Sales promotion techniques are used to help boost sales. A number of possible types of sales promotions exist, ranging from discounts to giveaways. An effective or key promotional technique is one that either saves consumers money or gives them more for their money. By offering the right types of sales promotions, you may be able to entice consumers into purchasing more of your product on a regular basis.
Coupons
Coupons are one of the most effective forms of promotion. Coupons that give large discounts on product not only have the power to sway customers over to the product for savings, but give the product with the coupon a chance to become a standard purchase for the consumer. For retail stores, many companies issue a cash kickback for every coupon the store accepts, which benefits store owners as well. New products benefit from exposure when coupons are issued, so coupons are a versatile form of promotion.
Giveaways
Consumers like to get things free of charge. Giving two for one is a key promotional effort that often results in sales. Some retailers might give away items they have overstocked on if a certain product is purchased. This promotional technique can attract customers while allowing retailers to sell a product they have too much of.
Contests
Contests that ask consumers to write a poem or an essay about a specific product are often used as a promotional event. While these contests usually don't require a purchase, retailers count on a certain amount of sales being made to those hopefuls who enter the contest to win whatever prize is being offered. At the very least, the contest puts a product name in front of the public eye.
Price Matching and Discounts
Promising to meet or beat the prices at any other store will often draw shoppers searching for the lowest prices. This promotional technique often lures customers into a store who may not even take advantage of the offer, but assume that prices are already lower simply by reading the promotional price match. In most cases, a store that meats or beats competitor prices requires an ad from a competitor as proof before it will honor the price match.
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