Marketers are creative when it comes to sales promotion.
Sales promotion involves any initiative to market a service or product in order to increase sales, according to the Marketing Teacher website. This is done by persuading customers to buy something by offering incentives, or deals, which they find irresistible. Since the goal of sales promotion is to increase the bottom line, businesses have to become creative when marketing their products. They employ various means to achieve this.
Discounts
Companies often offer discounts to drum up business.
Organizations may offer discounts, or "sale prices," on some of their products. These are usually short-term. This promotion is ideal for a product that is due to expire soon and needs to be liquidated, to make seasonal items move faster during the holidays, to promote a new product or attract customers. This promotion method traditionally results in an increase in sales.
Buy-One-Get-One Free (BOGOF)
Companies make a profit by moving merchandise.
The Buy-One-Get-One Free, or BOGOF, is a sales promotion in which buyers are promised two items for the price of one. BOGOF offers customers an item of equal or lesser value for free with the purchase of a product at full price. The seller doesn't lose money because the wholesale cost of the item is low enough that selling two for the price of one still provides a profit, explains the Marketing Teacher website.
Bonus Points and Loyalty Cards
A loyalty card promises free gifts or service, like a free car wash.
Bonus points offer a sales promotion in which consumers are given credit for each purchase they make with your business. The idea is for the customer to build points to a certain level to gain a reward. A loyalty card works in a similar way. A customer fills up a card with a certain number of proof of purchase stamps that they receive after each transaction. Once the card is completed, the customer is rewarded with a free product or service, like a cup of coffee, free hair cut or car wash.
Free Samples
Free samples work well to convince customers to buy a product. This could be in the form of food, miniature sachets, bottles or packs of the product. Perfume scents in magazines are an example of this type of promotion. The most common samples are offered in supermarkets or shopping malls. Food items, snacks or drinks are handed out to potential customers at grocery and warehouse stores, while cosmetic marketers offer complimentary make-up or facials at malls in order to motivate customers to buy the product.
Tags: Buy-One-Get-One Free, Buy-One-Get-One Free BOGOF, creative when, customers product, Free BOGOF