We generate brand-building activation ideas that engage your consumers and lead to measurable results. Our sales promotion encompass a variety of short-term techniques designed to attract your consumers to respond to your brand in a positive way. The most effective sales promotion is directly associated with product purchasing. This sales promotion is intended to enhance the value of your product by either reducing the cost or by adding more benefits to increase sales.
Our sales promotion techniques also can be used to achieve your other objectives such as building brand loyalty or creating product awareness. Consequently, Fulcrum team a large variety of consumer promotions.
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Benefits of Consumer Promotion
A successful promotional campaign has the capability to nurture relationships with consumers through maintenance and engagement. The following is a list of just a few of the myriad benefits that consumer promotion can provide to a brand.
When the aforementioned benefits of consumer promotion are considered as a whole, it is clear that they are indeed extremely helpful in driving revenue, creating brand engagement and enabling companies to acquire new consumers. Consumer promotion is undoubtedly an efficient and effective vehicle for marketing communications. For consumers, sales promotion provides a direct and often rational motivation to purchase the product being promoted.
Opportunity
A promotion allows brands the opportunity to communicate on packaging and enables them to focus campaigns around an event. ComA promotion allows brands the opportunity to communicate on packaging and enables them to focus campaigns around an event. Communication is a skill that creates formidable relationships with consumers that make your brand unique.munication is a skill that creates formidable relationships with consumers that make your brand unique.
Differentiation
A brand needs to be different to survive, and a consumer promotion can be a fantastic way to make a brand stand out from the crowd. It holds the potential to add unique value to a customer through a competition or unique experience, creating a reason to choose your product in a crowded market.
Focus
A consumer promotion often becomes an event for the company, which then allows it to focus all its channels of marketing. A focused approach can force a firm to change the way they market themselves and create brand engagement through those changes.
Reputation
A brand is not the only one who can communicate a consumer promotion. Word of mouth is one of the most positive forms of communication, especially if it is coming from a friend or colleague, as they are usually a trusted and reliable source. Give your consumers a reason to be surprised and they will make sure your reputation thrives.
Revenue
Simply put, more sales from your promotion will create higher revenue. However, brands need to always calculate their costs and ensure they are aware of how many people may redeem the promotion and ensure that it is a profitable endeavor.
Information
When customers attempt to redeem promotions, brands can often retrieve data such as email addresses and their home address. This creates the opportunity to target a customer through segmentation; you can then use direct mail or email campaigns to create personalized marketing.
Incentive
All the points above drive sales and make consumers’ decision-making much simpler. If a brand is offering a similar product but something additional, then the consumer will often want more for their money.
Sales Promotion Strategies
Sales promotion strategies can be divided into three broad types. These are –
- Pull Strategy – The pull strategy attempts to get the customers to ‘pull’ the products from the company. It involves making use of marketing communication and initiatives like seasonal discounts, financial schemes, etc.
- Push Strategy – The push strategy attempts to push the product away from the company to the customers. It involves convincing the intermediary channels to push the product from the distribution channels to the final consumers using promotional and personal selling efforts. This strategy involves making use of tactics developed especially for resellers, merchants, dealers, distributors, and agents.
- Hybrid Strategy – A hybrid sales promotion strategy makes use of both the pull and push strategy to sell the product with the least resistance possible. It involves attracting the customers using special coupons and also providing incentives to the merchants to sell the brand’s products.
Sales Promotion Techniques Targeted To Consumers
Sales promotion tools used for consumer-oriented promotion are –
- Free Samples: Distributing free samples increases brand awareness and triggers the psychology of ownership where the person chooses the promoted product if he liked the sample.
- Free Gifts – Offering free gifts attract customers as they get more while paying for less.
- Discounts/Discount Coupons – Discount coupons are a great method of increasing sales for the short term. People go for discount coupons as they let them buy the products they couldn’t afford otherwise.
- Exchange Schemes – Exchange schemes attract many customers as they get some value even for their old product.
- Finance Schemes – Finance schemes like no-cost EMI, low-interest EMI, etc. makes it easier for customers to purchase expensive products.
- Shipping Schemes – Sometimes huge shipping costs discourage the customers from buying products. Such short term shipping schemes remove friction.
- Bundle Discounts – These deals are a great way to reduce unsold inventory. It includes selling bundled products at a price lesser than when those number of products are bought separately.
- Bulk Purchase Deals – This is a great sales promotion tactic to reduce unsold inventory. It includes providing discount to customers who buy in bulk.
Sales Promotion Techniques Targeted To Traders
- Point Of Purchase Displays – This includes providing free point of purchase (POP) display units to the retailers to increase their sales.
- Trade Shows – Trade shows are a great sales promotion strategy where the business promotes its product to thousands of traders in the trade show. Trade shows also witness huge discounts as compared to when bought usually.
- Push Money – Also known as spiffs, this technique includes extra payments to traders to motivate them to meet specified goals. For example, giving them a $50 bonus per unit for selling product A and $30 for selling product B for a specified time period.
- Deal Loaders – These are the gifts provided to the traders (wholesalers and retailers) for ordering a certain quantity of product.
- Trade Deals – These are special concessions provided to the merchants to encourage them to promote a specific product and increase its sales for a limited time period.
- Buying Allowances – Special discounts provided to the sellers when they order a specified number of products.