During an Instagram live session held recently on my business page @TaylorMade876, I spoke to over 142 entrepreneurs about business survival during COVID-19. They raised a variety of questions about making money during a pandemic. Suggestions included adapting to the present conditions, diversifying the business, and executing online sales promotions. Sales promotions are a type of planned pull marketing technique used over a short period of time to stimulate sales for a product or service. Pahwa (2019) describes it as “A marketing strategy where the product is promoted using short-term attractive initiatives to stimulate its demand and increase its sales”.
There are different techniques used in sales promotions but before we get into that, let us briefly discuss the advantages and disadvantages of hosting them. Sales promotions, when planned and executed properly help to effectively boost sales of a product or service but because these promotions are short-term, they may only have a short-term effect. Sales promotions also encourage customers to try your product or service and may even encourage them to switch brands. On the flip side, customers may start to expect further promotions on the product or service after the promotion’s end.
All in all, sales promotions help to stimulate sales for a product or service. This short-term promotion can help to clear out inventories, introduce new products or services, attract traffic, and lift sales temporarily. Please note, however, that it is more associated with the marketing of products than of services.
Here are a few techniques that can be used during COVID- 19 despite the curfews and stay at home orders:
Customers love discounts. You can use a holiday calendar to help you plan special occasions for discounts. For example, during Thanksgiving, you can host Black Friday Discounts and Cyber Monday Discounts; you can also host Christmas Discounts, and Easter Specials to name a few.
Coupons and even vouchers can be found in newspapers, under items already purchased, and in emails. Coupons offer discounts or specials.
Hosting contests online during this time is ideal. You can gain additional followers and an increased customer database.
Offering a gift with a purchase is a great way to attract customers. For example, restaurants can offer free deserts with a purchase of a meal over a certain cost. With the practice of social distancing and with many people at home, businesses that usually charge for delivery can now offer free delivery as a special gift. For businesses that create masks, you can offer a small bottle of detergent soap with purchases or a pouch to store your mask at home after it is washed with purchase.
This occurs when you sell a bundle of products of similar nature or that relate to each other at a lesser cost than the cost of them sold separately. For example, you can sell a Lysol with a detergent soap at a reduced rate or sell a hand sanitizer with hand lotion or hand wash at a reduced rate.
Free Sampling and Free Trial
Sampling can still be done even if you are operating your business from home. For example, if you sell candles, deliver a smaller size scented candle with the purchase so your customer can try something different or new. Customers like the idea of being able to try something before they invest in it. The same applies to services, you can offer free trials, imagine awarding your customers the ability to test your services for a day or a week for free where applicable.
Conclusively, we understand that most businesses may be suffering a loss at this time due to COVID -19 but life exists after the pandemic so effort must be made to gain new clients and retain the existing ones. Sales Promotions offer incentives so their effects will be greatly appreciated by your customers. For assistance in a planning suitable sales promotion contact me through email to firstname.lastname@example.org for a special discount on our Sales Promotion Planning Packages.