Consumers in today’s dynamic economy have high expectations, and their behavior is unpredictable. It is critical to understand what promotional offers are presently having the highest impact. Promotional analysis is a technique of evaluating success or failure of a promotion using past time series data. It can be understood as discovering a correlation between sales patterns and marketing efforts which includes promotions offered and advertising. The objective of promotional analysis is to help a retailer understand the impact of past promotions and hence formulate future strategies which could be applied and adapted to produce profitable results.
The percentage off deal (e.g. “20% off” or “50% off”) is one of the most popular — and effective — types of promotions.
XX dollars off
An alternative to “percent-off” deals, this promotion involves discounting items by a flat dollar amount (e.g., $5 off or $20 off).
Multi-buy promotions (i.e., “2 for the price of 1”) is another good option if you want to clear your inventory. But the success of multi-buys largely depends on the types of products you sell.
Buy One Get One (BOGO) is another common one. This promotion can be applied in two ways: There’s buy one get one free or buy one get the 2nd item % off.
Multi-save and conditional promotions
Multi-save promotions include offerings like:
- Buy and save off the entire sale.
- Spend and save off the entire sale.
- Buy and save off specific items.
- Spend and save off specific items.
- Buy and pay a fixed price.
Conditional promotions, on the other hand, include:
- Buy and get one or more items for free or on discount.
- Spend and get one or more items for free or on discount.
- Buy and earn loyalty.
- Spend and earn loyalty.
There is a reason that holiday promotions are so successful. Customers always like to spend more around the holidays, making it the perfect opportunity for you to get your brand out there and sell more products. You don’t have to go too crazy on your offers, but enticing customers with slight discounts will always work in your favor. It’s also the perfect time to get creative with your promotion and use the theme of the holiday, to sell your products.
- You don’t need to offer huge discounts
- Get creative with your promotions
- You will sell more during the holidays
This is a different way of promotion discounts. Sending your customers digital coupons will make the promotion seem more exclusive and will give the customer more of a push to visit your online store. Think about sending coupons to loyal customers that have spent over a certain amount. You could also consider sending coupons to visitors that have experienced bad customer service, to try and convert them back to happy customers!
SMS Marketing for Retail
SMS marketing works wonders for retail stores. Promotions only work as well as the marketing and advertising behind them. SlickText allows you to quickly and easily spread the word to your best customers with a simple text message. People respond much quicker to SMS advertising than any other form of communication. Attach picture to any outgoing text campaign and see an even greater response!