All you need to know about sales promotion

“Sales promotion” refers to those marketing activities that stimulate consumer shows and expositions. It may be further defined as a vital bridge or a connecting link between personal selling and advertising.

Sales promotion

In most cases, sales promotions come in the form of discounts.  As a matter of fact, discounts affect the way consumers think and behave while shopping. Also, the type of savings and its location can affect the way consumers view a product and affect their purchase decision.

The two most common discounts are:

i) price discounts that are provided on sale items and

ii) bonus packs that are provided on bulk items.

Price discounts mean the reduction of an original sale by a certain percentage. On the other hand, bonus packs are deals in which the consumer receives more for the original price. Companies introduce different forms of discounts in advertisements to convince consumers to buy their products.

Sales promotion activities are undertaken to achieve the following objectives:

1. To boost sales by leveraging the media which are complementary to press and poster advertising.

2. To distribute information through salesmen, dealers etc., in order to ensure the product getting into satisfactory use by the targeted consumers.

3. To entice customers to make purchases at the point of purchase.

4. To incite existing customers to buy more.

5. To introduce new products and services.

6. To attract new customers.

7. To efficiently meet competition from others.

8. To check the seasonal decline in the volume of sales.

Sales promotion includes several communications activities that provide added value or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate sales.

Due to all these advantages, the importance of sales promotion has increased tremendously in the modern times. Eventually, massive amounts of money are spent on sales promotional activities to attract the consumers in our country and also in other countries of the world!

 

Best customer retention strategies: Part V

1.Measure lifetime value:

There is a huge difference between the one-off profit you might make on an average sale and the total combined profit your average customer represents over the lifetime of their business relationship with you. Once you recognize how much-combined profit a customer represents to your business when they purchase from you again and again,  you’ll realize that customer contentment is the most important aspect of the customer retention process.

The moment you understand how much time, effort and expense you can afford to invest in retaining that customer, you will be in control of your marketing expenditure.

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2. Gifts and premiums:

Premiums are promotional items like toys, collectibles and household products linked to a product, and often require box tops, tokens or proofs of purchase to acquire. Premiums fall into three categories:

i) Free premiums – sales promotions that involve the consumer purchasing a product in order to receive a free gift or reward

ii) Self-liquidating premiums – the consumer is expected to pay a designated monetary value for a gift or item

iii) In-or on-package premiums – small gifts are included with the package.

You can include these goodies into your customer retention plan to make it successful.

Premiums
Premiums

3. Tell your stories through case studies and testimonials:

Testimonials and case studies will facilitate your customer retention strategy further. It will make it easy for you to convince your existing and potential customers. They’ll help you tell your story in an easier way.

Case studies can also act as great content pieces for your blog. Once you have your reviews you can leverage them to do a number of things from increasing traffic and sales to turning them into fully fledged case studies.

Customer reviews

4. Meetups, webinars, and offline events:

You can organize meetups at local boutiques where fans of the service will meet up and have conversations about the different creative projects they are working on. You can also invite experts in your niche to participate and give knowledgeable presentations to the participants.

Make the event an iterating experience so that people can know when the next one will happen and so it will turn into a routine for your fans. Assure that all the sound and other logistics are organized appropriately and beforehand.

Offline events
Offline events

5. Sell over and over again:

Precisely, your selling has just begun when someone makes that initial purchase decision because virtually everyone is susceptible to buyer’s remorse. To lock in that sale, and all of the referrals and repeat business that will flow from it, you need to employ techniques that allay your customers’ fears and demonstrate by your actions that you genuinely care.

You should thank them and remind them again why they’ve made the right decision to deal with you. In other words,  you need to prove constantly that they have made the right decision.

Sell and then sell again
Sell and then sell again

 

Benefits of co- browse technology: I

By now all of you are quite familiar with co- browse technology. Apart from being a great tool for the success of a website, it offers a number of benefits to the companies and sites inculcating this technology. Some of those benefits have been mentioned below:

1. It improves support accuracy:

Co- browse technology helps to improve support accuracy by seeing exactly what the customer is seeing. Through screen sharing you can actually see what steps he is taking, what errors he is getting, reasons responsible for that error and more. Co- browsing helps ensure complete resolution as you’ll be solving the issue together with your customer.

Query resolution through co-browsing
Query resolution through co-browsing

2. Higher conversion rate:

Co-browsing lets the agents have a look at the customer’s browser tab to guide them through your website and support them with the buying process. Resolving purchase related queries during this process helps clarify their purchasing decision which results in higher conversion rates and thus higher revenue per call.

High conversion rate
High conversion rate

3. Increased customer contentment:

The attention span of visitors is very short and so is their patience level when they are online. So, they appreciate being helped quickly and efficiently, and having their issues resolved instantly. Most communications channels available show that customers demand fast fixes for their problems. Co- browsing is one such technology that can be used to provide quick fixes to customers’ problems. Companies can successfully meet their customers’ expectations by using such services that provide fast customer service.

Customer contentment
Customer contentment

4. Reduction in call handling time:

Another advantage or benefit that co- browsing offers is the reduction in call-handling time. This further increases agent utilization and reduces costs. Co- browsing involves sharing screen space online and being able to have a look at the customer’s screen which results in more involved and motivated agents. In other words, this technology actually helps to shave off all the time spent articulating what is on the screen, what the customer did previously, and what the customer should do next as it makes chats and calls more efficacious.

Reduced handling time
Reduced handling time

 

Tips to increase conversion rate: III

1. Create urgency through scarcity:

You can employ a number of techniques in order to achieve a high conversion rate. Creating urgency through scarcity is an efficacious tactic of doing so. You can create scarcity in the following two ways:

i) quantity-related scarcity:

This type of scarcity is created by telling visitors that a particular number of seats are left at a mentioned price.

ii) time-related scarcity:

In this type of scarcity, there is a time constraint for buying a particular item, such as the ones titled as ” One day left” and more.

In case of endless product supply, you can give out time-sensitive bonuses, a free gift to first a particular number of buyers or a discount if they complete the purchase within a specified time frame. So, these are the ways of creating urgency through scarcity. All you need to keep in mind is that the reason for scarcity has to be authentic. People will know if it’s a fake scarcity. This can prove to be harmful your reputation.

Creating urgency
Creating urgency

2. Make your call to action prominently visible:

Call to action refers to something that asks users to convert. It may vary from a landing page for your product to a form for users to use to sign up for an email list. Your call to action can be present in any form but the only condition for its success is that it should be prominently visible. You need to make it stand out with an enticing design or use it as a relevant and engaging pop up after a user sits idle on your site. You may actually include it near the top of every page, or link to a call to action on nearly every page of your site.

Call to action
Call to action

3. Minimize everything that is irrelevant:

Once you have made your call to action prominent, you would want people to focus on a single action and not be distracted from it. As a matter of fact, the more visual inputs and action options your visitors has to process, the less likely they tend to convert. Therefore, you should consider minimizing distractions like unnecessary product options, links and extraneous information will increase the conversion rate.

 

Remove distractions
Remove distractions