How Create a Promotional Strategy that Drives Sales
Looking to boost sales and increase website traffic? Try a promotion. When well designed and marketed, promotions are an excellent way to connect with existing and new customers.
Giving your audience an explicit incentive to buy creates urgency. This essential sense of urgency is what motivates casual browsers and those who need an extra push to convert. Whether your goals are short or long-term, the best promotional strategies work to capture and convert new shoppers into long-term customers. The first step, however, is creating and developing a strategy to get your promotion out there.
Tips for creating a solid promotional strategy
Given most promotional strategies aim to increase revenue and maximize exposure, applying the following tips should undoubtedly increase the effectiveness of your next strategy.
1. Keep things simple
Don't make customers do more work than required to convert. Simple, and easy-to-understand promotions earn the most engagement. Comparing and highlighting benefits like replacing an original price on your website with a new price displayed in a bolded font means that people can easily see the benefit of the promotion. Oftentimes, overcomplicated promo codes and access points only deter customers from using the campaign if they can't figure it out.
2. Reward customers to increase orders
One of the most effective methods to increase the average value of an order is to include a free item after the customer surpasses a specific price threshold. This conditional strategy can take the form of 'free shipping over $x' or the inclusion of a supplementary item if the decided dollar amount spent is surpassed. In about 80% of cases, offering free shipping or a small supplementary item increases the likelihood of a purchase.
3. Reward top customers with special offers
On average, existing customers tend to spend more money and try more new products than new buyers. If existing customers are 50% more likely to branch out and try new products, capitalizing on this buzz and excitement through rewarding the highest spenders with customized offers and promotions is never a bad place to start.
4. Bundle products:
Some companies are often more successful in selling products through bundling. Offering two or more products sold at a lower combined price than normal allows merchants to capitalize on moving inventory when a product isn't selling well by pairing with one that is.
5. Revamp or re-merchandise your product and homepages
While merchandising is traditionally related to the physical design and flow of a brick-and-mortar store, eCommerce merchandising is just as essential. The flow and layout of your virtual store can make or break the shopping experience for a customer.
Consider adding new visual elements that mix things up and draw attention to your homepage or product pages when starting a new promotion. Revamping these important conversion pages help customers know something new is about. In any case, promotions should always be front and center rather than hiding in the shadows.
6. Boost product reviews
Reviews matter to customers. One study displays that close to 95% of consumers read product reviews before making a purchase. Conversions tend to spike with credible and readable reviews.
The product review seeding process involves collecting original reviews and reaching out to existing customers for new product reviews. Then, with their permission, you can post them to your product pages. Even if every review isn't perfect, research suggests that even negative reviews can help build trust and can lead to as much as an 85% increase in conversions.
7. Prototype & test
Different audiences respond differently to specific promotions. Part of the development process requires some level of testing on how to effectively engage and understand what your audience responds to.
Drive Digitals' A/B testing helps you understand how to best target and capture your audience by sending out two different versions of a promotional campaign. That way, you can easily refine your strategy and make the necessary adjustments to optimize your results.
8. Be memorable & think different
Part of differentiating yourself, especially in competitive markets, is by thinking differently. Attempt to develop memorable campaigns with a twist and personal touch that customers won't forget. Consider adding a personalized card or free sample item in the package to ensure you delight and surprise your customers.
How to promote your promotion?
Now that you got the inside scoop on how to develop the most effective promotional campaigns, next comes the method and mode of delivery. Publicizing your campaign to build awareness and maximize profit potential can be done through a variety of methods.
Social media ads and organic posts have become standardized methods of disseminating promotional materials. Target existing customers and finding new customers with similar interests has never been easier. Your customers are constantly on social media, so finding new ways to draw them based on interests is vital.
Although email marketing has been around for years, it’s one of the most cost-effective and successful marketing tactics in the game. A study from 2015 showed that for every dollar spent, email campaigns earn back an average of $38 return on investment. Including a promotional hook in your email campaign urges browsers to covert. As an added perk, give your loyal customers early access to the promotion.
In an age of digital automation, standard browsing customers and those with abandoned carts who decided against a purchase are often the audiences most fit for a retargeting campaign. A retargeting promotion can often bring these people back on board with your company and products through a little encouragement to complete their purchase.
How to convert first-time customers into loyal customers?
While promotions often help convert curious customers into first-time buyers, turning first-time buyers into loyal customers is another story. Once they've made the first purchase, focus on developing loyalty through some of the following tips:
Tag new customers
The more information you have on your customers, the more personalized their messaging can be. Developing custom labels for contacts based on essential demographic information about them like ‘new customer’ or ‘outdoor enthusiast’ leads to more relevant and meaningful conversions.
Keep in communication
Your customers shouldn't forget about you after their item is purchased and package delivered. Send personalized product recommendations and keep your newest products and best-sellers front and center to drive interest. This revitalizes engagement and keeps your brand at the forefront of the buyer's mind.
Send welcome messages
Welcome messages and emails are crucial in building a lasting and profitable relationship with customers. Ensure your checkout pages have space where customers can enroll to opt-in for future messages. Leave a lasting first impression by sending a welcome message to every new customer so they are sure to come back.
Digital marketing trends will only continue to evolve as the world of virtual communication and online shopping continue to grow in popularity. Staying on top of cutting-edge digital marketing and branding instruments will become more and more central to helping you stay ahead in an ultra-competitive eCommerce landscape.
For a customizable digital marketing plan or to explore how Drive Digital can take your promotional strategies to the next step, get in touch to explore our suite of customizable digital marketing services.