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Sunday, April 9, 2017

Sales Promotion Techniques For Your Business

Sales promotion refers to “those activities other than personal selling, advertising and publicity that encourages the purchase or sale of a particular product (or service)”. 

Sales Promotion is often seen as a short term tactic to boost sales and can be aimed at both consumers as well as intermediaries (dealers etc).

Sales promotional techniques often effect an immediate increase in sales and, given the fact that its impact is almost immediate, measuring the effectiveness of sales promotion techniques is often easier when compared to some of the other promotional tactics employed by businesses.

 The following are the different sales promotion techniques you can use for your business.

1. Price-off Offers or Discounts – This involves offering your products at a price lower than your normal price.

2. Quantity-off Offers – This involves offering more quantity of your product at the same (or slightly higher) price.

3. Premiums – This involves offering any merchandise for free to those who purchase your products.

4. Coupons – Coupons are discount certificates which can be redeemed by the customer at the time of payment (for your product or service). Coupons may be distributed via mail or social media channels, published in newspapers, contained inside packaged products or handed over by dealers or salesmen.

5. Refund / Cash Back Offers – This involves offering a refund of money to customers for sending in a “proof-of-purchase.”

6. Customer contests and Lucky draws – Contests and Lucky draws can be organized with the intention of offering free samples or products at a discounted price to the winners (of such contests or draws).

7. Trading Stamps / Loyalty Points – These incentives are generally offered by retail chains and eCommerce websites. Consumers are credited with loyalty points with every purchase and these points can be redeemed either for free merchandise upon reaching the threshold limit or claimed as discounts against the next purchase.

8. Trade Discount / Allowances – Discounts are offered to dealers to encourage them to stock more of your products.

9. Dealer Contests – This involves offering rewards to dealers based on their sales performance. For example you offer to give away a brand new Laptop to those (dealers) who are able to achieve a predetermined sales target. 

10. Premium or Push Money – This concerns offering additional compensation to salesmen who are able to surpass their target levels.

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