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Gone are the days of only running promotions during traditional holiday seasons. Now more than ever, discounts and special offers present consumers with the final push needed to complete a well-thought-out purchase. While a promotion can be effective, implementing one doesn’t come without its downsides. So, do promotions make sense for every business, and if so, how many promotions are too many? One word: Test.
It may not make sense for every business to test into promotions, but if it makes sense for you, there are various benefits to doing so.
Promotions, Is There Such A Thing As Too Many
A key factor to a successful promotion is competitiveness. Savvy, budget-friendly shoppers are frequently quick to browse other sites for better deals, comparing prices in real time for the best value. Having promotions prepared in advance can help maximize opportunities during peak sale moments, and choosing the right discount may be the difference between a new or existing customer purchasing from you instead of your competition. There are various types of discounts you can offer, ranging from flash sales and shipping offers to bundle offers. Pay attention to what competitors are offering, and continue testing to find what resonates with your customers.
Promotions, Is There Such A Thing As Too Many
Run dates for promotions vary depending on the type of promotion being advertised. Flash Sales, for example, will only run for a short period but build excitement and urgency quickly. Unconditional discounts may be ongoing, serving as an evergreen offer to your customers on different platforms, but you run the risk of your customers expecting lower prices all the time. On the other hand, long-term promotions work well for some businesses, but this will always vary. My recommendation? Test! Are you sensing a theme?
Promotions, Is There Such A Thing As Too Many
Both loyal and new customers could be offered promotions for different reasons. New customers view your brand as a risk, as most are hesitant to purchase from a new company they haven’t purchased from before. Promotions can combat this very common issue by reducing the barrier to entry for your target audience to purchase. If a new customer is saving, they don’t feel the potential loss is as severe should a purchase not meet their expectations.
Promotions, Is There Such A Thing As Too Many
A promotion may not always lead to a sale for existing customers, but it does remind them that you exist. It’s not uncommon for customers to purchase once and never return, especially with brand loyalty becoming more and more difficult to obtain and retain. Additionally, just like new customers, they want to be served the most relevant ads possible. A promotion may be the very reason a customer returns as opposed to going to a competitor.
Promotions, Is There Such A Thing As Too Many
It’s no secret that consumers have a limited amount of time for scrolling in a day, so first impressions matter. There are various ways to optimize promotion ads. Below are a few creative elements I recommend testing.
As valuable as promotions can be, they don’t always make sense to run, especially not frequently. There can be downsides, for example, appealing to customers who aren’t your ideal audience or reducing overall returns if the promotion is not successful. Weigh the pros and cons, and test to garner real results.
Before implementing a promotional strategy, consider the following:
In the end, promotions can be a fundamental revenue generator for some and off-brand for others. There’s no real sweet spot when it comes to how many promotions to run – it all comes down to testing.
#Promotions
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