The aim of any given business is to increase the profits. As everyone knows that high profits result from increased sales, that's why, all businesses engage in some innovative promotion techniques, from time to time, to increase awareness of their products and to boost the sales. These efforts help in building the company's brand value and promote customer loyalty too.
Consumer Oriented Sales Promotion Methods
In this technique, the price of the product is lowered for some time. For instance, in bars, there are "happy hours", during which the liquor is sold at a discount rate to the customers.
Loyalty Reward Program
The consumers are given certain points or credits, every time they use the company's product/service. These points can later be redeemed by the customers for rewards or freebies. The "frequent flyer" program started by various airlines is a good example of this method.
Trade-in involves lowering the price for consumers in exchange for old goods. Computer companies, automobile companies and golf equipment manufacturers are usually the ones who make use of such promotional methods. For instance, a computer manufacturer will take an old computer from the customer and offer him some sort of discount on the purchase of a new one. These old goods are later sold by the manufacturer to make up for the low price offered to the consumer.
Price Pack Deal
The consumers are given something "extra" at the same price. For instance, on 1000 ml shampoo pack, 200 ml extra is given free i.e. at the same price.
Product demonstrations are organized by many a manufacturers, to teach the customers how to use the product. These demonstrations can be organized in person or through videos. Sometimes, celebrities may be invited to such demonstrations, in order to ensure that maximum potential customers attend the event.
Coupons are one of the best promotion techniques for inducing trial for the company's products. Free coupons are generally included in the print advertisements. Consumers can carry these coupons and avail discount on buying the company's product or service, by showing it to the retailers while making a purchase. These days mobile coupons are becoming very popular too.
Contests like writing slogans, poems etc. about the company's products are often used by corporates to promote their offerings amongst the potential buyers. The participants are judged by a panel and thereafter, the winner gets prizes like a free product or sometimes visit to a foreign country, etc.
Free samples are often given by product manufacturers to entice the potential consumers to try out the company's products. Usually, samples are given on the purchase of company's other products.
Companies sponsor a popular event, like a football match or a rock concert. The attendees are already in a positive mood at such events. When they see the brand flashed all over the event venue, it invokes positivity towards the brand too, thus resulting in high sales.
Some companies offer rebates or money back to customers, in case they do not like the product. Rebates work really well when the company is introducing a new product in the market and wants the potential customers to give it a try.
Online Interactive Promotion Game
Internet is fast catching up with other medias to promote a company's products. These days, corporates have come up with many creative and interesting interactive computer games, which build brand loyalty and induce sales.
As you can see, corporates today leave no stone unturned, to increase their consumer base. From time to time, they come up with some really creative strategies, to boost their sales and to keep competitors in check!