With every business, whether it is a startup or a corporation, you are selling either a product or a service. So, your main goal is to get customers to buy your products or service. You can sell your products and services by providing excellent value, as well as meeting customer expectations through features, prices and design to fit your target market. However, you can also apply the usage of promotions and marketing to sell your products and services. In this post we will cover how to do promotions to get better sales for your startup in Malaysia. Here are 5 types of sales promotion that every entrepreneur should take advantage of.
As we all know, social media is the new type of media platform with the highest hype in this age. It is vital for every business now to have a social media presence. Businesses can promote new product launches and discounts on social media. Regular posting on the platforms about your business, products and services can also keep your brand in the mind of the followers. It is a constant marketing tool and an effective sales promotion. So, do run ads on social media to attract followers and even non-customers to turn them into paying customers. Businesses can also do promotions for certain social media platforms and do giveaways and discount contests with the followers. It is also an excellent way of engaging with your followers.
With the popularity of social media platforms, people are now becoming celebrities on social media instead of the traditional media such as television. Having many followers, their content can reach all over the world much easier and faster than traditional media platforms. If you want to reach to a wider target market for your products and services, collaborating with these social media celebrities and “influencers” can work wonders. Companies can give free products to the influencers to post positive reviews on their social media. They can also pay a certain fee to the influencers to be a brand ambassador. It provides the feeling of trustworthiness in the mind of the consumers and can reach to a bigger number of consumers directly.
Seasonal discounts are a great way to attract a lot of customers in a short amount of time. Seasonal promotions are special offers, discounts or limited edition items tied to an event during the year. This can be a specific holiday such as Valentine’s Day, or a certain time of year, such as back-to-school season or Christmas. The primary benefit of these sales promotions strategies is to attract attention to your business at an opportune time and increase revenue in an otherwise quiet period. ot every holiday or annual event can apply to you, nor should they. If you constantly latch on to every holiday with a full-fledged sale, you'll cut into your profit margins. Depending on the types of products you sell, there may be certain times of the year where you get the most revenue, and it's during that period where a promotion is most effective. For example, people buy a lot of gifts for other people during Valentine’s Day and Christmas/New Year season.
Membership promotion are a great way to attract new customers, retain them and drive sales at the same time. Companies can crave promotions exclusively for these members. It can help them feel valued and helps retain them for a longer duration. One of the ways many companies do these membership promotion is giving away samples when someone signs up. Other ways to retain these customers are through offering first taste to them when new product launches. You can also do exclusive discounts for members during sales season where they would receive a higher discount rate compared to non-members. This can drive people up to sign up and drive sales as well.
Limited edition of your products or services is a good way to promote your brand and also drive up sales. It intends to give the product something new and previously unseen in the regular edition. Limited Edition marketing strategy carries a sense of immediacy and exclusivity as the products would only be available for a short time and/or in limited numbers. Limited edition can be your products in a new design e.g. Christmas special. It can also be as simple as taking one of your products and making it available only in one place like limited edition promotion on Instagram only. Or it can be the stocking of a set number of items from a popular brand. Study the customer and product trends that have been successful in the past and incorporate that research into your strategy.
There you have it, these sales promotion examples should help market and promote your products and services to customers in Malaysia and further afield. We hope that these tips help you engage with your consumers and drive up sales and revenues in 2019.
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