Do you want your customers to feel worse when they shop with you? (This is exactly what 83% of customers feel when they see an offer online)
Do you want to win every time your physical shoppers go to the showroom in the store? (77% of customers said they check prices online when in store).
Do you want to get 69% of people who are specifically looking for promotional items online?
Do you want to help your clients overcome the first shopping experience, which in 88% of cases is unpredictable? Then it’s time for a deep dive into the world of promotion and discount management.
Table of Contents
Continue to find out all about:
- What is promotion management?
- What types of promotion exist (3 classifications)?
- What business promotion management software is available?
- And what about traditional promotion management solutions? What are promotions and discount codes? In Promotional Glossary
Promotion is a marketing technique designed to evoke an emotional response in the mind of a customer requesting a purchase. It offers visualized value through a discount or a higher value for money index.
Discount codes are a marketing method for promoting a product by providing a digital or physical code that allows the customer to receive a discount on the purchase according to specific conditions.
Promotion management is a branch of the marketing domain that involves the use of promotions, benefits, discount codes, and Digital Coupon Management System to promote sales. Promotion Management Solutions are software systems designed to assist the retail and eCommerce industries in managing and automating channel promotion using big data and predictive analytics.
Promotions really work. Here’s why:
The promotional market is huge.
Groupon was valued at $ 16 billion when it was released in 2011 and had previously turned down a $ 6 billion offer from Google. It is now declining with a market estimate of 2+ billion dollars, but this has nothing to do with the loss of popularity of promotions. This is related to the emergence of social media, through which promotional campaigns can engage intermediaries.
In short, promotions work because they start for all good reasons. These are the factors that make people happy and scare them to come.
We all work hard to make money, and many have heard that “a penny saved is an income penny.” So when we find an offer online, we feel grateful for the opportunity to save money. We feel like we did it by not spending it. Promotion using FOMO
The fear of losing is a big factor in action. We want what others have. We can act immediately if we fear the opportunity is limited.
Propagation Increases oxytocin levels
Who wouldn’t love a dose of newly formed oxytocin in their blood? The supply yacht just does it. It will make you happy.
Promotions use the Social Proof Trigger
Social evidence is considered deeply rooted in the human era, when humans lived in tribes and depended on each other to survive. Despite the origins of social evidence, members of modern human beings still like to hear product notes from celebrities and hear how customers share how great it is to buy 2 products. with a 33% discount!
How To Use Promotion & Discounts To Drive Sales
Markets now feel compelled to offer discounts because dropshipping eCommerce has to deal with tough and aggressive competition in unscrupulous business. Users are already used to or even dependent on sales and discounts from the left and in the middle.
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Premium brands have always resisted discounts on their products, in some cases even burning the rest of the collection so as not to melt the value of the brand.
So what is the right way to use promotional marketing?
Here are the key factors to consider when mapping your promotion strategy:
Understand how discount fits into your overall marketing policy. Are you a premium brand that rarely wants discounts but invests in market loyalty? Are you a low-margin shipping company that needs to attract many customers? Are you a medium-sized e-commerce brand with a high money index but poor stock management?
Look around. No need to change a tire. Learn the local market and the best practices of world leaders in your area.
Define your promotion strategy. It’s time to throw her out and move on. Take your catalog and find out what discounts or coupons or benefits you should apply to reduce your slow-moving inventory, think about how best to make money on seasonal sales, and determine the depth with the discount that may be on your margins.
Consider ready-made promotion management solutions. Find out what your competitors are using, what they can offer in the market. Understand the pricing and implementation process.
See Startup development company ask for a quote. How much does it cost to get a turnkey solution for your number of SKUs and your interest in GEO brands? Promotional solutions for eCommerce and retail
There are several solutions on the market that include a software module for promotion planning. They usually come as part of a larger e-commerce suite, but can also be used as standalone features.
Such software falls into different categories depending on the combination of functions available in the system: coupon management system, retail promotion management software or store promotion management software.
Business promotion management software
- Upclear’s BluePlanner
- Flamingo TPM from Adesso