Are you looking to increase sales and traffic to your website? Consider the strategy of promotion. When properly promoted, promotions are an excellent way to connect with both existing and new customers.
A promotion provides an explicit incentive for your audience to purchase. It instils a sense of urgency in casual browsers to convert. It attracts bargain hunters and persuades undecided buyers to finally click “buy now.”
Also, a promotion assists you in achieving long-term growth. Your promotion can attract a new cohort of shoppers and nurture them into long-term customers with the right marketing strategy. However, you must first develop and publicize a strategy for your promotion.
7 Tips for creating a strong promotional strategy
The majority of promotions have two primary objectives: to increase revenue and to increase market exposure. Bear the following tips in mind as you develop a strategy to accomplish those objectives.
Keep promotions simple
If your promotions are simple to comprehend and redeem, you’re likely to receive a high response rate. The simplest strategy is to offer a universal discount on the item. If you delete the original price from your website and replace it with the new price, perhaps in a bolded font, visitors will immediately recognize the promotion’s benefit.
Another possibility is to make use of promotional codes. When taking this route, you must ensure that the promo code is simple to use. Make it unnecessary for visitors to your website to hunt for the code.
If you’re sending an email, prominently display the promo code so recipients can easily locate it if they forget to copy it. Consider including the code on your website to facilitate access.
Bundle products together
Bundling is one strategy for increasing product sales—offering two or more products at a price that is less than the total cost of the individual items when purchased separately. Merchants frequently employ this strategy to increase sales of a product that isn’t performing well by pairing it with a popular item.
Assume you are a jewellery retailer selling earrings for $20 per pair and bracelets for $10 per pair. Your earrings are flying off the shelves, but nobody wants to bite into your bracelets. By offering a bundle of one pair of earrings and one bracelet for $25, you can clear out your bracelet inventory while potentially gaining new loyal followers.
Nintendo is a well-known example, having sold 100,000 additional consoles and over a million game cartridges after bundling the two.
Reward customers to boost orders
You can boost your average order value (AOV) by offering a freebie to customers who reach a certain purchase threshold.
One popular variation on this strategy is conditional free shipping, commonly referred to as the “Free Shipping over $X” offer. According to one article, free shipping increases the likelihood of an online purchase for approximately 80% of US customers. If you receive a large number of orders totalling $60, consider offering free shipping on all orders over $75.
If you are unable to offer free shipping, that is acceptable. Select a small complimentary item to offer customers when their order reaches a certain value.
Reward top customers with special offers
According to some data analytics, existing customers spend 31% more than new buyers and are 50% more likely to try a new product. You can increase that loyalty by providing customized offers to your highest spenders.
Encourage your rewarded customers to share their good fortune on social media to maximize the effectiveness of this strategy. This is an excellent chance to earn a referral bonus.
Re-merchandise your product and homepage
While many retailers consider merchandising to be a brick-and-mortar strategy, it is equally critical for e-commerce. Your customers become accustomed to seeing your page in its current state. By mixing it up and incorporating new visual elements, you can attract attention to your promotion.
When you begin your promotion, consider remarketing your homepage and product pages. A good place to start is by redesigning your homepage to feature promoted products prominently. Additionally, you can revitalize individual category and product pages by emphasizing not only the promotion but also any accessories, add-ons, or popular related products.
Seek product reviews
Many customers value reviews. According to one study, nearly 95% of consumers read reviews before making a purchase. On the retailer’s end, displaying five reviews in addition to none can increase conversions by up to 270 percent.
Prior to launching your promotion, ensure that your products have positive reviews. Meanwhile, begin amassing authentic reviews. Sending products to customers and soliciting reviews is a particularly effective technique, particularly for new product launches. You can then upload them to your product pages with their permission.
Likewise, buyers can leave you reviews. Through automated product follow-up emails. You can include links to third-party review sites. Do not be concerned if not all of the reviews are glowing—research indicates that negative reviews help build trust and can result in up to 85 percent more conversions.