Creative promotional sales: getting the incentives right
Getting creative with your promotions can mean more than fine-tuning your branding and marketing. It can also mean finding ways of incentivizing new or specific kinds of business. Offering sales promotions lets you tailor your business to attract new customers and encourage the kind of sales you want.
A restaurant with slow Sunday mornings might offer a brunch discount. An online business might offer free shipping for large orders. A B2B wholesaler might offer a “buy two get one” deal. A spa might offer new clients complementary services for first appointments.
There are plenty of ways to encourage your customer's business. To find the right approach ask yourself what you're trying to encourage.
- Do you want larger orders?
- Do you want to boost sales during a particular time or season?
- Do you have a specific product or service you want to promote?
- Are you trying to attract new customers or retain current customers?
Asking yourself questions like these helps target your promotions. It can also keep your goals measurable. This is important for understanding if you're giving customers the right incentives.
Thinking about the way you present sales promotions to your customers is also useful. You could consider whether you want to promote something over the long term or if you want to make a limited offer. A limited offer encourages customers to act before the deal is gone, but long term promotions can boost sales over a longer period. You need to keep your goals in mind.
However, sales promotions may not be right for everyone. If you're thinking about offering a special deal you should also think about what your business can accommodate.
- Will you have enough staff to provide quality customer service?
- If you offer deals at a loss when can you expect to recover costs?
- Do you have capacity for more business or will you have to turn customers away?
However, challenges like these are part of growing any business and creative sales can be a powerful strategy for growing your business.
Learn more about planning for growth here.