Halloween is over and the premature Christmas decorations have already begun, which means, sales promotions season is in full effect!
With Cyber Monday and Black Friday looming closer, you should definitely know and harness the power of promotions like flash sales, giveaways, and special discounts.
Last year, Cyber Monday broke the online sales record with $9,4 billion in revenue, and the predecessor, Black Friday hit $7.4 billion in online shopping sales, which is a mind-blowing all-time high. That’s not all though – these crazy numbers are expected to be crushed this year because of the pandemic-boosted spike in eCommerce sales.
In other words, sellers, now’s the perfect time to show your discounts!
In this post, we’re going to quickly show you why exactly sales promotions are a terrific game-changer for your business and how you can make the best of them.
Promotions make Buyers Happy and Happy Buyers Come Back
As buyers, we have the permanent need to save while buying. Especially nowadays, where most markets are oversaturated, the product’s unique traits are honestly not that apparent so we tend to hunt for the lowest prices instead. Discounts cover this for us.
If you display promotions to a well-targeted audience, you are bound to have new customers. We become repeat buyers if your products are the quality they promise and if you keep us properly engaged with loyalty programs or monthly promotions. Your best bet is to promote products with reviews, as 72% of buyers won’t take action until we read reviews. Gen Z buyers, especially, want to see ordinary people with real problems and honest feedback.
Promotions don’t only attract new customers though, they foster loyalty and strengthen your relationship with your existing customer base. Everybody wants to get high value for lower prices and if you manage to deliver that, we will be there for more.
Discounts Increase Sales and Discourage Cart Abandonment
Promotions, especially flash sales, cause a high sense of urgency to buy. Combine that with useful/cool products and you get the ideal recipe for increased sales. Yes, such sales promotions and steep discounts might concern businesses in the aspect of long-term profit, but! If you take your Customer Lifetime Value (the money you make from a customer before churning) into consideration, it turns out to be a fine deal.
As buyers, if a deal got our attention, we are prone to explore the rest of your products as well. If we saved money through your discounts, we’re more likely to spend money on other products of yours. Additionally, promotions help you sell the products which have already reached their maturity level. Plus, they give you space to introduce new products.
What’s most important to successfully sell your products is being clear on the promotions you offer, specifying their price, and setting the time frame for when they’re going to be available. The more specific you are, the fewer lonely carts you get, as 63% of cart abandonments happen due to unexpected extra costs.
Buyers Will Know Who You Are
Not in a bad way though. You don’t want an angry mob in the review section.
This period is perfect to pull out the big guns when it comes to brand awareness. The crisper your promotion campaigns, the more space for your brand in our brains. Make your sales promotions flashy, attention-grabbing, powerful, and let them properly represent you. It’s not only the visuals that tickle our fancy but a great sales pitch as well.
You can go for:
The Product Spotlight
The Visual Hook
The GIFt (which is a lively gif promotion)
But, if you’re not confident in making heads turn with your promotion campaigns, you can easily outsource a team of creatives who does it for you. At UCXmarket we offer numerous services that can help you become a scroll stopper, without blowing your budget.
And there you have it.
A sales promotion often is the first impression so make sure to use it to your advantage!
- Create informative promotions
- Take the chance to offer older products and introduce new ones
- Brand your campaigns