Tech

5 Promotion Strategies Every Business Should Follow

No matter whether your business is B2B or B2C, without a good pipeline of leads, it will perish sooner. This is the reason, ongoing sales is the most important aspect for any business.

There are several marketing tactics used by both small and large organizations but the ones that works best are shared in this article.

1- Give a Good Discount On Your Products

People love discounts and they prefer to buy products that have a good discount. No wonder, why the companies have huge profit on days like Black Friday or Christmas; people get good deals on festive days and this is the reason they buy in large quantities. Follow the below tips to getting started with offering discounts to your customers:

  • Understand the needs of your customers and prepare a buyer persona.
  • Your discounts should convey the feeling of “I will never get this price again!” in the minds of your potential customers.
  • Always calculate your profits before offering a discount.
  • Offer loyalty discounts to existing customers as this will help to retain them and increase the lifetime value of customers.
  • Use predictive analytics to better manage your product inventory and discounted prices.
  • Do not keep your products on discount for 12 months in a year. Instead, reserve your discounts for festive occasions.

2- Offer Branded Promotional Gifts

Who doesn’t love a gift? When you offer gifts to your customers, they simply love and appreciate it. The practice of corporate gifting relies on the marketing psychology principle of “reciprocity” which means when someone gives us something, we feel compelled to give something back in return.

Hence, when you offer branded promotional products like Promotional Umbrellas or Glass Water Bottles or any other unique gift, your business will always remain on the winning end. Due to the principle of reciprocity, people will be compelled to buy from your business and as a result you will quickly gain more customers.

If you think giving gifts is a waste of money then you are on the wrong track. Often, gift giving provides a better ROI when compared to dollars spent on other modes of advertising like banner ads or billboards.

3- Leverage The Power of Affiliate Marketing

I am in love with affiliate marketing because it lets you make new customers without spending a dime unless you make an actual sale. The concept of affiliate marketing is simple, you tie up with other companies and offer them a good commission in return for a sale. They can use their existing customer base to help you sell your products. You never pay anything unless an actual sale is achieved. Hence, this is one of the most safest marketing strategies that always provides good results.

4- Participate in Trade Shows

Participating in trade shows enables your business to reach a vast number of relevant audiences in a single day. This means, you can increase your brand exposure and reach masses by investing little.

Here are some essentials that you need to follow when participating in trade shows:

  • Research the trade show and have full information about it in advance.
  • Set clear goals and KPIs from your trade show participation.
  • Book your stall as early as possible because you can get a good discount.
  • Hire experienced customer support representatives who can handle a large crowd well. Remember, your employees are the face of your company and if they don’t know how to smile and speak politely, your business will have a bad reputation.
  • Pull the customers to your space instead of pushing them. You can offer additional discounts especially for trade shows in order to lure the potential customers.

5- Run Contests on Social Media

One of the most cost effective ways to earn good leads for your business is by running contests on social media channels like Facebook or Instagram. Follow the below tips to run contests on social media that converts well:

  • Identify the social channel/s that you wish to use for running your contests depending on your target audience.
  • Set clear goals and decide on your budget.
  • Choose your KPIs and decide on the prizes.
  • Decide on the type of contest you want to run like photo contests, video contests, caption contests etc.
  • Decide on the structure of your contest.
  • Set up the rules of your contest and start promoting it.
  • Always set a deadline for your contest and get an influencer to promote it.

Conclusion

Generating constant leads and converting them like crazy is the lifeline of your business. You need to have a good understanding of your customers and make sure your campaigns are helping the audiences in fulfilling their needs. Your product should be a requirement for the consumer not a burden. Make use of the above 5 strategies and take your sales to a new level.

Leave a Reply