Some of the most recognised marketing tactics used by businesses of all sizes right around the world are popular promotions and offers such as ‘Buy One, Get One Free’ and ‘2 For The Price Of 1’.
While in general these offers are great and can lead to increased sales and better brand awareness, they can have a negative impact upon your business and the following three points explain how you can deliver a promotion or offer without it having a detrimental effect on your business.
1. Decide whether it’s the right time
One of the most important things to remember when you’re putting together any type of marketing strategy is to first determine whether or not the time you’re intending to promote the product or service is the most suitable time possible.
Although you are likely to want extra promotion during the quieter times of business, this isn’t a necessity or a requirement, just like it isn’t advised to put a hold on all promotions or offers throughout the busy periods.
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2. Always do your maths
It’s easy to think that a 2 for 1 offer in a certain store has been created to increase sales and there has been next to no thought behind it.
While every business will have their own levels of involvement and preparation when it comes to creating promotions and offers, the basic step that every business follows is sitting down and working out whether or not they can afford to offer, for instance, a certain product at a 25% reduced cost.
Simply put, no matter how much you’re wanting to promote a certain product or service, you should never do so in a way that will see you lose money on it.
3. Don’t change midway through the period
One of the ways that you can almost guarantee your promotion or offer will have a negative impact on your business is if you decide to make changes to it during the time that the promotion is active.
For example, if you state that you’re going to offer a 50% discount on all orders over $1,000, but two weeks later you change this to $500, you’re not only likely to confuse customers, but also particularly annoy those who’ve already made a purchase at the higher price.
You’re well within your rights to make certain changes to your offers and promotions, but it’s strongly advised that you think about every potential change in-depth, as it could have a particularly negative effect on your business.
Providing an offer or promotion to your customers is generally a fantastic way to increase sales and brand awareness, but it requires for certain aspects to be kept in mind at all times to ensure that it doesn’t have the opposite effect to what’s expected.