The right in-store promotion can help your organization increase its sales and boost short-term profits. From contests, such as sweepstakes and giveaways, to event enhancements, including money-back guarantees and product demonstrations, this report identifies the key types of sales promotions that have proven effective in a variety of markets. It also includes case studies that reveal how leading organizations are using promotions effectively in their own marketing efforts.
Select The Right Target Audience
Marketers often use demographics, economic status and even SES as a means to determine who they should target, but there are so many other important factors to consider when locating the right audience. Forget about where they live, how much they earn or who their bosses are. All of that may be useful information when it comes time to get them inside your store. Marketers need to identify the specific pain points that each individual in their target audience is experiencing. Having these pain points makes it much easier to design messaging that will resonate with them.
Set Measurable Goals
Setting goals seems obvious, but the benefits are far reaching. Setting quantifiable goals will allow you to track the success of your initiatives. If the goal is not properly defined, and not attainable in an appropriate time frame, you can get mired down in what has been called goal creep . Make sure your goals are clearly and accurately defined. Use SMART criteria to set measurable goals that are Specific , Measurable , Attainable , Relevant , and Timely . Mention how the product will make it easier to achieve the goal or how the benefit relates to achieving the goal better.
Offer limited-time deals to motivate sales. This works best when the limited-time offer is a deal that customers would really like, and if there is an urgency to purchase, or the offer will end soon. For example, if you run a maternity clothing store and have a small selection of dresses that are all selling quickly, offering 30% off one specific dress may be a good way to get customers to buy something from your store before your current stock sells out.
Offer Real Value
Marketing professionals have long since recognized that their optimal role is that of a partner with the customer, seeking to persuade the customer that your company has a product or service with real value to him or her. If your sales promotion doesn’t offer real value, in terms of true benefits to the customer — even if you may be offering that value at a substantial discount — then all of your targeted marketing and time-limited offers won’t make for a successful in store promotion.
Review Your Results
Measure your campaign results by tallying the total number of outcomes you created (sales leads, happy customers, repeat clients) to determine the success of your sales promotion. Take a brief survey as you wrap up each promotion to help gauge how well it all went.
Note: If your in-store promotion runs over multiple months, be sure to measure it all at once — and not across multiple sessions.