Retail Promotions – How Do I Run an Effective Retail Promotion?
Customers love a good promotion – whether it’s BOGO (buy one, get one free), or you are just offering a discount, you cannot get away from the fact that a good promotion is an effective marketing tool. It is not always easy to offer ongoing promotions as a retailer as inevitability. Unless carefully planned, the awareness, foot-traffic and additional sales could cover the cost of the promotion, but you could end up losing profit. How you advertise your promotions will be critical to the success. If you spend a fortune on TV ads but no one sees them, not only will the promotion fail, but you will have lost money. Running a retail promotion can be easier than you imagined when you utilize the tools offered by AGRetail. As experts in retail marketing, AGRetail brings you a vast array of marketing ideas that can help your promotion run with a bang. Here are some simple do’s and don’ts from our specialist team:
- Know your audience – There is no point in making a splash on TV and radio ads if your millennials demographic does not use these channels. Think about how their minds work and what would grab their attention. For example, you are shopping in a mall, but you haven’t thought about winter clothes despite the cold. A great window display of winter clothes with a custom-printed window graphic of 25% off all new lines would immediately grab attention. For impulse purchases, lipstick etc., your customer is likely to already be in the store, so why not try a point-of-purchase display near related products – e.g skin care.
- Don’t overdo it – Promotions are great, but it is important to keep them limited. If you offer too many, or you do not have time limits, you can end up with people becoming confused or losing interest. Choose one or two strong offers, and run them for a specified period of time.
- Always reuse when you can – If a promotion runs well, do it again next year. Obviously, don’t run it again too soon, but you could repeat the promotion in a year. AGRetail window graphics are great for this, as they can be applied by retail staff, removed without residue, stored, and reapplied the following year!
- Talk! – Use social media, talk to people, tell people – your marketing graphics will promote to people walking past, but make it a talking point. Try something new that people talk about. When people are interested, they come and look!
Try a new promotion today and if you need help with branding, retail marketing or promotions, AGRetail are the experts to talk to!