Product promotion is one among the top marketing strategies employed to stimulate sales and improve brand awareness of your retail business. It also helps in building a long lasting relationship with customers and helps in generating new leads. Promotions serve as a strategic tool that leverages its resources effectively and plays a crucial role in deciding how effectively you bring more customers into your business fold.
The prime aspect of promoting products is to increase sales by grabbing the attention of the customers, while improving customer loyalty though rewards, and creating brand awareness. The added advantage of promoting sales is that it is a cost effective marketing strategy that is ideal not only for the customers in receiving good deals, but vastly benefitting the business from its fair share of profits, while increasing brand visibility.
A key factor that determines the success of your sales promotion is how well you frame these strategies in promoting sales and execute them. The conventional techniques used for decades such as flash sales, limited period offers etc. are still valid today while there are promotions which are open to pretty much any kind of marketing as long as it stands out to be unique and grab eyeballs.
You need a robust system to design a variety of promotions and is easy when executing the scheme.
The following are a few pointers on various types of promotions