How To Make Lots of Money of Your Business

Diana

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Starting and owning a business it’s not easy. Business owners are facing every day new challenges that make it harder for them to withstand at the same level or to grow in the market. Every business has to adapt and make decisions in order to maintain and raise the number of satisfied customers and not be overtaken by competitors.

If you already have a business or want to start one, you have to always think of new ways to grow your brand by using marketing promotion techniques.

Promotion marketing includes tactics that encourage short-term purchase, influence trail, and quantity of purchase, and are very measurable in volume, share, and profit.”

5 Sales promotion techniques:

1. Discounts

Discount refers to a price reduction offered by a seller to a buyer (for example, a cash discount or a trade discount).”

Discounts are a strategy well known by the business owners and the customer. It’s easy to do it and costumers love it. Everywhere you go, you see shops with the big “Sale” sign. It’s an old strategy to attract costumes, but it’s one of the most effective ones. It’s very used because both, the owner and the costumers benefit from it. The business owners get more products sold and raise the revenues, while the costumers get a better offer, the wanted product at a special price. Discounts make costumers even get the products they wouldn’t normally buy due to the fact that they feel like it’s not a huge investment and the risks are low because they didn’t pay the full price. A very well known example is clothing stores adopting this technique in the summer, cutting the price of the winter clothes.

2. Premiums and gifts

An item of value, other than the product itself, given as an additional incentive to influence the purchase of a product.”

This technique is used a lot by the stores that sell perfumes and beauty products. The technique can be used in many ways. Merchants offer a free product as a gift when buying a certain product or when a customer buys products for a certain amount of money. Costumers love this offer because they buy something and receive more for the money paid.

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3. Contests & Games

A contest or game is a marketing or consumer sales promotion technique that involves the collection, matching, or use of skill to complete a project or activity with the goal of a prize or reward for the player.”

Contests and games don’t offer a prize to every customer, offer only the chance to get one, and if the person is lucky or wins the game will get the prize. I think one of the most known contest if the one done by beverage companies where you have a code under the lid an have to enter the code on the site and find out if you won or not. Most of the time, the contest costs nothing more for the costumers, because there was an intention for buying the products before finding out about it. Of course, there are cases where people want the prize so badly that they buy more products to have a higher chance to win. Often, the price of the products it’s not high so that costumers can afford to buy more. Chips use this technique as well, saying on the package that 1 in 3 bags is the winner. How could you resist not buying 3 bags?

Most of the time the contest’s winner selection is based on luck, but some games offer the prize to the winner who is chosen according to the results obtained. For example, many restaurants have a big portion that costs a lot and the rules are to eat the whole dish at a certain time to have the meal for free and get a prize, usually a large amount of money. If you don’t succeed, you will have to pay for the dish.

4. Free trial operations

Trial means some form of test purchase or use, following upon favorable effect stemming from knowledge regarding the attributes.”

Everybody used/ try a trial product or service. Trial products are the food samples you get in the supermarket from the pretty girls that share the products to customers. The trial products are most of the time samples of the newly released products, to make costumers try and buy to the new releases. Netflix also has a trial version. You get one month for free and then you can choose to pay for the service or to cancel it.

The most advantageous part for the costumers is that they have no obligations. Don’t have to pay or buy a product after, having the chance to test something for free.

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5. Merchandising & Promotion at the point of sale

Merchandising is a term of many varied and not generally adopted meanings. It may relate to the promotional activities of manufacturers that bring about in-store displays or identify the product and product line decisions of retailers.”

Point-of-purchase (POP) display advertising or POP marketing (sometimes referred to as marketing at retail) is advertising or other marketing communications placed at the point where the customer considers buying the product, usually at a retailer.”

Promotion at the point of sale includes signs, banners, special displays. For example the different shelves you see at the supermarket presenting the new shampoo. Promotion at the point of sale and merchandising have the purpose of attracting the costumers with the result of an impulse purchase.

Final Thoughts

If you have or want to start a business you need to take into consideration these sales promotion techniques, because nowadays the market competition is getting bigger and stronger. You need to find ways to attract and build customer loyalty in order to maintain or increase your position on the market.

Sales promotion is an important part of the promotional communication strategy and every business owner should make an efficient strategy, to attract costumers, and influence consumer behavior, increase revenues to achieve the business goals.

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