In this buyer’s market era, no business can afford to ignore sales promotions. By leveraging sales promotion, brands may remain in the memory of the kings of the market and ensure their survival.
So that you are not lost, buyers are the kings of the market in this era. You are not wondering why, are you?
In today’s marketing world, where the buyer is in control of making choices and in deciding what to buy and what not to buy, where to buy and where not to buy, there is great attention being paid to them by marketers.
Efforts are being made on a large scale to understand the buyers and gain ample knowledge of what they like and what they might not be cool with.
Marketers collect all kinds of marketing and personal data and then mine the data on buyers and use CRM to hold the buyers` attention in place.
In this process, marketers are talking of treating buyers as “Kings”. They are looking for ways to please the kings and one of the most powerful ways to get into the hearts of these kings is to use short-term attractive initiatives to stimulate demand and increase sales in what is known as sales promotion.
When it comes to marketing, your promotion strategy is the gas that will drive your product forward into the minds of your target audience.
Great content or products are easily missed if they aren’t properly promoted.
If you are having trouble thinking of ways to reach your buyers, this guide will provide the best sales promotion examples that you can draw inspiration from to run your marketing campaigns.
What Is Sales Promotion?
A sales promotion is an activity that runs for a short space of time, with a focus to increase consumer demand and sales volume.
Research reveals that 48% of customers admit that product discounts influence their purchase decision speed.
Accordingly, offering a discount is a tried-and-proven way to win over buyers and move stock.
A sales promotion is an excellent way for your brand to encourage potential customers to buy your product or sign up for your product or service.
It improves short-term sales revenue and attracts new customers to your business, often leading to more positive customer feedback and social proof in the form of referrals and reviews.
Great Sales Promotion Examples you should Copy
There are various approaches when it comes to giving a customer a discount, however, over the years, it has been studied and proven that some types of ‘money off’ offers are not always the best ways to promote your business.
Some and too many discounts can affect product perception and reputation and result in the cheapening of your brand.
So, to avoid this sort of sad tale, it’s best to take a more calculated approach and offer different kinds of promotions to the buyer with demeaning what your brand represents.
#1. Cashback Sales promotions
We are already familiar with the idea of discounts – picking up the same mouthwash you buy week in, week out, and wondering if to go with it or the competitor product that is offering 50% off.
Well, the idea behind the cashback is simple but effective – a consumer purchases a promotional item and then claims back a percentage of what they paid.
As many savvy buyers know, it does pay to shop around and let’s be honest, the idea of extra money in your back pocket always comes with great feelings.
According to a recent study conducted by Forbes, 82% of buyers said they would prioritize special promotions, discounts, or cash back when choosing where they shop, and research done by RetailMeNot found that 48% of consumers will steer clear of brands that don’t offer deals.
A cashback campaign is a strategy that can have a massively positive impact on market share, sales, and customer loyalty.
Cashback promotions enable your brand to rise above the competition, win new customers and earn immediate sales from the added value you can deliver.
Your offer could be the deciding factor for a buyer choosing between your brand and another, even if they are already loyal to that other brand.
Most importantly, if the customer has a positive experience with your brand, it is a great opportunity for you to build on that relationship and encourage return visits to your business.
#2. Lifestyle discounts
Lifestyle discounts are those that apply to a specific profession, age group, or demographic, usually one connected with an ID. They are commonly available for:
#1. Teachers
#2. Students
#3. Veterans
#4. Seniors
While you can offer these promotions all year round, there are also months and days of the year dedicated to particular groups of people, so ensure to take advantage of that.
For instance, back-to-school discounts are great September promotions, while August is fertile ground for National Senior Citizen’s Day.
Keep an eye on your calendar for these monthly marketing concerns so that you can plan your promos well beforehand and maximize their results.
#3. Flash sales
A flash sale is a sales promotion that offers a discount, promotion, or refund that’s only valid for a short space of time, covering from just a few hours to a few days.
Flash sales work perfectly to create a sense of urgency, which can help nudge customers to make a purchase decision.
