Consumer promotions can be highly effective for a range of businesses with the right strategy in place.
With the purpose of ‘advertising a product and increasing sales’, consumer promotions can also help to build brand awareness, generate revenue, and increase brand loyalty to name a few benefits of using them.
That said, consumers can become desensitised to promotions over time, resulting in an overwhelmed customer that might ignore your consumer promotion efforts altogether if you fail to adapt your strategy.
So, how can you improve your consumer promotion strategy to ensure this doesn’t happen?
Tips for improving consumer promotion strategy include but are not limited to:
- Setting measurable goals
- Utilising artificial intelligence (AI) to your advantage
- Creating limited-time promotions
- Offering real value
- Tracking and reviewing results
1. Setting Measurable Goals
The first tip for improving your consumer promotion strategy is setting measurable goals.
Determine what the main goal of your promotion is. For some businesses this goal might be to drive sales, for others, it might be linked to customer retention.
Setting measurable goals is fundamental for tracking the success of a particular consumer promotion, in turn helping to improve motivation and focus.
Once you have attributed a goal to your consumer promotion, you can decide on the timeline with which you’d like to achieve this goal.
By setting measurable goals, then, you have a clear sense of direction on exactly where you’re going and how your consumer promotion is going to get you there.
2. Utilising Artificial Intelligence (AI) To Your Advantage
The next tip for improving consumer promotion strategy is to utilise artificial intelligence to your advantage.
The potential for using AI to develop and adapt as a business is vast. AI allows you the opportunity to analyse a range of data, including customer behaviour as well as sales history. In turn, this can significantly help to enhance the performance of your consumer promotion.
It can also be used to help manage your stock more effectively by optimising your inventory allocation and replenishment across locations, time periods, and channels.
Additionally, AI can work to generate extremely detailed and precise demand forecasts for the promotion in question, whilst bearing in mind a range of factors, from seasonality to cannibalization to ensure you meet demand.
As such, utilising AI to your advantage allows you to adopt a more targeted approach to create a consumer promotion strategy that delivers maximum impact.
3. Creating Limited-Time Promotions
The next tip to improve your consumer promotion strategy is to create limited-time promotions.
While this might sound simple, limited-time promotions drive urgency and are one of the most effective ways to ensure your consumer promotions remain relevant and enticing.
Limited-time promotions, as well as limited quantity promotions, can be powerful in that they evoke a scarcity message in that it highlights to customers the possibility of missing out on a good deal.
As such, limited-time promotions can be effective in inducing consumers to take the desired action and driving sales as a result.
At Lime, our team is well-versed in developing smart promotional campaigns that stand out in stores. Get in touch with us today to find out more.
4. Offering Real Value
An important tip for improving your consumer promotion strategy is to offer real value.
Understanding your target market is a crucial component of creating a consumer promotion that they actually want to engage with.
Offering relevant promotions, for instance, is a personalisation strategy that brands can use to provide real value to customers whilst keeping them engaged.
This is emphasised by the fact that ‘over half (56% of consumers say they will become repeat buyers after a personalised experience’, emphasising the power personalisation can have.
Creating a consumer promotion that specifically targets your audience will therefore increase the likelihood of them engaging with your promotion.
5. Tracking & Reviewing Results
Last, but not least, a tip for improving your consumer promotion strategy is to track and review results.
The only way to continually produce successful consumer promotions is to keep track of your progress and consistently review your results.
Using consumer data metrics, such as customer satisfaction and retention rates, you can determine what’s gone well and what could be improved in the future in order to get the most out of your strategy.
This will help to ensure that you’re consistently adapting based on consumer data and making the necessary changes to be able to compete.
We are Lime, an independent partnership and sales promotion agency based in London.
Our expert sales promotion team has years of experience in delivering strategic promotional campaigns in the FMCG category.
If you’re interested in learning more about the work that we do, please get in touch with a member of our team today on 02073179280 or email Charlie@wearelime.co.uk.
And for more insights, check out our other articles such as The Power of Partnerships: Returning Partners and What Is The Perfect Film Partnership?.
