Successful companies understand the impact sales and promotions have on their bottom line. If you’re looking to boost customer satisfaction, increase sales, and heighten brand awareness, results-focused promotions can be a key factor. No matter your niche or company size, there are sales techniques that deliver on the big picture success you envision. theBLOQparq (tBp) just so happens to understand the nuances and importance of promoting your brand with a targeted approach. tBp believes in paying it forward, and we won’t keep all this valuable knowledge to ourselves. Without further ado, here is some insight into what goes on behind the scenes of successful sales and promotions.
According to Salesforce, your promotional efforts should have a strategy that incorporates these five essential elements:
- Select the right target audience
- Set measurable goals
- Limit availability
- Promote widely but wisely
- Offer real value
- Review your results (and adjust)
Lowering Your Prices Can Increase Your End Gain
Initially, promos and deals may seem counterintuitive to what your business needs to attain profitability. Before you start stressing out about lowering your prices, take comfort in knowing your company will benefit just as much as your customers. Still doubtful? Let’s look at some of the results-driven benefits.
Reduced Risk
When appropriately executed, promotions will minimize risk to your company. As long as there is structure and the sales have specified strategic limitations, it can prove to be a sustainable business model. Additionally, focused promotions can help you to move inventory that would otherwise sit on the shelf. In that case, it’s all about cutting your losses, learning from your mistakes, and making the proper adjustments to pivot toward greater profitability.
Propel Profit
Short-term offers create a sense of urgency, which means your sales can experience a significant and quick boost. The “act now” type of offers can give your business the minimal boost it needs amidst the
steady (but typically slower) profits experienced during the usual day-to-day business.
Customer Retention
Long-term customer commitment is the name of the game, and with targeted sales promotions, you can up your long-term customer relations strategy. In general, people believe loyalty deserves to be rewarded. For those choosing to frequent your place of business regularly, running smart sales can serve as a way of saying thank you for supporting my brand.
Source: MarketingLand
Gain Customer Insight
They say knowledge is power, and this statement definitely hits home in the case of business prospects. Promotions are an excellent way to gather contact information from both new and existing customers. This allows you to get invaluable feedback and to continue nurturing the relationships long after the purchase has been made.
“If You Promote It, They Will Come.”
Repeat business is the best business when it comes to long-term success. Your loyal customers will be the ones to spend the most and share glowing reviews with others about your products or services. You’ll want to implement results-driven promotions that foster this continuing bond with your customer. Some examples of promos are free samples, BOGO (buy one get one), cash back promos, flash sales, and free shipping.
Boost Your Brand
The more familiar your brand becomes to your audience, the more they trust your messaging and offerings. Brand recognition guarantees customers will keep you top of mind and have confidence in what you deliver. Promos and sales can strengthen your brand story through social media contests, meaningful giveaways, lifestyle discounts, branded package bundles, and partnership offers. Sales promotions can take on many forms, but the common thread is they all serve a results-driven purpose for bottom-line growth. Speaking of growth – tBp is a community that helps entrepreneurs to grow as individuals and innovators. By focusing on your overall vision, you will build a solid brand that deserves the extra attention brought on by thoughtfully delivered promos and sales.