Despite the buying window being short, marketers can build interest ahead of time by sharing exactly when the flash sale will take place.
#4. Buy one, get one free promotion
Buy one, get one promotion are popular among retailers because they can boost sales of the products being promoted.
Plus, it will draw attention to other items in the store, which is great when you need to boost sales or move dead stock.
BOGO promotions are also popular with buyers because such deals are perceived as great value. Some customers even search for BOGO coupons online before they make a big purchase.
#5. First purchase coupon
If someone becomes connected to your brand in a way other than making a purchase, such as a free trial, it might take time for them to warm up to become paying customer.
To speed up the process, offer a discount on their first purchase in your store. Some businesses even offer discounts on first purchases in their welcome email as a way to thank their new customer for joining their marketing community.
For best results, shrink the offer to a couple of days. Even if they don’t use the coupon, they may browse your products and learn more about your business.
#6. Tripwire (upsell)
Do you have a great product to sell, but you are having a hard time getting consumers to buy it? If so, we have just the tool you need to get the ball rolling for your product
A tripwire funnel (upsell).
Tripwire funnels are a super effective strategy that can turn cold traffic into big spenders in your store within minutes.
Tripwire refers to the idea of offering an entry-level product to a potential customer. By doing this, your sales team can get them into your ecosystem and begin nurturing them through the buyer’s journey down your sales funnel.
Once you build trust and help them see value in patronizing you, you can go ahead and show them why upgrading to a higher-priced offer would be in their best interest.
#7. Recurring sale
If it suits your brand, you might consider building a reputation for your one-time or biannual sale.
A recurring sale can help build expectancy so that when it does finally come around, people are ready and excited to walk into your store and pick up the products.
Recurring sales are also one of the best sales promotion tools which aim at inspiring repeat purchases.
This strategy brings about predictable revenue, grows your customer base, and increases customer retention, thus, driving more returns.
Unlike traditional one-off sales, recurring sales tactic help establish a deeper relationship with consumers to attain high customer retention.
Some of the most popular recurring sales examples include long-term contracts; usage-based subscriptions; auto-renewal subscriptions; hybrid billing; freemium; user-based billing and more.
#8. Holiday sale promotion
Nobody likes missing out on something big or do you know anyone who does? Ensure you are planning your holiday promotional sales ahead of time, so you are not late to the party and will seat behind and watch your competitors take the day.
With holiday retail sales reaching over $886 billion in 2022, your business cannot afford to miss out on this holiday season.
Holiday sale promotion offers incentives that encourage consumers to buy your products or services.
Thanksgiving, New Year’s Eve, Black Friday, Christmas, or back-to-school season are some of the best sale event periods to leverage.
#9. Free trial or demo
#1. A demo is a free product walkthrough led by a member of the Sales team to show potential customers how they could get value out of the product.
#2. A free trial is a chance for customers to try the product for a limited time without paying.
These sales promotion examples are a great way to get a customer to try out your product with no risk to or commitment from them.
In practice, marketers can offer free samples at the point of purchase, and B2B or B2C services might offer a free trial or demo of their products so that their customers and prospects can take the product for a spin.
#10. Limited-time freebies
If you can’t be flexible on your prices, you can still create a sense of urgency by creating a limited-time offer for a free product included in an order.
For instance, you could offer an existing product alongside a free bonus feature or add-on.
Limited-time freebies work like a charm on online buyers because they give potential buyers a compelling reason to make purchases by driving urgency.
An offer becomes more attractive for prospects when it’s bound by time or availability because they are afraid to miss out on a good opportunity.
Knowing this well, eCommerce marketers often trigger consumers’ fear of missing out and combine it with scarcity marketing to boost their sales.
The long Black Friday queues come to mind here.
Conclusion
Sales promotions, when done correctly, are an effective way for you to market your products and services.
I mean a well-planned, seasonally relevant focus on concerns or solutions wrapped around your products that your customers will take note of and value and that potential customers will be enticed to try for the first time.
With that in mind, this article has rolled out 10 great sales promotion examples that will help you run a well-planned sales promotion campaign.
