1. One for the price of two (BOGO)(promotion strategy)
Free things appeals to everyone.(promotion strategy)
In essence, a “Buy One, Get One” promotion takes use of this psychological inclination. BOGO aids in immediately increasing sales by giving buyers the impression that they are receiving gifts.
Among all advertising tactics, a “Buy One, Get One” deal is arguably the most successful. It’s best for businesses to sell off their goods for a respectable profit. The double win that a BOGO sale gives to both customers and sellers, however, is its actual core.
You are distributing your revenues to customers by using this promotional offer. You receive increased sales and brand recognition in return.
Here are some pointers for designing the ideal BOGO marketing campaign:
- To guarantee that you are in a break-even position, pick the appropriate set of products.
- Besides, to advertise the offer to the appropriate people, determine your target audience.
- To increase sales, carefully consider the timing of your offer.
- Motivate customers to act quickly and capitalize on their fear of missing out.
- Make it simple to access so that more customers may take use of it.
2. Free returns, exchanges, and shipping(promotion strategy)
Abandoned carts are your biggest issue if you operate an online store. Free delivery quickly solves this problem by acting as an instant sales promotion.
Many individuals don’t like the concept of having to pay more for shipping. However, if you can find a way around it to offer free shipping, you will succeed.
Zero delivery charges will undoubtedly boost sales, regardless of whether you increase the initial price or decrease it entirely.
Make the offer of free shipment contingent. To receive free shipping for their order, encourage customers to spend a certain amount, similar to how Brandless offers free shipping on orders over $40.
Additionally, you can encourage consumers to buy carelessly and again by providing free swaps and returns. In actuality, 95% of customers frequently make purchases from merchants that allow for simple exchanges and refunds.
To promote more purchases, advertise your free exchange and return policy on your website and social media.
3. A sample or trial period(promotion strategy)
When a new product is introduced or a new store is established, initial sales are often modest. Promotions, on the other hand, are a fantastic way to boost sales and be successful right away.
Many firms now provide a free trial or sample product, while Costco originally started the trend with free samples. Here is a glance at Sephora’s collection of free beauty samples.
Customers of the brand are given the option to order any two samples. Given the high caliber of its offerings, Sephora is confident that customers would return and make more purchases. The idea behind free sample offers is to give potential clients a taste of what you have to offer and entice them to make a purchase.
Here’s how to effectively use free sample marketing if you intend to do so:
Businesses with physical locations: Set up a tasting area inside the shop. Samples can be placed right next to the product configuration. Samples should be provided at the checkout desk.
Online retailers should provide free samples in exchange for relevant product purchases. On your website and between blog posts, include a trial box with the product or products you want visitors to sample. Inform customers via email about your store’s free sample possibilities.
Service providers: For software solutions, a trial term or one-time trial works best. In fact, most businesses that provide free trials report a 10% boost in new sales.
4. Seasonal sales and discounts
Promotions are extremely effective for special occasions like Mother’s Day and seasonal occasions like the Christmas season. Everyone anticipates finding flash bargains and significant discounts.
Additionally, the period between Black Friday and Christmas sees 30% of all purchases. This demonstrates that sales occur during the Christmas season.
For these seasonal discounts, percentage discounts work best; coupons are also a fantastic choice.
5. Rebates for referrals
When a friend or acquaintance suggests a product, 92% of respondents trust the recommendation. This demonstrates how referral marketing is a completely other game.
With referral discounts, you may shoot for two goals at once: increase sales and promote your business.
Discounts for referrals can be seen of as an artificial form of word-of-mouth advertising. However, a comprehensive recommendation scheme does wonders for increasing sales. Given that word-of-mouth advertising is a continual activity, a referral program that is well thought out will continue to generate leads.
A referral marketing plan takes time and work to develop. You can follow the steps listed below to make the procedure simpler:
a. Research your intended audience
The warmest leads will be attracted by referral discounts. They should, however, also be compatible with your offer. Analyze your clients to determine how you might profit from their recommendations.
b. Create your referral system.
Referral bonuses have two disadvantages. While they increase customer excitement, if they don’t work, they can swiftly backfire. Add these few items to your referral program to make it impenetrable:
- Simple to grasp rules
- Good advantages
- Simply qualifying
- Swift payment
c. Select the appropriate discounts
Keep in mind that referral discounts should be both enticing to the customer and cost-effective for your company when determining their value.