Promotional Strategies that Devalue your Brand
Successful marketing is not possible without the right promotional strategies. From gift card promotions to rebate promotions, these business tactics are helpful in engaging your customers, encouraging repeat transactions, and building up your brand. But did you know that some promotional strategies can actually end up devaluing your brand? Here are some promotional tactics that appear exciting at first glance but can be detrimental to your company.
Poorly executed discount offers
Although you may want to offer discounts to your customers every now and then, you have to be careful about slashing your prices too much and devaluing your products. According to marketing experts, a business owner needs to be able to tell discounting and devaluing from each other. Inventory sales are fine, since you have a legitimate reason for offering deep discounts: you need to get rid of old stock to accommodate the new stock. Sudden or too frequent drops in product prices, however, can be alarming to your customers. They may feel ripped off or feel that the product is not really worth its original price.
Cheap promotional items
Gift rewards along with purchases can work wonders in pulling in new customers and retaining existing ones. Whether you do this through an actual gift or a promotional gift card, customer rewards can be a great way to entice your customers to transact with you more often. However, these promo products work only in so far as they are attractive and functional to your customers and relevant to your business. You should be careful about using cheap promo items, as these could reflect negatively on your brand, even though they are free.
Overly complicated promotional offers
Customers appreciate promotional offers that keep them on their toes, but a reward system that proves too difficult may easily dampen their enthusiasm. Once your customers start to think you’re not running a legitimate promo, they may start to lose trust with your company and your brand altogether.
Effective Promotional Strategies You Can Use
Your promotional tactics need not be limited to discounting and other predictable, brand-devaluing offers. In fact, there are many other ways to do promotions, such as bulk gift cards or wholesale gift cards. These gift cards may be used to redeem a practical gift that your customers can really use or something that’s relevant to your brand. Whether you are giving away these gifts as a purchase incentive or as a reward for your most reliable customers, you don’t end up devaluing your brand in any way. Unlike discounts, your customers will not wonder whether your pricing is fair or otherwise.
Moreover, with a gift card you can partner with some of the top-name brands to make your rewards more enticing and fun. A trusted promotions company can help you craft a winning strategy that will compel your customers to choose you over all the others.
Planning to try gift card promotions for your company? Talk to us at Mpell Promotions today for card promotions that really work.