Techniques of Sales Promotion

A corporation does promotions or give offers to increase interest or demand for its product or service. Businesses utilise promotions for various purposes, the most important of which is to increase sales. Increased sales are required to meet good profits or draw attention to new or existing products and services. Some importance of the sales promotion tools and techniques is the stabilisation of sales volume, spread information, marketing control etc. Let’s take a closer look at the many types of promotions and the benefits and drawbacks of each. If you are preparing for the upcoming examination, go thoroughly through the below-given notes.

What is sales promotion?

Promotions is a set of marketing technique to stimulate demand for a particular existing product in new markets or for new products in existing markets and raise brand awareness. Temporarily restricted, creating a time-sensitive sensation, creating new leads and retaining existing customers. Promotion is one of the core elements of the promotion mix. To build a long-lasting relationship with your consumers, you need to know what are the preferences of your target audience to achieve effective sales. At the same time, we need to provide customers with added value related to their requirements.

What are different methods of sales promotion?

Some of the major techniques of sales promotion are enlisted below:-

Discount: This method of promotion is as old as the mountains. Both small businesses and large companies utilise this method for more sales. One of the reasons it is so popular today is that the discounts are so attractive to retailers and consumers. Sellers can free up space in stock for new stock, and customers can buy more at a discounted price. 

Limited time offer: This method works far better than the discounts. The marketers can create a situation of urgency and fear of stocking out on their product with this method. You can make a special discount duration and all the customers who will purchase in that limited time will get some extra benefits. You need a good advertisement for your promotion to make every potential customer aware of that sale. This will enhance the traffic of your site and easily grab more sales.

Seasonal promotions: Most people purchase a heater in hot summer and ac in winter to get the benefits of the off-season & save money. Selling products during off-seasons can be a real challenge. Hence, we strongly advise you to run seasonal promotions. So, sell the things from the remaining collections at lower prices, and advertise this offer via social media and printed media.

Gifts: Who doesn’t like freebies? It will help you build brand recognition, reach big audiences fast and collect content based on user generation. It is highly valuable for every type of business, whether a startup or a group of companies.

Contests competitions are among the best opportunities to increase sales, user loyalty, and brand awareness. So, let your viewers create branded slogans, new messages and designs and share innovative ideas about the usage of products in judicious ways. Make sure your victory correlates with the effort involved in participating in the sweepstakes. 

Reward points marketing: You should reward customers who make regular purchases from you. People love brands that value their choices. Therefore, you can use this technique to start making customer loyalty. Earn points to all customers who make a second obtain or spend a certain price. Then exchange those points for your favourite product. 

Special offer: Marketers typically run a one-day campaign where users can buy anything at a fixed price. These prices are usually attractive to users, and the feeling of being overlooked cannot be overcome. The goal could be the annual customs clearance of the goods. You can set a price for each product group in your store or shop. For example, a shirt is Rs. 1500, pants are Rs1900, and a Jacket is Rs. 2600. 

Buy the voucher first: People always think multiple times while buying expensive items from new companies. Please provide special incentives to make them think about the purchase faster. A welcome email with some coupon codes to new visitors and get 8% or 12% off your 1st purchase. Limit this amazing offer to a few days for better performance.

Free online shipping: Many users just leave the site without purchasing because of high home-delivery options. Otherwise, people will not fall into this trick. Also, promote your free delivery option through social media for better reach.

Conclusion

In the above article, we have studied the various sales promotion techniques. Here we understand the definition of sale promotion, that is, “a corporation uses promotions or offers to increase interest or demand for its product or service. Businesses utilise promotions for various purposes, the most important of which is to increase sales. This is one of the most important topics from an examination point of view. So, it is advised to not skip this chapter and go through sales promotion notes to make the concept more clear of this topic.