Sales promotion provides an invaluable method to enhance sales and sculpt competitive advantage, however, sales promotions are dependent on the finest of margins making it essential you implement your campaign with impeccable judgement.
With that in mind, we’ve gathered 10 great quotes to use as gospel when creating your sales promotion.
1. Plan –“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.”
A strong plan holds the chalice to success. Try and envisage what you want to achieve and why. Setting key objectives and aims are fundamental to you and your brand sticking to your scripture. Break the sales promotion down into small parts:
- What are the objectives?
- What’s the promotional mechanic?
- How long will it last?
- What’s the prize?
- What’s the universe?
- What’s the audience?
- What’s the budget?
And all questions alike.
2. Budget- “A budget is telling you where your money is going to go instead of wondering where it all went”
When creating your prize fund, communication and artwork, you must consider the impact on your balance sheet. When consumers engage in your wonderfully sculpted sales promotion, you must consider the variable and fixed costs. Fixed may be your advertising expenditure and the variable may be:
- Data capture
- A number of redemptions
A classic error in sales promotion is to only consider the fixed costs of a campaign. Promoters often neglect to include how many may participate in your promotion and the effect of this on your balance sheet.
3. Research- “Research is to see what has been seen, and think what nobody else has thought”
Research is the gateway to creativity, if you do not walk through those pearly golden gates you won’t be opening your eyes to what your consumer really want. By understanding their profiles you’re going to be able to appeal to their interest. For example, a gift with purchase offer, via research you can select a product that meets their needs and synergizes the offering with your brand.
4. Secure- “Beware of rashness. But with energy & sleepless vigilance go forward & give us victories”
Your promotion must meet legal requirements and be fair to the consumer. Poorly executed campaigns can lead to:
- Unhappy consumer
- Excelling costs
- Negative PR
- Time consumption
- Legal intervention
Promotions must be safe and secure otherwise your campaign will be vulnerable to fraud from tech-savvy hackers. This is a particularly ubiquitous issue with promotions being digitally based. Remember, to protect your promotion by randomising the URNs, asking participants to disclose private details and seeking help from a promotional protection specialist.
5. Target- “Everyone is not your customer”
Target your efforts at those who matter, customer centricity is pivotal to the success of your campaign. After all, targeting everyone may mean paying for all those redemptions? When targeting your audience in a sales promotion you want your promotion to fit the profile of your consumer, for example, newspaper coupons would not suit the Topman brand profile, they will want to be communicated via less traditional media.
6. Creativity- “Don’t quit your daydream”
Marketing is full of noise. Be the loudest. Creativity makes you memorable, it ensures you’re heard. Sales promotions are perfect instances to show your brand’s creative flair. This will then propel onto your on-pack offerings, POS, and other forms of communication, in turn sculpting a competitive advantage for your brand.
For example, the McDonald’s Monopoly shows how creative flair has been used to make an attractive prize mechanic for consumers, creating a competitive edge for the brand and harnessing an estimated 6% sales lift year on year.
7. Use the Appropriate Mechanic- “We become what we behold. We shape our tools, and thereafter our tools shape us.”
You are only as powerful as your channels in sales promotion. Don’t make a terrifically designed sales promotion, contextually great in every aspect but not easily accessible to your consumer.
8. Communicate-“Many attempts to communicate are nullified by saying too much”
Data, technology and digitisation have created a bombardment of noise for consumers. Constantly barraged with offers, some legitimate, some not, some enticing, some not so, it’s your job as the provider to create effective and attractive communication which not only entices engagement but reaches the targeted consumer.
Here you should apply your research and use what you have attained to gain contact with the consumer. Are they tech savvy? Do you have their email? Are they exposed to traditional media? Will they be best targeted after Emmerdale alongside their teacake?
Your data dictates your spend. When carrying out a promotion you need to decide how attractive you want the promotion to be made.
Proof of Purchase Requirement
- Do they need to send in a POP to redeem?
Perceived Value of the Offer
- What are you offering the consumer?
- How much value does it hold to them?
- How much value does it hold in comparison to the cost of the product?
Ease of Participation
- Is the promotion open to all your consumers?
- Is it too easy or too hard to participate?
- How long is the offer open for?
- What’s the rate of consumption?
- What’s the demographics behaviour?
If you don’t ask, you don’t get. Ensure that your consumers are aware of how to participate. For example, if your main source of communication is a POS, ensure it’s clearly stated on the presented, informing them on how to actually join in.
9. Measure and Record- “Not everything that can be counted counts, and not everything that counts can be counted.”
Measure your success, but ensure you take note of the aspects which really count. How many people engaged with your promotion? Through which channels? What’s the demographic? Sales promotion is an invaluable way to data capture, giving you the power to make your promotion more engaging time and time again.
Research acquired from sales promotions can also help bolster other aspects of your marketing, such as email marketing and lead generation. In order to participate in your promotion, you may require an individual’s address which, given the correct permission, will allow you to target them with your digital efforts.
Remembering how your promotion performed this and last time around will help you gain a better of indication of how it may perform in the future, allowing you to better allocate your budget and construct a stronger promotion.
10. Cover- “Insurance companies sell what might happen tomorrow. Historians sell what certainly happened yesterday.”
Now you have planned a tremendous, out of this world sales promotion with stunning artwork, you now have to release it to the hounds. However, have you ever considered the impact this may have on your future marketing budget?
Fixed Fee sales promotion will cover the cost from the outset, so you don’t have to continue delving into your marketing budget. The service will also compare your promotion versus thousands of others with similar characteristics, such as mechanics, markets and different prize funds, allowing you to then generate an estimated redemption rate which helps the provider create an accurate fee.
- How you performed in previous promotions?
- How other promotions similar to the one you planned perform?
Sales promotion may seem a simple concept on the outskirts but perfecting the art is even a challenge for the best of us. Take into consideration the above points and it will help you in your quest of making a successful sales promotion for your brand. Remain vigilant but stay creative. Harness the data available and always do what is of interest to your consumer.