Types of Promotion or Promotion Mix | Advertising | Sales Promotion | Personal & Direct Marketing
What is a sales promotion?
A company can use a sales promotion as a quick marketing tactic to persuade people to become customers. Promotions can help businesses in a variety of ways, including by boosting product demand, luring back former clients, and luring in new ones. Promotions can take many different forms to appeal to a range of customers and achieve different objectives, but they all work to expand the customer base for your business.
Types of promotions
You can use a variety of sales promotion strategies in various contexts. Here are several types and examples of promotions to consider:
Product discounts
One of the most common types of sales promotions is giving products a discount. Your business can promote a product discount, such as $15 off or 20% off, to draw customers away from your rivals who sell comparable goods. Furthermore, you can make sure that your promotion doesn’t result in a loss for your business by providing a discount for a brief period of time. For instance, if your business sells hardware, you might give a weekend-only 15% discount on power tools.
Coupons
Coupons are another popular form of promotion. You can email customers printable coupons or mail customers actual coupons to entice them to make a purchase from your business. To encourage customers to make purchases from your business quickly, you can also include an expiration date on your coupons.
Sending coupons to customers who are dissatisfied with your products might persuade them to give your business another chance. For instance, if a client ordered custom cookies from your business and wasn’t happy with them, you could try to repair your company’s reputation by offering them a coupon for a free box of cookies.
BOGO deals
“Buy one get one” (BOGO) promotions let customers buy one item and receive a second item for free or at a discounted price. This kind of promotion can also be used to liquidate stock. For instance, to boost sales and quickly exhaust your supply of throw pillows in preparation for new inventory, your furniture business could promote BOGO throw pillows for three days.
Loyalty programs
A company’s success can be greatly influenced by its most loyal customers, and creating a loyalty program is a great way to keep customers. A customer can be invited to sign up for a loyalty program card that awards them with points and savings for being a consistent buyer. Over time, earning loyalty points can provide a customer with an incentive to continue making regular purchases from your business.
Lifestyle discounts
Certain customer groups, including seniors, veterans, teachers, and students, receive lifestyle discounts. To attract these customers, consider implementing a lifestyle discount program. For instance, you could offer senior citizens a discount on their purchases on a weekly “senior day.”
Alternatively, your business could provide a discount to college students who present their student ID card or provide their student ID number when making a purchase. By offering a lifestyle discount like this, you can encourage a certain customer segment to return to your establishment and perhaps even recommend it to others.
Flash sales
Flash sales, which frequently last for just one day, inspire customers to buy right away by fostering a sense of urgency. Flash sales can be particularly successful for companies that conduct the majority of their business online because of their speed. Offering all of your products at 25% off for one day only when customers use a specific coupon code is an illustration of a flash sale.
Social media giveaways
Running a social media giveaway where individuals can enter to win a prize you’re offering is one way to raise brand awareness on social media. Establishing guidelines for your giveaway will help you gain more followers on social media. One requirement, for instance, might be that participants follow your account and tag three friends in posts. This can boost your business’s social media presence and draw in new clients who may not be familiar with it yet.
Free shipping or free returns
Think about running a promotion that includes free shipping or free returns to increase your company’s online sales. Your customers may be encouraged to place an online order by offering them discounted shipping costs or the assurance of free returns. You could offer free shipping on your website for all purchases or only to clients who spend a specific amount on their order. Free shipping on all items could be a temporary promotion, but you could, for instance, provide free shipping on orders of $50 or more all year long.
Holiday promotions
Holiday promotions can help you increase sales for your business because consumers typically spend more money during this time. Holiday promotions may include discounts or other offers that are only available during the holidays. Around Halloween, think about highlighting the holiday-related goods that your business sells, like candy or costumes. Additionally, you could create a commercial for your promotion using the holiday’s theme.
Bundles
You can group several of your company’s goods or services together and offer a discount in order to entice a customer to try more of them. For instance, if your business sells environmentally friendly cleaning products, you could entice customers to try a variety of products by bundling bathroom cleaner, window cleaner, and hand soap at a discounted rate compared to the cost of purchasing the items separately.
Free samples
You can offer free samples to potential customers to introduce them to a product whether or not they decide to make a purchase. Free samples can encourage customers to return to your business and buy the full version of the product since many people prefer to try products before deciding to buy them.
For instance, you could provide a client with a free sample of your business’s newest tea flavor. After trying the sample, they might decide to buy a full box of your tea bags if they like them.
Free gifts with purchase
Adding free gifts to customers’ orders as a way to encourage them to place larger orders is another common promotion strategy. This enables your business to sell more goods, and customers frequently appreciate this strategy. For instance, if your business sells cosmetics, you might provide a free cosmetic bag with a purchase of $75 or more. This could encourage your clients to place enough makeup in their carts to equal at least $75, boosting your business’s revenue.
FAQ
What are the 4 types of promotion?
- Advertising.
- Sales Promotion.
- Public Relations.
- Direct Marketing.
What are the 7 types of promotion?
- Personal Selling. The very first form of promotion. …
- Digital Promotions. Digital promotions include all forms of advertising found online.
- Public Relations. …
- Sponsorships. …
- Sales Promotion. …
- Direct Marketing. …
- General Advertising.
What are the types of promotions?
- Advertising: It spreads a message or raises awareness while promoting any recently introduced products, services, or businesses.
- Direct promotion is a form of advertising in which a business speaks with its clients directly.
- Sales Promotion- …
- Self-promotion- …
- Public Relation- …
- Online Promotion-
