In this article we will tell you:
The essence of sales promotion
Pros and cons of using sales promotion methods in trade
2 Main Ways to Promote Sales
3 sales promotion mechanisms
4 tips for hosting relevant events
5 Specific Examples of Using Sales Promotion Methods
Sales promotion methods are used by the vast majority of companies today. Actually, there is nothing surprising about this: the products offered are not very different from each other, competition in the market is growing, and the advertising we are used to is no longer as effective as it used to be.
If you don't make efforts to bahamas email list stimulate sales, you may end up with nothing. However, for such methods to work, you need to choose them wisely, based on marketing research and the specifics of your business.
The essence of sales promotion
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Sales promotion (consumer promotion) is a series of marketing activities that increase sales.
What is the difference between advertising and sales promotion methods? In the latter case, all active actions aimed at attracting the buyer's attention are carried out at points of sale: retail outlets, showrooms.
The goal of sales promotion is to make the customer buy the product in a given store right now and also want to buy products manufactured by this brand in the future.
In marketing, the subject to influence is consumers. They need to be given a commercially advantageous offer. If you know the most effective methods of stimulating sales of a product, there will be many new and regular customers.
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In what cases should consumer demand be stimulated:
In your industry, there are many products with similar consumer qualities that are sold by competing firms.
The sale of goods is carried out through self-service.
You are promoting your products in a new market segment and have found another distribution channel.
It is necessary to strengthen the company's position in the market, increase sales and profits at the moment when the product life cycle enters the saturation phase.
It is also recommended to resort to demand stimulation if you plan to introduce new products to the market.
Pros and cons of using sales promotion methods in trade
What are the advantages of all sales promotion methods:
the positive effect is noticeable immediately;
using different methods, you can attract your target audience;
Both a large company and a small firm can allocate a budget for sales promotion;
customers will make purchases again;
sales volume will increase;
customer activity will increase and they will start making purchases with excitement;
the activities of intermediary companies will improve;
trade in your industry is increasing.
The essence of sales promotion
However, sales promotion methods also have disadvantages:
The effect of the events is short-term; to extend it, it is necessary to use additional advertising.
Once the promotion ends, sales will decline.
If you constantly stimulate sales, the activities carried out will become less effective.
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It is almost impossible to turn a client into a regular customer.
Fraudulent activities are likely, such as middlemen stealing prizes intended for participants.
It will not be possible to change the opinion of a consumer who prefers a product from another manufacturer.