Every business wants to win more consumers and get more out of their existing consumers. It is an essential part of growing the business & brand. Today's consumers look for a reason to visit the store or website or pick up something different from their habit. If the reason is strong enough brands can get more footfalls, web traffic or specific brand to pick up in a Kirana store or a hypermarket. This can ultimately help your brand make more sales and expand your profits. In this article, we will reveal what interesting consumer promotions are, why brands use them and share several strategies they can use.
Consumer promotions - A quick overview
Consumer promotions are the tactics businesses use to get more consumers or develop brand loyalty from their existing customers. Standard customer promotions involve sales tactics that make customers feel like they are getting a good deal or special value. Typically, consumer promotions occur during a specific period or are temporary, although many brands also offer special promotions to first-time customers. The type of consumer promotions depends on the business structure and how the brand anticipate your target audience will react.
Consumer promotions are the tactics businesses use to get more consumers or develop brand loyalty from their existing customers. Standard customer promotions involve sales tactics that make customers feel like they are getting a good deal or special value. Typically, consumer promotions occur during a specific period or are temporary, although many brands also offer special promotions to first-time customers. The type of consumer promotions depends on the business structure and how the brand anticipate your target audience will react.
Consumer promotions and their advantages
- Get new first time brand users: An electrifying new promotion can motivate consumers to try your brand out for the first time. This is a good opportunity to get them to familiar with your products or services.
- To pump up the profits: Consumer promotions can boost your brand sell a lot of your desired product or variant or a sub-brand or pack size or services etc. in a short period. This can be advantageous for brands that experience a sales slowdown during specific times of the year.
- To build up brand loyalty: Exciting the existing consumers with exclusive offers or preview sales may attract them to buy a product or variant or a sub-brand or pack size or services etc Planning a promotion particularly for repeat customers confers the brand affinity and displays your brand values their business.
- To move ageing stock: If the company has a considerable amount of old stock lying around, companies can use a clearance promotion to get rid of these items. By helping the consumers feel like they got a good deal, it can be used as an opportunity for new and exciting products.
- To increase leads: When customers use your promotions, you can ask them for their contact information. This is a great way to get them into your sales funnel.
- To make the brand recognised: Using consumer promotions can help your brand become more wide-known among your target audience. By using the right advertisements, you can get people excited about checking out your promotion.
- Joint promotions: Whether your company owns several brands or you partner with companies in similar or related industries, you can make use of joint sales promotions. All you have to do is bundle products or services from each brand into a package and promote it via the other brand(s). Your partners can do the same for you, which means free promotion for both of you.
Various business objectives of consumer/trade promotions
- Increase product awareness
- Promote a new product
- Move old product/stock
- Boost sales volume
- Keep audience engaged
- Activate dormant customers
- Attract new customers
- Customer satisfaction/loyalty
- Gain audience insights
- Stand out from the competition
- Better brand reputation
We at Qwikcilver take pride in providing consumer promotions ideas that engage the consumers and lead to measurable results. The consumer promotions encompass a variety of short-term techniques designed to incent your consumers to respond to your brand positively. The most effective promotions are directly associated with product purchasing. These promotions are intended to enhance the value of your product by either reducing the cost or by adding more benefits to increase sales.