It’s the holiday season, and that means that as a trader, you are going to be able to generate considerable income. This is no surprise, considering that the three months leading up to December 25 generate almost $ 1 billion? or about 6 percent of the entire U.S. economy.
But how are you going to go about getting people to buy more from your store? What do you do when you want customers to buy more frequently, or in greater quantity, or if you want to increase your sales during the hours when there is not a lot of activity?
Whatever your goal, by creating time-bound sales promotions and having a good grasp of the demographics of your target customers, you’ll be able to inspire the right actions, get answers, and grow. your activity at the same time. In this article, we’ll take a look at promotion techniques that are worth their weight in gold when implemented effectively. Here they are :
So the next time you don’t know how to increase your sales, get new customers, or retain your current customers, you’ll have no trouble finding the perfect sales promotion technique to achieve your goal.
The Power of Promotional Price
As a small business owner, you already know that offering millets discount code and discounts on products is very effective in increasing demand. But on which products should you offer a discount? And how much? Or for how long? These are all questions that come to mind when considering the option of reducing prices. These are also important questions, because of how the price affects the psychology of the customer.
For example, you might have heard of the power to end prices with the number 9. Researchers have found that items that are priced at $ 39 sell better than the lower price of $ 34. Or the power of the word ?FREE?, which helps motivate us even when the perceived value and price of two options remain the same.
Now, let’s take a look at some promotional pricing strategies you can deploy in your own store:
Markdowns: This is when you lower the prices on a large selection of products in your store, for all customers. This method is most effective when it is supported by an advertising campaign, whether through paid or free channels.
Price at Loss: When you know certain products are in demand, regardless of whether they are luxury items like an iPad or an everyday need like underwear, you can offer strong discounts to attract new customers to your store. Known as lower prices, these prices are very useful for selling overstock items, increasing traffic to your store, and building awareness of your brand.
Bundle pricing : Bundling of products is a great way to generate more perceived value at a lower price, which does not leave customers indifferent. Whether it’s a ?buy one, get one free? or ?3 for the price of 1? offer, this technique is excellent for making customers feel like they’re getting more than what they pay for. they don’t pay. As a bonus, this is a huge opportunity to entice these customers to purchase more expensive items once they are in your store.
Target customers to retain
Do not try to retain all your customers. Concentrate your efforts and your means on the best. ?One of the basic principles of effective loyalty is ‘meritocracy’,?. You need to identify the 15-20% of customers who make 50-80% of your turnover and apply “positive discrimination” to them. Don’t hand out a loyalty card to everyone, pay attention to the most receptive and profitable customers.
Many brands thus charge their loyalty card because loyalty for loyalty does not make sense. An effective loyalty program must create value: economic, to develop sales or margins; affective, to lock in market share by discouraging customers from leaving you.
“Loyalty strategies aim either to get more from each customer or to improve the image of the company and thus strengthen the customer’s attachment to the brand, which dissuades them from looking elsewhere,”? Loyalty cards from distribution brands mainly play an economic role. In contrast, luxury brands play almost exclusively on the pure emotional register.