What is a Good Sales Promotion Plan?
Advertising and PR are two components of marketing that serve the purpose of generating product awareness as well as creating positive consumer attitudes. Sales promotion programs, on the other hand, are primarily focused on generating more sales for the business. A business that finds itself caught up in the quagmire of low sales volumes can liven up their sales figures by engaging in a major sales promotion program. There are several sales promotion programs that a business can undertake namely:
- Discount coupons
- Price discounts
- Promo items and product bundling
- Contests and raffles
- Make a list of your product attributes. You should focus on the particular features that make your product stand out from the pack.
- Carefully assess your target market. Identify the consumer groups that are most likely to use your product. Your product can either have a single market or multiple markets depending on its purpose.
- Carefully analyze your competitors’ strategies. It is necessary to see where the pack is running before you can successfully ‘‘pull away from the chasing pack.’’ Check your local advertisement, the point of purchase offers and so on. Where possible, make anonymous visits yourself to see for yourself what your competitors are doing.
- Create a win-win promotion. Develop your sales promotion in such a way that both the retailer and the customer benefits from it. For instance you could create a customer loyalty-card program with a reward program for successfully completing the loyalty-card.
- Create enthusiasm in your employees. Employees who use and love your product can be of great help in passing on their enthusiasm to new customers.
- Develop criteria to measure the promotion’s success. Identify quantitative measures that you can use to check whether your sales promotion is achieving its objectives or not.
- Implement the promotion. Ensure that you have enough of the product you are promoting at hand. Highlight the product with store graphics as well as promotional supplies from the product’s manufacturer.