Wednesday, August 2, 2017

Promotional sales getting the most out of your marketing dollar

One of the most effective and popular methods of increasing sales is through promotions. Sales promotions can be in a form of short-term means the purpose of which is to induce a buyer to make a purchase immediately or in a specified period of time.

Sales promotions can pursue various goals:

-  Promotion of new products and services, prompting the buyer to make a purchase;
-  Encourage customers to make a repeated or multiple purchases;
-  Attraction of new segments of customers;
-  Sale of poorly traded and illiquid goods;
-  Sale of seasonal products at the end of the season;
-  Encourage customers to make regular purchases;
-  Increase in the average purchase amount;
-  Attract customers’ attention to a store or a company.

Here are the most common ways of promotions:

Price discount as a percentage of the cost. This method of sales stimulation is useful when it is necessary to sell a big stock of products, illiquid and unpopular goods, products with expiring shelf life, and also when it is necessary to sell goods from old collections or off-season merchandise.

Discounts for the second and subsequent purchase. The main purpose of this method of stimulating is to increase the total amount of purchase of less popular products. In this case, there may be different ways to use this method. For example, by purchasing one product, a buyer gets a discount on the second at a rate of 20-30%, and on the third at a rate of 50%. This method is often used by the clothes, shoes and appliances stores, i.e. stores, in which usually a purchase consists of one, a maximum of two items.

There is another version of this method of sales promotion when products are formed into kits (usually from two to three products), while the cost of the kit is set lower than if each of the goods was purchased separately. In this case, the main task is to sell illiquid or unpopular merchandise, since the kits, in this case, are formed in such a way that the goods with high demand are combined with goods the demand for which is low.

Regular (simple) discount programs. This mean assumes that the owner of a discount card gets the right to get a discount for all subsequent purchases in this store or in all the store of this trade network. The price discount, in this case, is can be within a range of 3-10%. Discount cards can be issued free of charge, for example, during the opening of a store, during festive events or under the condition of making a purchase for a certain amount.

Cumulative discount cards. This method of sales promotion is an improved version of a simple discount program. In this case, the size of the discount is not fixed, it increases as a buyer makes repeated purchases in the store.

Bonus program is a modification of the discount program. In this case, a buyer is given a bonus card (usually under the same conditions as the discount card), for which certain points (or bonuses) are credited when making each purchase. The bonus card can gather simple points (let’s say 1 dollar = 1 point) or a certain percentage of the purchase amount. For example, if you buy up to $ 100, 3% of the purchase price is credited to the bonus card, with a purchase from $ $100 to $300. - 5% of the cost, etc. As a result, the bonus card can accumulate bonuses or monetary units, which you can use with the next purchase.

Lotteries. Such promotion campaign can combine a lottery and a price discount. It assumes that a lottery is held in a store and price discounts can be a price. Such lotteries can be timed to certain dates, for example, the birthday of a store. Besides discount prizes, a store or a company can offer products it manufactures and sells as a gift.

One of the other ways to promote sales is small wholesale trading when a store offers to buy goods at a reduced price, but on the condition that you simultaneously buy at least four (or other quantity) items of this products.

Promotion with a gift. This type of sales promotion assumes that when making a purchase, a buyer receives a reward in the form of a gift. The condition of getting a price can be a purchase of other products or make a purchase at a certain sum. You have witnessed such stimulation means when promoters display prizes at a table with a custom printed tablecloths as one of these that you can see here so that everyone can see prizes they can possibly get.

Stimulation with a game. Such events include various games, contests, raffles, lotteries, etc. The purpose of these events is to create a friendly atmosphere and get a positive feedback from buyers.

Friday, July 21, 2017

How to know What Trade Shows Are Right For Your Business

There are several determining factors that a company must consider when choosing a trade show to participate in. These factors include budget, equipment needed, the goals a company pursue attending a show and so on. It is not a secret that exhibiting requires using a lot of resources - financial, human and time, and if a business selected not a correct show to attend, or preparation and presentation were not up to par, it can cause a long term negative consequences. Therefore, it is important to spend time weighing the benefits from attending a show and compare them with you possibilities. The following tips for selecting trade show venues will help put you on the right path to success:

Identify the Best trade show for your marketing campaign:

Identify the trade shows that appeal to your target audience and that offer the best chance of exposure for your products or services. Research on the topics of trade show so that they match with your business field and make a list of prospective trade shows. Don't forget to also check out where your competitors repeatedly show up.

Exercise Due Diligence

Of course, you will want to ask the trade show organizations to provide you with demographic statistics to help guide your decisions. Audited information is best if it's available.

This is not a full list of actions, you have to do more: double-check their assertions and perform your own due diligence by contacting peers and colleagues who have exhibited at the trade show in the past to get their perspective. Talking to former attendees to get their input is also a relationship building technique.

Factor in Timing Considerations

Now that you have an initial list whittled down a bit by your due diligence efforts, eliminate those shows that are out of sync with prospects' buying cycle timeline. It won't do your company any good to spend a lot of time and resources exhibiting at trade shows if they happen when major purchasing decisions have been already made.

Location, Location, Location
The studies show that on average, 40-60% of attendees at trade shows live within 200 miles of the show. Matching your company's geographic footprint with the trade show coverage is another smart move.

Avoid Calendar Conflicts

You probably do not want to schedule participation in trade shows that coincide with the Super Bowl. That's just too much competition for the attention and attendance that you ideally want and deserve for all of your company's hard work.

