number of points.
Some retailers also award points for actions such as social sharing, writing reviews, and referring other customers.
Seasonal promotions convey urgency because they’re available for a limited time only. Think special products like pumpkin-spiced lattes at Starbucks or annual holiday sales in department stores.
Often, seasonal promotions relate to important events in your customers’ lives, such as purchasing a gift for Mother’s Day or preparing their children to go back to school.
Partner with another local brand or business to leverage one another’s reach and resources. Collaborations often lead to unique promotions that generate a lot of interest.
For example, co-host a giveaway or offer an innovative product bundle in each of your stores. If you sell grills, for example, partner with a local grocery store for a backyard barbecue giveaway. Similarly, a store selling handmade journals and a brand specializing in fountain pens could promote a bundled product.
Another idea is to provide a coupon to your partner store when customers shop with you, and vice versa.
Retail promotions work for a reason: When you add value to your customers, they’re more likely to shop. When paired with a strategic and creative marketing campaign, promotions also build buzz.
They help you generate leads, convert prospects, and continue building relationships with returning customers. Who doesn’t love a good deal?
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.