The Promotions Conducted metric offers you just the insight that it’s referring to – the number of promotions that your business has conducted within a certain period.
This metric is used to understand the growth of your business’ sales regarding the promotional programs the latter has conducted. A sales promotion is part of the promotional mix suite, among personal selling, direct marketing, advertising, and public relations.
Obviously, they are used to stimulate the market and basically increase the costumer’s demand when it comes to a certain product – namely, the one your business chose to promote.
Moreover, the Promotions Conducted metric also offers your business insight in regard to the number of new customers and held present customers during and after the promotion. Basically, you can determine whether a promotion was successful or not by checking the number of new customers.
Even though you can make promotions for the wholesalers, retailers, and sales staff, today we’ll be talking about the customer promotions, also known as customer sales promotions – as this is what you are probably interested in.
Let’s see some of the consumer promotion types you can use in order to boost your sales and attract new customers.
- A Price Deal – basically, a temporary cut in the price, such as 70% off for a limited time.
- A Loyalty Reward Program – when a customer can collect credits, miles, or points when making purchases in order to redeem them for certain rewards.
- A Bonus Pack Deal – when the seller offers more of a certain product for the same price; for example, when you can buy two items at the price of one.
- Online Interactive Promotion Game – the seller puts up a game on their business’ website, which can be played, and which advertises the product they are trying to sell; these games usually come with price cuts and deals if a certain milestone is reached.
- Contests – a customer enters a certain event just by purchasing the promoted product and he or she has a chance to win a certain product.
Of course, these were only a few of the types of promotions you can conduct – but their purpose is clear, to sell your product/ service and to attract new customers. For example, in the case of the Bonus Pack Deal, there might be customers that would have never bought the product/ service if they didn’t get more of it for the same price.
After all, who wouldn’t like two bags of chips for the price of one or two months of subscription to a certain online service for the price of one month?
The Bottom Line
Of course, when planning a promotion for your product/ service, you have to make an analysis of the Customer’s Thought Process as well, in order to see what exactly would influence him or her to buy a certain product in a more efficient way.
In regard to this matter we have the impulse buying, comparing prices, meaningful savings, right digit effect – quite self-explanatory – the outside forces, and the framing effect.
Naturally, conducting a promotion doesn’t mean just cutting the price off for a product.