Retail promotions: How to make them more effective
Driving sales is a major objective for retailers whose presence are either found on the high street or online. In the case of brick and mortar retailers, the step towards achieving that objective begins with bringing in more foot traffic, followed by the crafting of a smooth customer journey that leads to sales.
Many retailers are so focused on digital marketing and promotions that they often neglect their offline efforts. In reality, however, offline retail promotional strategies are still as effective as their digital counterpart. To help you fine-tune your retail promotions and make them more effective, here are some top tips you can use.
Utilise promotional pricing
Promotional pricing attracts a big crowd; this is a strategy that has been proven for so many years. In the case of most retailers, introducing promotional prices for a short period of time is a great way to bring in more walk-in traffic and boosting sales.
The key to using promotional pricing is timing. You want to offer promotional pricing when the potential customers are ready to make a purchase, such as near holidays or close to payday. Knowing how to implement this strategy will also lead to more sales.
A good example is bundle pricing. Instead of lowering the price of your products, you set a special price for bundled purchases. Promotional offers like “Buy 1, Get 1 Free” are notoriously effective in giving potential customers that extra nudge they need to make a purchase decision.
Another way to make your prices more interesting is by knowing the type of customers you have and adjusting your prices accordingly. For instance, ending your prices with a 9 is seen as more effective with certain customers. You can use this theory when setting discounts so that you have the right prices for maximum impact.
Refine your displays
Another way to drive more sales through retail promotions is by improving your in-store display. It is not a secret that customers are more likely to buy products that are displayed in an attractive way. This is why major retailers invest so much in their window displays and the in-store experience in general.
Of course, you don’t have to break the bank just to have a more attractive display. Instead of investing in expensive installations, a simple banner stand can just be as effective. A banner stand from Marler Haley could be used as an easy fix for your display. Banner stands use great visuals that can enhance and help make your line-up of products more interesting. They also work really well for adding point-of-purchase (POP) displays near the register.
There are several ways you can use POP displays to drive sales. One of the most effective strategies is adding a bin of free samples with a banner that says, “pick one with every purchase.” This promotional offer alone can increase your sales by a substantial margin.
Appreciate the customers
Little things matter, especially when it comes to making the customers feel special. Adding an extra pack of samples or recognising frequent customers are all simple things you can do easily, but they are the kind of simple things that will win you their loyalty.
The latter strategy, recognising the customers, can also be taken a step further. You can develop an entire loyalty programme to really reward frequent customers. Don’t just stop at offering tangible rewards either. Greet the frequent customers by name and try building a genuine relationship with them.
The strategy may not be an expensive – or particularly difficult – one to implement, but it is effective. Before long, you’ll have loyal customers who are more than happy to promote your business to others. It is even sooner before you start getting more walk-in customers from those recommendations and word of mouth. Combined with the previous tips we covered in this article, boosting sales with retail promotions will not be difficult at all.
