promotion strategy

Promotion Strategies to Crank sales in a Slow Economy

In a short time with so much economic uncertainty, consumers are looking for bargains. And consumers are not only tightening their belts, large and small companies are scrutinizing purchases more than ever.

Whether your business sells to consumers or businesses, promotion strategies can improve the creative impetus to sales revenue in a tough economy. To generate ideas, take a look at the big retailers. While the economy is slow, the big box stores are every effort to bring customers in the door (and their websites).

Here is a list of strategies to promote real world. Use these to generate ideas for generating creative promotions for your business. Although many of them are employed in retail, they can easily be replicated for all types of businesses.

Gift With Purchase

A local furniture store often gives substantial gifts with purchase. For example, buy a bedroom set and get a flat screen TV or a gas barbecue. The cost of this bonus may be funded through a partnership with the manufacturer of the give-away (they offer a cost sharing advertising).

Falling Price

Many retailers cut prices in general and using the possibility of publishing: "Check out our new lower prices!" You can bet they will increase the price later when the economy begins its recovery, but in the meantime, it gives them an advantage over their competitors.

A New Spin on supply BOGO

The Buy One, Get One offer is a perennial favorite and one retailer found a way to inspire the most high dollar purchases. At the time of writing, Costco sells five $ 20 Starbucks gift cards (worth $ 100) for $ 80. Since coffee is a luxury that can be sacrificed when consumers tighten up their budgets, provides rebates gave a boost to both Costco and Starbucks.

Discounts deep on Clearance Items

Instead of the typical 20% to 40% off End of season merchandise, sales executives discount stores boast as high as 75%. Some even offer 10% off if you use more, or ask an eBay credit card. What retailers lose deepest discounts, they gain in sales volume.

Group discounts

Several companies offer special discounts to groups such as seniors, teachers, students, businesses, members of trade associations and non-profits. It offers a percentage discount on a certain day of the week or year, this strategy can provide a great incentive for buyers. As a bonus, organizations that benefit from these reductions will often offer support to their members.

The Loss-Leader

A loss leader is a deep discount on a product sold at a loss (below cost) to get people in the door (then they spend money on other purchases). Grocery stores are famous for offering such items as soda at ridiculously low prices. Recently, Lottery of California organized a promotion that caused a traffic jam in a town in northern California. When customers bought $ 10 lottery tickets, they received $ 50 in gasoline. Not only does this promotion cause a surge in sales of lottery, he was so popular that he eventually got the time antenna on the evening news.

Discounted Gift Certificates

Retailers love gift certificates, because they generate cash flows and a high percentage of them ever bought. A local hair salon sold gift cards a $ 50 value for only $ 25 and sold the business community. They sold dozens of cards business owners and vendors who gave them as gifts for their customers. Consequently, the majority of cards have been distributed to potential customers.

Gift Certificates with a bonus

A popular holiday promotion that many restaurants and retailers employ is to provide a premium to purchase a gift certificate. For example, for every $ 50 in gift certificates purchased, get a gift card for $ 10 special. Usually, The bonus is valid only within one month, giving the buyer an incentive to return and make yet another purchase.

Free Stuff

For new customers in the door, a local computer shop offers free health check-ups on computers. Then that customers expect, they have the opportunity to purchase additional products and services. In a similar promotion, a local pool company provides six months of service for cleaning the pool with any new pool installation. After the interview pools for several months, the company will probably win contracts for pool maintenance services continued to be satisfied customers, and outbidding the competition.

Web Only Specials

Smart retailers collect e-mail addresses and send regular promotions subscribers. For example, save 25% when you shop online by Friday!

Events: Register with Friend

A great way to fill seats at events is to offer a discount if you buy two tickets. For example, if the registration cost of $ 100 each, sell two for $ 150.

Remember, this is to find new creative ways to promote your products and services. In a tough economy, price becomes an important factor when making purchasing decisions. To thrive in a market that is becoming increasingly competitive, we must all learn to think outside the box to keep the wheels turning in sales.

About the Author

Stephanie Chandler is a speaker and the author of several business and marketing books including FROM ENTREPRENEUR TO INFOPRENEUR: MAKE MONEY WITH BOOKS, E-BOOKS AND INFORMATION PRODUCTS. For small business resources and tips for growing your business, visit http://BusinessInfoGuide.com and sign up for the monthly newsletter

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