When a company correctly develops a sales promotion and distributes it in a smart way, it can improve the overall sales process for the target audience.
One of the most common types of sales promotion is the buy one get one free model, however, there are plenty of other different sales promotions that companies can use to increase conversions.
Buy One Get One Free
This sales promotion strategy is whenever a company offers an additional free product to motivate the customers to make an initial purchase.
The first product of this sales promotion is going to be whatever the customer is currently interested in purchasing, while the second one is going to be a free product.
Most customers 10 to enjoy receiving free things, which means when companies provide them with a free freight product they are going to be a lot more motivated to go through with the purchase.
Another popular type of sales promotion is selling subscriptions as products, which are generally at a lower rate compared to single product purchases.
If a customer was going to simply buy one instance of the product, or the service, every time they need access to it, they end up paying a lot more.
In comparison, the overall cost for subscribing to our plan is going to be a lot slower which converts a lot more people.
If a business has a selection of products that are a lot more beneficial for customers to use together instead of separately, bundling them for a lower price can make all of those products a lot more attractive for their customers.
This type of sales promotion mostly appeals to potential customers that are concerned about the value of the purchase and are considering the different options they have with our company’s competitors in mind too.
A flash sale is a short-term sale whenever a business decides to discount specific products or services for a limited period of time.
This type of sales promotion can elicit a sense of urgency in potential customers, which increases their fear of missing out on a good deal. Every potential customer that wants to take advantage of the discount before the time runs out is going to result in an increase in sales for the business.
Similar, yet different from bundles, add-ons tend to be a lot more flexible because removing specific elements doesn’t affect the payment terms that the customer gets.
This type of sales promotion is a great strategy for companies that want to provide their customers with additional value without adding any risk of losing out those customers.
For example, companies might include adding a premium feature to a customer’s potential purchase that’s generally only available at a higher price tier or giving them something other as an add-on that otherwise has specific limits.
The last type of sales promotional companies can use discounts and rewards provided to loyal customers of a business.
This strategy can inspire a lot more loyal customers to stick around with the business and make more purchases, compared to customers that aren’t a part of a loyalty program.
Matthew Caiola serves as Co-CEO at 5W Public Relations, managing the overall growth, direction and day-to-day business of the Corporate & Technology Communications Divisions and Digital Marketing.
With more than 17 years of PR experience, Matthew leads teams in launching and building high-growth tech companies, disrupting industries, building global brand resonance through thought leadership, C-Suite profiling, and speakers’ programs, as well as crisis communications across a variety of industries.