How to Craft a Winning Promotional Strategy
Sales promotions– such as rebate promotion, discount offers, and gift card promotions– are effective only as far as they guarantee relevance to your target customers. Not all promotions, unfortunately, achieve the projected results in terms of acquiring new customers and fostering customer loyalty. The following essential tips can help in designing a winning promotional strategy so that you keep your customers from abandoning your brand in favor of another. These tips are also helpful in motivating customers to try your products and services, even in the face of aggressive competition or diminishing customer demand.
The importance of customer segmentation
If your product or products cater to a wide range of shoppers, customer segmentation is an important step prior to devising any promotional strategy. Some customers, for instance, may be more price conscious than others. While some shoppers prefer buying a product per piece, others are more attracted to bulk orders. Customer behavior data such as these can prove helpful if you plan to use incentives such as gift cards. Since bulk gift cards come in different types, segmenting your customers will keep you in the loop as to which offers are more relevant to certain groups of buyers compared to others.
Use promotions that offer real value
Some entrepreneurs limit their promotions to discounts, thinking that all buyers appreciate lower prices. While many customers do appreciate getting discounts, there is one clear disadvantage to this type of promotions: the value of a discount disappears once the purchase is made. In contrast, a promotional gift offers long-term value. A gift card can surprise your most loyal customers especially if they get something that they would have purchased themselves anyway. Because a promotional gift offers value beyond the completion of a purchase, it will be considered valuable and more relevant by your customers. Most importantly, it will not cheapen your product in the same way that a discount would.
Connect with customers to foster brand loyalty
These days, promotional incentives should not simply bring short-term benefits. It is crucial for any promotional tool to help build and cement customer relationship. A special offer will not only bring long-term value compared to a discount, it may also be used to convert leads and to save a sale that would have otherwise been lost. Customers are emotional creatures, and once you surprise them with something valuable they are bound to remember your brand or your product for a very long time. Consistent efforts such as these are useful in fostering brand loyalty, especially in a competitive industry wherein you need to differentiate your product or service from almost identical offerings.
An exceptional promotional strategy is more than just discounts and rebates. It’s important for your promotions to be relevant and to offer real value to your customers. Wholesale gift cards, when designed and customized the right way, can prove to be a highly-effective and budget-friendly promotional tool. Planning to use a promotional gift card for your marketing efforts? Allow us to be your partner. Get in touch with us at Mpell Promotions today.