Whether your business is product or service-based, local or international, trade shows can be a great way to get noticed as a leader in your field and can help you generate quality leads which will quickly pay off. And while these shows may look like they're all fun and games, the sheer number of face-to-face interactions with potential clients makes them worth the time and cost spent.

Friday, July 7, 2017

Trade show marketing – what is it?

In any competitive business model, it always pays a lot if business managers can come up with creative marketing strategies that can capture the imaginations of potential clients. That objective can be well achieved through trade show marketing exhibitions. Trade show marketing usually takes place in large ballrooms or convention centers that house together potential clients and business owners who may represent the same or different industries.

Within the convention centers or ballrooms are usually booths having promotional and insightful displays that can attract potential clients. Potential clients who visit the booths get the opportunity to learn more about what a given business represent based on what the sales representatives discuss with them. Based on the information presented to clients, they may decide to purchase the products show to them or gain insightful information that can make them opt for the give products in future.

Trade shows are always fun-filled crowd-magnets and that makes them popular among many businesses. The promotional shows, branding, contests, speeches and product demonstrations given at many trade shows always pull in huge crowds and the many people coming together do present an opportunity which can be seized by the participating businesses to sell their products.

Why is trade show marketing an important business strategy?

Under this marketing strategy, potential clients are not under pressure to buy any product they are exposed to. Instead, they are free to interact with the product and ask exhibition persons to describe to them in detail anything that the product may comprise. That business-client approach makes clients be at will to try the given product which is on display. Assuming that they find it useful, they will make a habit of using it in the future and the result is that a business gets to win loyal clientele via trade show marketing strategy.

Giving clients the opportunity to experience as well as ask questions about a product always leaves a huge impression. The close client-business interaction opportun
ity created by trade show marketing can enable firms to know where they may be going wrong and possibly apply suitable adjustments regarding pricing models and even product design.

How business can fully utilize trade show marketing

Though many marketing strategies are often aimed at turning any client-product interaction into sales, trade show marketing should slightly deviate from that norm. The main talking point of the strategy should be to introduce potential clients to a product, describe the clients the benefits the product offers and also welcome any suggestions that may be put forward by the clients.

If you are a business manager planning to use trade show marketing at an exhibition, your aim should be to make your product presentation detailed and presentable as possible. People who visit trade shows do have many things on their minds and if a business firm can’t provide an attractive product presentation, the potential clients will have to look the other way and that will mean possible loss of potential clients.

In many marketing approaches, clients hardly get the opportunity to have experience with the products they may have an interest in unless they first buy it. In trade show marketing, it is important to have some product samples which products can ideally interact with just to have a feel of how owning the product can turn out. Doing that can improve a business’ sales volume and that is always the strategy in any marketing approach.

Thursday, July 6, 2017

Is Promotional Marketing Worthy To Be a Part of Your Marketing Strategy?

Promotional marketing strategies don't just aim at encouraging sales of a particular service or product, but they also result in increased awareness for the brand or company behind it. In fact, a recent study conducted by the Promotional Products Association (PPA) found that 76% (i.e. roughly 3 out of 4) respondents who owned promotional materials clearly remember the details it, the company that was being promoted, and even specific contact info (phone numbers, website or email addresses) tied to the respective promotional campaign. If you think that's impressive, read on to learn more about promotional marketing and figure out whether or not it's best suited to be a part of your company's marketing plan.

What is Promotional Marketing?

Promotional marketing is the use of any kind of special offer that's primarily intended to raise the target customer's interest, and then influence them to make a purchase. It can also be a perfect form of marketing if you wanted to make your product or company stand out in the market.

Promotional materials like email or mail materials (that include coupons) are a part of direct marketing strategy employed by most small to medium sized businesses.
This can also include organizing contests that encourage the participation of the target audience with a company, or offer something free to the customers to gain their interest. Having said this, promotions are also a common thing during interactions between salespeople and customers, often for the purpose of upsells (or encouraging the sale of additional products).

How Most Businesses Do Promotional Marketing

If you intend to do a business-to-business promotion, it can be as straightforward as offering a discount to your clients to encourage brand loyalty. Retail businesses that operate out of storefronts employ promotional marketing strategies to grow their business.

Consider a commercial for a pizza restaurant that is advertising a lunch deal: get a free drink when you purchase two slices of pizza. As you can notice, the promotion aims to get the customer's attention to the “bonus” element of the free drink, trying to attract pizza lovers and make them visit their restaurant.

This is a classic example of an in-store promotion for restaurants. The restaurant runs a promotion that offers a free product (a drink, in this case) contingent on the purchase of another product (two slices of pizza, in this case).

Final Thoughts

Any company that can potentially offer its customers an additional benefit on top of their regular purchase can use promotional marketing. It has got the advantage of being valuable for getting more business from both the new customers as well as existing customers.

Now, that you know whether or not you can use it for your business (it's quite likely you can), keep in mind that promotional marketing campaigns need to be developed with a specific purpose behind them. Among the various types of campaigns, some are aimed at bringing in new customers, while others are set up to getting repeat business from the existing customer base. Regardless of who the target audience is, a business owner (or marketing specialist) needs to have a clear goal in mind that is measurable before launching a new promotional campaign.

Promotional sales getting the most out of your marketing dollar

One of the most effective and popular methods of increasing sales is through promotions. Sales promotions can be in a form of short-ter...