Are you one of the shoppers who are always on the lookout for sales promotions? Signing up to newsletters for notifications of discounts, free giveaways and special offers? Then you are not alone as 72% of consumers want to see discounts or sales on brands’ social media (MarketingProfs). Also, according to Retailmenot Inc., 91% of shoppers are triggered by in-store promotions and 89% in online promotions.
What are sales promotions and why does everyone love discounts and giveaways?
A sales promotion is a marketing strategy put together by business companies to increase interest or demand in the use of its product or service. They are short-term strategies or temporary campaigns that come in many forms, like discounts, coupons and more which main purpose is to turn the audience to consumers and so to boost sales.
89% of customers named price as the deciding factor when they make a purchase compared to the 82% who are after the quality (Hawk Incentives Research). This only suggests that sales promotions indeed stimulate people’s interest to take advantage of discounts or to take part in giveaway contests that about 40% of consumers are reported to feel emotional satisfaction after finding the best deals on promos (Hawk Incentives Research). According to ThingwithGoogle, shopping for products and finding deals and discount are even the top two reasons why people turn to their phones.
What are the most common types of sales promotions?
1. Discounted Products
Discounted products are possibly the most popular and effective type of bargain. It could be a lifestyle discount or for specific professions like teachers, nurses or students. It is said that a 5% discount storewide with few exceptions has more conversions and recorded more sales than a 60% on a single item (Promotioncode.org).
2. Flash Sale
3. Buy More, Save More / Buy One Get One Free
This type of promotion is generally to drive inventory specifically to clear out stocks with low sales or take too long to clear out. A lot of customers will feel guilty not to buy more because of the amount they can save. One effective way also is to offer two of an in-demand product for a reduced price or a price for one item during a short time only. This will definitely create a sense of urgency that will help boost sales.
4. Product Giveaways
Everyone loves gifts so this promotion is highly recommended to entice people to buy your products. This giveaway could be offered after each qualifying purchase or after completing a specific task which is also a great way to increase followers on social media and traffic to your website. With this promo, customers will appreciate the gesture and will think of your business whenever they see their branded gift. It is also ideal to clear out surplus stocks and convert them to sales.
5. Holiday Promotions
This type of promotion is considered to be often successful every time it is made live. Everyone enjoys spending more, especially during holidays. Enticing customers with discounts or giveaways is an effective way to get your brand and your business out there. Creating your offers around a specific theme will make it easier for people to understand and remember your promotion. Promoted products or giveaways are also considered to be appropriate to the holiday for a more successful campaign.
So these 5 are the most common and effective types of sales promotion that consumers so love to participate in. These are also the promos that will definitely give you the best bargain for your hard-earned money. So if I were you, I would sign up already to the shop that gives a LOT of sales promotions all year round. One of them is Elinz. Get yourself updated on our latest products, discounts, giveaways and more by signing up to our newsletter.
Elinz also got the best deals for you!
Visit https://www.elinz.com.au/view/i-love-sales/ILoveSALES now!
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