Time-Tested Retail Sales Promotions
A sales promotion is an indispensable part of the promotion mix. It bears importance in the retail industry as it has the power to clear out stocks, drive foot traffic, and lift sales temporarily. It allows customers to buy their favorite products at cheaper rates than before.
Retailers use media and non-media resources to predict and fuel customer demand and improve product availability. Examples of sales promotions include coupons, contests, product samples, promotional discounts, exclusive prizes, freebies, etc.
It is valued in terms of creating positive feelings towards a brand. This positive vibe triggers positive emotions that help customers to revisit their favorite retail shop or brand to purchase products over and over again. As loyal customers keep on revisiting the retail store, they not only help increase the foot traffic themselves but also encourage others to pay a visit, especially in malls or shopping junctions. Moreover, WOM (word of mouth) marketing or a sales buzz is a big plus for the brand. Increasing foot traffic through effective or time-tested retail sales promotions is ideal for businesses to lift their sales profitability.
Sales Promotions–In the Light of Seasonal Demand or Shopping Frenzy
Attracting shoppers to brick-and-mortar stores and converting the influx of traffic into sales profitability is necessary for maintaining the financial health of retailers. With shifting industry dynamics and changing consumer buying patterns, it has become extremely challenging for stores to drive traffic, build loyalty, and lift sales. It wouldn’t be wrong to say that online stores or e-commerce giants, such as Amazon and eBay, have eaten up a significant portion of sales profitability from retailers all around the globe. This has happened because retailers have started to use and capitalize on time-tested retail sales promotions for growing their sales profitability.
Here are two time-tested retail sales promotion techniques that can guarantee a surge in sales volume (if implemented effectively).
Promotional Pricing Will Help Build Loyalty
Marketers and retailers use psychological tactics to increase foot traffic in their stores by creating a favorable environment or atmosphere for shoppers to purchase store items or products. Undoubtedly, promotional pricing on different items is an ideal way to attract new customers, clear out stocks or inventories, and bring privileged customers back to your retail store. This way, you would not only create a point of interaction with clients but also build loyalty. Promotional pricing has proven to be one of the best time-tested retail sales promotions for ensuring guaranteed results. Some of the promotional pricing options include:
Markdowns: A complete cut of the entire stock is all that customers prefer to avail. Flat sales on the whole stock, for instance, “50% off of the entire stock until…” is a perfect promotional pricing tactic that will increase foot traffic of both new and regular customers. However, you need to keep in mind that large markdown sales must be backed by well-crafted and properly positioned advertising or promotional campaigns.
Bundle Pricing: This is the pricing tactic mostly used by cellular companies or internet providers. For example: ‘buy one get one free’, ‘use this much bandwidth, and this much is free’, etc. This great psychological selling point helps customers feel good about the offer.
Loss Leaders: Certain products are always in demand. Such items are sold at discounts, and new customers usually find them attractive and feel good about buying them. So, promotional pricing is a major contributor and a time-tested retail sales promotions option that can be used to lift sales volume and, hence, sales profitability.
POP (point of purchase) displays are one of the most effective, yet clever ways that are used by retailers and marketing experts to encourage impulse buying. They subconsciously trigger customers to purchase without them realizing it. According to a study, 55% of purchase-related decisions made by customers are due to POP displays strategically placed in the retail store.
Free Samples: It is an ideal way to introduce new items, which you may have recently added to your retail store, to your customers, especially the first-timers. This is probably the best time-tested retail sales promotions tactic that can be used by stores to drive foot traffic and build loyalty.
Speed Bumps: The proper placement of products, probably at an eye-level, can draw instant sales. When the purchasing journey is closer to an end, you must strategically place items so that they could get the attention of prospective customers. Attractive promotional or sales offers and signposts are considered ideal for stimulating unwanted desires.
What Else Can You Do?
For bringing customers to your retail store or driving foot traffic, you don’t just need to sit idle—you must get to work! Here are some suggestions:
- Send promotional messages or emails to your privileged clients.
- Acquire VAS (value-added services) from cellular companies for sending promotional messages.
- Take your store and featured products on social media networking sites to create awareness.
- Hire brand ambassadors or store influencers.
- Write a blog post to let people know about your sales promotions.
This way, you will surely notice significant results as these crucial tips are time-tested retail sales promotions techniques that are widely used by retailers across the globe. Lastly, by employing rightful sales and promotional techniques, you can expect to witness more foot traffic and increased sales profitability, which will ultimately build loyalty.
For producing desired results, you must encourage customers to visit your retail store. Once they pay a visit, then you must convert their visit into sales. By employing time-tested retail store sales promotions, you can expect to increase the influx of customers and, hence, sales. To build loyalty, you must give certain offers to clients, which will encourage them to revisit your store at their next time of need.
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