When running an online business, a quick way to boost sales or attract new customers is with online promotions. Yet if you conduct them incorrectly, they can look cheap and ill-thought-out. This can damage your brand awareness beyond repair. Below, we discuss the types of online promotions and how to do them effectively.
When giving something away to customers, it must be something they want. This can take the form of gifts or even cash prizes if you have the money. The online casino industry has some great examples of this when it provides free bonuses to those who sign up. The free spins on Paddy’s Wonder Wheel are an exceptional way of doing this, bringing people back on a daily basis with small offers that provide something of value. Using a randomized wheel spin, players get to try out a mini-game that hands out prizes. The company not only provides something the customer wants but also provides it in a way they will want it. As a company that offers entertainment, why shouldn’t their bonus be entertaining as well?
If you do not provide a service, giveaways can be harder to do. In this case, try to team up with another business or brand and offer something together. Not only does the giveaway take less from your marketing budget, but you can also piggyback the fanbase of the other brand. This works best with companies closer to your own in terms of products. For example, make-up brands may team with hair care products and such forth.
If you post products, you will know how much of a minefield shipping can be. Incorporate it into your margins and you risk huge losses in profit. Add it on afterwards and high prices can see customers go elsewhere. Free shipping is also offered by some providers but once again if you do it with your business you end up incorporating the cost.
One way to do this is to offer free shipping as an incentive or promotion. This way, the money you lose paying for it is made up in increased profits. You might even consider offering it to people who spend over a certain amount, so it only applies to larger sales. By adding a limited-time offer with it, you add urgency and can maximise sales while retaining the element of added value. Many companies will provide you with discount business rates, from the Royal Mail to private companies like DHL.
Another tried and tested method is to offer a discount. They are a great way to incentivise people who already do business with you, bringing them back and rewarding them for their loyalty. This also increases the relationship between your brand and those who use it.
You can also use discounts in clever ways, to get rid of products or get people to use new ones. For example, if you have excess stock for certain items, you may offer discounts to clear them. Alternatively, new services might have a discount attached so that people are more willing to try them out. Place them on websites and apps like Groupon to spread their reach even further.
A method known as a progressive discount can take this further. This increases the more products a customer buys, signs up for or spends. As your profit increases, so does their discount. For example, they may get a 10% discount for making a single purchase, a 15% for making two and so forth.
This list is not exhaustive and you may have other methods that have worked well in the past. They should give you some help and even the smallest one, if implemented correctly, can give you a much-needed sales boost.