Promotional marketing and increasing its sales have tremendous and undeniable value. Promo code users spend 37% more than other shoppers. Your customers now really expect you to offer promotions, and you could lose your business if you don’t provide suitable promotion options.
Offering promotions is crucial for businesses looking to stay relevant and meet customer demands. Knowing how to use these different promotions is key to optimizing your promotional marketing strategy. So the real question is: do you understand the different types of advertisements and how best to use them?
Table of Contents
1. Percentage discounts
Offers like 50% or 20% discount are becoming more popular and successful. They use specific products or product lines and store-wide offers. Showing 50% discounts boost sales with an impressive 8.6% conversion rate. Preferable by 74% of online coupon users!
When to use this promotion:
- You are looking for an action that is easy to set up.
- He wants to use it in all his branches.
- For low-priced products.
Advanced tips:
- Keep your profit margins in mind when deciding what percentage to give away.
- Discount just one item beyond your margin to move inventory that would otherwise waste.
- Consider playing with discount percentages with increasing percentages for loyal customers.
- For this, you necessity to use a unique promotional code generator to access the customer account details.
2. X pounds lighter
Offering a specific dollar amount for a product is an alternative to percentage discount offers. However, it shows that X-pound discount offers can be more attractive to customers. For example, a $50 discount coupon entitles you to a 15% discount offer.
When to use This promotion:
more expensive products because the more significant discount amount are more attractive to customers.
Advanced Tips:
- Remember that if you offer a £10 fixed price for any product, you don’t expect to sell more expensive products, e.g. B—those over £100.
- Pay attention to your wording. Get £10 Off focuses on making a profit. “Save €10” aims to avoid a loss. Try the one that works best for your customers and stick with it.
3. BOGO
Now for the faithful By One Get One Free or Buy One Get One-Half Price. Again, 66% of shoppers say they prefer BOGO to other promotions, and 93% have used BOGO offers at least once. But, again, psychology plays a role in its success as customers may feel like they are getting one 100% discount instead of two 50% discount items.
When to use this promotion:
- To move inventory when you have a lot of merchandise to switch.
- They were selling food with an expiration date.
- In piece and mass products.
Advanced Tips:
- Adapt your BOGO promotion to the holidays. For example, you can offer during the holiday season, “buy one, and we’ll give it to others for you,” as Chronicle Books did.
- Make sure your customers can easily access your BOGO offering. Efficiency equals sales.
4. Multiple Purchases
Multiple purchase options focus on deals that require your customers to purchase two or more products at a discount, e.g., E.g. “2 for the price of 1”. Encourage your customers to buy more products in a single visit.
When to use this promotion:
- move inventory.
- On products sold in games, such as beer or socks.
Advanced Tips:
- Use multiple purchases for similar products, for example, specific product lines organized by brand or type, e.g. skincare.
- Display multiple purchases when your customers select the number of products online.
5. Conditional
Conditional offers are promotions that have multiple phases and don’t fit into other categories. Here are some examples: “Spend X amount to unlock discounts” and “Spend and earn loyalty”.
When to use this promotion:
- To achieve goals and stimulate specific customer behaviour.
- Become a Loyalty Program Partner: 81% of customers say loyalty programs make them more likely to stay with a brand.
- To increase purchases and their price, discounters spend an average of 46% more on purchases than regular shoppers.
- Stay in control of promotions by setting conditions.
Advanced Tips:
- Offer related products to make the offer count for your customers.
- Set boundaries that will help you achieve your business goals.
6. Free Shipping
If you have an online store, you should consider offering free shipping. It has the most severe user discount attempts, and 34% of shoppers think online purchases should require free shipping.
When to use this promotion:
- To improve cart abandonment.
- To remove the stumbling block of shipping cost.
Advanced tips:
- Consider avoiding confusion and disappointment with general guidelines or communicating the terms of the offer.
- Offer free shipping when customers buy a certain amount, e.g. ‘free delivery on purchases over £50’.
- Use social media to offer free shipping, especially if you have a business that caters to a millennial audience or younger.