Most business owners know the four P’s of marketing: product, price, place, and promotion. After you’ve done the hard part of developing a product(s), brand, and store (online or brick-and-mortar), it’s time to figure out your promotional content.
Luke Fernandez runs Growth at Wikibuy, a consumer product that helps shoppers know when, where, and what to buy. As a Product and Growth leader, Luke has helped Fortune 500 companies and startups alike drive best-in-class marketing through technology and data.
Building successful advertising campaigns isn’t cheap, and it can be extremely difficult to compete for consumer attention with the constant bombardment by bigger brand names. With social media, television, out-of-home, and print ads (among others), there are a lot of avenues in which to spend advertising dollars.
So what can you, as a small business owner or entrepreneur, do to break through the clutter without breaking your budget? The key is to play smarter not harder. While multinational corporations like Apple and Coca-Cola spend millions of dollars on advertising campaigns and marketing strategies, you have the advantage of focusing your efforts on the local level.
Instead of being the distant man behind the curtain, you are on the front lines. It’s up to you to engage and converse with your potential and current customers. Developing meaningful relationships is how you can make your brand stand out against the far-removed companies.
Satisfy your consumers’ needs and make them feel special by providing frequent offers and deals. The difference between an offer and a deal is that deals are conditional and offers are not. This means that a patron must spend money to be eligible for the deal, whereas offers are a flat discount rate.
You’ll reap the benefits in no time by thoughtfully integrating both offers and deals into your marketing strategy. But what’s the best way to do this? There are several options when it comes to promotions, and there isn’t a right or wrong answer. It’s up to you to pick the deals that best align with your brand and timing.
Only have a brick-and-mortar store while you wait for your e-commerce site to be up and running? Use in-person coupons and first-time buyer deals to bring traffic into your store and generate sales.
On the other hand, businesses starting out solely online can take advantage of cart abandonment deals and minimum purchase discounts (e.g. free shipping on orders over $100) to drive online sales.
You can also use social media to get the word out about your special offers. Instead of sticking to the script with social media ads, involve influencers on the conversation. They can provide special discount codes and spread the word about social media exclusives, breaking through the typical media clutter.
There’s no shortage of options and variations when it comes to offers and deals. Intertwine them with your base advertising campaign to bolster your overall promotion strategy, driving sales and raising your bottom line. Treating your customers well and thinking outside of the box will yield a large payoff.
Not sure where to start? Wikibuy created this helpful infographic outlining 15 ways you can use various offers and deals to increase sales. From pre-launch offers to influencer incentives, the visual has all you need to know to begin incorporating offers and deals into your strategy and generate sales.