Sales promotions are limited deals designed to quickly generate income by luring customers to make purchases or increase brand recognition. Although this marketing tactic is frequently used in business-to-consumer (B2C) e-commerce, retail, or restaurant industries, business-to-business (B2B) suppliers might also benefit from it depending on their objectives.
We’ll discuss sales promotions in this blog, look at some innovative promotional ideas for B2B companies, and offer important advice on how to carry out a sales promotion effectively.
1. Punch Cards
Punch cards are loyalty cards that have a predetermined amount of stampable icons on them that can be added to after a customer makes a purchase, typically in-store. When all icons are stamped, a customer is rewarded, frequently with a discount on their subsequent purchase or a free gift.
With this kind of sales promotion, you can entice people to keep buying from you so they can get the reward you’re offering at the end.
2. Referral Promotions
You can offer a discount on their first purchase from you by providing your current customers with a referral code to share with someone they know. The owner of the referral code will also receive a reward, which may encourage them to suggest you to others if they stand to gain something in return.
3. Promotional Bundles
Bundling-based promotions differ differently from buy one, get one free offer in that you combine complementary goods for a discount rather than the same product or service. Accounting businesses in the B2B market provide discounts for combining tax preparation and bookkeeping services because of the two-work hand in hand.
4. Promotions Based on Quality
A quality or best-fit promotional discount can have the same effect as lifestyle-based discounts in that it can start a paying relationship on a positive note and retain a customer over time. But in this instance, you’re deciding who gets the discount based on the quality of the lead, fit, or whether they fit a consumer persona you’ve developed, making them a highly qualified prospect.
Since many suppliers of B2B goods or services frequently have specialised markets or specific expertise, this campaign may be an effective B2B sales tactic. If they come upon the ideal opportunity, they might seal the transaction by offering that company a sizable discount.
5. Sign-up Specials
A sign-up sales promotion entails extending a discount just to new customers. Customers may be motivated to complete a purchase if they can make a first purchase at a reduced price, therefore it can be a useful strategy for boosting sales and attracting new clients.
6. Applications-only Promotions
Running an app-only offer is a fantastic method to market your company, giving customers discounts only for installing or using your mobile app to make purchases.
7. Deals for Customers Who Fit Best
Offers should be made to customers who are about to choose your goods. Be honest about whether they would be a good fit for your company as well. Promote prospects who are actively working toward a close, conversing with you and negotiating with you, and seriously considering using your goods or services in their company.
8. Feedback Rewards
For instance, once a customer makes a purchase, you may give them 10% off their subsequent purchase in exchange for their participation in a customer satisfaction survey. Customers might then be enticed with a discount to conduct a repeat buy.
Statistics About Sales Promotions
Interested in learning the real story behind sales promotions? These statistics provide a clear image of its effectiveness, which techniques are more effective than others, and how well clients responded to varied tactics.
- Product bundling generates 10% to 30% of online sales, according to research
- Referrals, whether generated by marketing initiatives or not, have conversion rates that are 30% greater than those of other lead sources
- 80% of consumers will test a new brand if a discount is provided
- Regardless of whether they had purchase intentions before receiving a promotional coupon, nearly two out of three consumers will make a purchase
- About 48% of customers won’t even interact with a brand if they don’t have any special offers
Sales promotions are a great method to boost sales, create leads, and raise brand recognition. It’s critical to have a clear plan regarding the campaign’s scope, duration, and target audience even though each sort of promotion differs from the others and RewardPort is here to assist with all your needs. After your campaigns are finished, be sure to follow up and try to strengthen your current client relationships for long-term benefit.
Frequently Asked Questions: -
Some most significant benefits of consumer programs are:
- Motivates customers to repeat purchases
- Boosts sales and consequently business growth
- Makes the customers trust a brand/business
- Encourages customers to make impulsive purchases
Some most common types of consumer promotion programs are offering free samples, coupons/gift vouchers, discounts or BOGO deals, loyalty programs/cashback, social media contests, etc.
Consumer loyalty programs help consumer promotion as you are rewarding your customers for their purchases, which further motivates them to repeat their purchases to earn more incentives. Other than this, it encourages loyalty among your customers. They can turn into brand advocates unknowingly using word of mouth to boost your leads.