While making regular priced sales is an important part of your business revenues, you can also jumpstart your earning potential by incorporating sales promotions. Especially in a soft economy, sales promotions can help you reach a new level of revenues, giving you the sales boost you need to meet income goals.
Here are 5 essential sales promotion ideas that might work for your business.
1. The Demonstration
One way to increase the visibility of a product or service is to promote through demonstration. Remember how vacuum cleaner sales were made through door-to-door demonstrations decades ago? The customer could see first-hand the benefit of the product, creating an immediate demand and sale.
Rather than going door-to-door, however, you can plan an event in your store or at another location where people congregate. Advertise the demonstration event and invite current and new customers to stop by to see how a particular product works. At the demonstration, don’t make a hard sell pitch to customers, but rather explain and show them the benefits of the product or service. They will be better able to see how the product or service can suit their needs and make a purchase.
2. The Giveaway
If you want to promote a product or service that is not too expensive, try a giveaway promotion. It could be simply giving a free sample or offering a “buy 1 get 1 free” sale. Many entrepreneurs start their business this way. Say you are a voice teacher and want to build a studio. Simply offer a free first lesson. You’ll be amazed at how many people will take the offer. Although many won’t stay, you’ll still have plenty who will stick around and keep you in business.
3. The Clearance Sale
Oftentimes retailers will want to unload their current stock to make room for new inventory. Fashion retailers practice this technique, as do major stores like Target or Wal-Mart who sell seasonal items. Advertise and promote a sale to sell your old inventory at low cost. Consumers will always come running for a great deal.
4. Creative Merchandising
You can promote items by packaging them together. For instance, say you have one product that sells well and another that does not. Package them together at a promotional price and watch how many more you will sell. This can work for products, as well as packaged services.
5. Go Green
The environment has become a major issue for many consumers. You can promote your business by going “green” with electricity consumption, buying “green” appliances and equipment, using bio-degradable packaging, etc. Advertise your social awareness of the environment and invite people who share your views to visit your store or business.
Remember, sales promotions are not an everyday occurance. They must be special and be designed to build awareness of your business, product, or service. Use these techniques, and get creative with your sales promotions and watch your sales graph rise.