So, you have a product that is gaining brand awareness and have started looking at ways to increase sales where it matters most, at the point of sale.
In a way that helps you gain more consumers through trial, whilst adding value to your existing customers.
Advertising spend is certainly building brand awareness, but this isn’t necessarily converting with any tremendous results into incremental sales.
So let us tell you something nobody else will.
Advertising is like buying a Ferrari, whereas consumer promotions are the tyres that a Ferrari comes fitted with.
When you drive a Ferrari, every eye is fixed on you. But, for all this beauty, engineering and power, cars only have one touch point with the road. Through their tyres, the only four points that actually make contact with the road. The greater the performance of the car, the greater the need and investment in the right tyres.
A strange analogy?
Well not really, as a driver you will rely on your tyres to ensure you can control the performance and handling of a car. Sometimes in extreme or difficult conditions. Likewise, consumer promotions need to be able to perform in the most difficult and competitive environment. At the point of sale.
The point of sale is the last stretch of road where in those last few moments of truth a consumer will reach out and pick your brand or your competitors. In this landscape, advertising can only take you so far, whereas promotions can be the difference between finishing first or not finishing at all.
Whether it is a trial or repeat purchase, it is within this moment of truth that promotional activities make your consumers feel like they’re valued and that are at the top of the company’s mind.
Successful companies know that consumer promotions are among the most effective methods of increasing sales, boosting customer satisfaction, and heightening brand awareness.
Sales promotions have been used for decades with great success, and all of BigCity’s clients have the same thing to say about it. It is effective and rewarding, rolled into one.
Convince and Convert
More than 50% of organizations redirect their investments to customer experience innovations, and for good reasons. Consumers love feeling like they’re the center of attention, which they rightly should be. After all, your product is made for them.
While just providing a slash in your prices or continuous discounting feels like a very tempting jump to make more consumers pick up your product and feel loved, studies confirm that consumers associate discounted products with a lack of performance.
So, what do you do as a company to help bring in more sales?
Invest in the right tyres – Invest in the right form of consumer promotions, as they are the only form of marketing that can instantly gratify your customers and truly offer a competitive advantage where you need it most, at the point of purchase.
Most of all make sure you tailor your promotional activity to your core demographic, especially if they are known to be responsive to promotional activity. Consumers under the age of 55 say they prefer promotional products when asked what types of advertising they like best.
Immediacy is key: Consumers instantly feel like they’ve received greater added value when an on-pack promotion with a simple scan and win mechanism gifts them with an instant cashback or digital reward.
Creativity and theatre also play a part: Promotions don’t just stop with Cashbacks or BOGO (Buy one Get one) offers. They’re about crafting experiences so your product leaves a long-lasting impact on your consumers, and one important aspect of it is integrating digital technologies, like games and A.R. filters into your promotions.
Now that you have a fairly good idea of what consumer promotions can do to your business, let’s take a look at the various promotional tactics and how they help bring in more consumers.
Engage and Encourage
When you make a consumer happy, you are slowly sowing the seeds of brand loyalty through habit formation. But how do we make them happy?
By providing them with multiple sources of entertainment and rewarding experiences, here are just a few of the most common promotional tactics in the marketplace today:
1. Cashback Promotions:
Buy a product for 20 rupees and get 10 back. Sweet deal? 82% of consumers say that they prioritize special cash backs, discounts, or promotions when choosing where they'll shop.
2. Digital vouchers and Coupons
Giving consumers vouchers and coupons that make them eligible for BOGO (Buy One Get One) offers, flat 30% discounts, etc. makes them feel like they’re getting a great value for money and will drive impulse purchases.
For example, BigCity has run 500+ successful campaigns for brands across various sectors like FMCG, Alcobev, Retail, Banking etc. with tremendous results.
3. Consumer Loyalty Programs
Rewarding loyal customers who frequently engage with your brand, a relevant platform with structured rewards has proven very effective for brands across the globe.
4. Experiential Rewards
Giving consumers an experience as a reward, be it an affordable digital reward such as a movie download or a high-value reward such as a holiday, is what takes to make every consumer feel loved and appreciated. It also goes a long way in establishing habit formation and loyalty.
An approach that is based on people’s natural needs for competition, socialization, and excitement.
6. Contests & Sweepstakes
By offering consumers a chance to win a grand and highly valuable prize by entering a contest after performing a simple task, is an easy way to create theatre and excitement.
Happy customers and happier relationships.
With the world constantly evolving, all consumers have high expectations of their brands. They expect the user journey, creative thoughts, and reward elements to be even more exciting than ever.
This is where BigCity comes in. Based on insights from working with 400+ blue-chip brands, we have successfully executed over 6000+ campaigns in consumer promotions, loyalty programs, and rewards management whilst being empowered by relevant cutting-edge technology.
To discuss how we can assist you in creating your next promotional campaign, drop us a line at firstname.lastname@example.org.