An effective sales promotion gives you a way to attract customers while introducing and building your brand. Usually, the Sales promotion programs are used by product re-sellers to attract business from price-conscious customers. The idea is that when a company offers a reduced price, the customer will perceive a greater value proposition from a purchase. Companies use a wide array of promotion methods to generate revenue and cash flow, clear out merchandise increase traffic quickly, acquire more customers and brand building.
Below are the few of the ways companies implement to drive their Sales Promotion Programs.
The simplest sales promotion format is a percentage off discount, where you offer a product for something like 20 percent off from the original price. A customer may perceive the product as more worthwhile at the reduced price. The use of eye-catching red or yellow shelf signage to clearly designate a product as on sale can psychologically convey a better deal.
Coupons are similar to discounts. In that you offer a customer a reduced price for redeeming the coupon. The biggest difference is that only coupon holders have access to the discount opportunity. This particular promotional tool is most useful when you have a large base of customers willing to pay a premium regular price, yet you also want to attract customers who are more price-sensitive with a coupon. This tool is also used to motivate a customer to try your product or switch from another brand.
Loyalty or frequency programs are a very unique type of sales promotion in that they have a long-term focus. Most sales promotions are intended to create near-term sales. Loyalty programs are ongoing incentives to loyal customers who purchase at certain levels. Typically, customers receive points or bonus coupons when they reach certain spending increments. Storecheq can also help you create a loyalty program where you need not worry about handling, logistics, pricing of the gift-cards, you just have to register on our website and send it out to everyone who is part of your Sales Promotion Program.
A number of sales promotional programs include a mix of free promotional inducements. One type is a product premium. This is where you get a free gift or additional item with a purchase. Free product samples and trial offers are used to take the risk out of trying a new product. They are used to attract customers with the hope that the product or service experience will get them to become new customers. You can do it electronically with utmost ease, all you have to do is collect phone numbers and emails, and just in 1 click whole of your list will have e-gift vouchers of the denomination you decide which they can redeem on our store for buying gift cards of their choice to redeem in the stores of their choice. In addition to getting the customer, you will also have the complete knowledge about the customer as the customer will have to register with you to give the details.
Rebates are a unique promotional tool where a customer receives a check or payment from a manufacturer or re-seller after a purchase. Electronics retailers, for instance, often offer big-ticket items that come up with manufacturer or retailer rebates. Normally, you have to submit a receipt, UPC label and application, and the rebate takes several weeks to process and pay out. Redemption rates overall are low, because customers don’t always redeem small offers.
Business and Trade Market
Business and trade market promotions are deals offered to business buyers and trade re-sellers. Businesses receive many of the same types of promotional offers as consumers with the objective of luring them into buying. Trade re-sellers are offered promotional incentives so manufacturers and wholesalers can get their immediate customer to buy and carry products. Simple discounts, promotional allowances and refunds are examples of trade promotions. For the business and trade market you can choose to have a different pay out plan for your business partners, sales people.
How Storecheq eases your Sales Promotion Activities?
Storecheq provides complete solution for your sales promotion activities and gift cards, rewards, and recognitions. Mostly sales promotion programs are not as effective as Storecheq supported Sales Promotion Programs for the following reasons.
Storecheq provides an effective yet easy to manage tool to drive your Sales Promotion program.
- Deliver the Storecheq to the right person
- Can be tracked
- Rewarding Emotion attached
- Can create your brand visibility amongst your partners, business vendors, suppliers, customers
- Completely digital and fully secured
- Can be personalized to give a better connectivity
- Flexible denomination ranging from Rs. 1 to 50,000, any amount
- No leakages and pilferages
- A leap in Digital Economy, a key initiative of Govt. of India
How it Works?
- Create a Sales Promotion Program on Storecheq Platform
- Every Time an Incentive is to be given, create a list of recipients with amount
- Create a branded Storecheq Currency
- Create a personalized message, and Send
Benefit for the Recipient
- Feels connected with the Brand
- Remains motivated to contribute more to the company’s sale to earn more reward
- Can accumulate the amount in the Storecheq account
- Use the currency as per need and convenience
- No cash handling and accounting
- Tax exemption vis a vis Cash
Storecheq has, A-list rewards that are more likely to get your customers, supplier, vendors, employees and sales teams excited.