The Worth of Promotions For Your Online Business
How to increase conversion rate, also named conversion rate optimization (CRO) is a technique developed in modern online marketing. And one of the methods used for increasing conversions is promotions.
Promoting your products and services is one of the marketing strategies many businesses are deploying to ensure that customers continue to flow in. However, many small and medium-sized businesses sometimes neglect the importance of promotions and its power as a marketing technique.
Promotion is one of the key elements in ensuring that you are informing your consumers of the benefits they can gain if they buy your product or service and follow your brand. When your promotional strategies are done right, they will help you ensure continued profitability for your business.
Here are some of the common promotions you can implement.
Promos on Price and Value
First and foremost, your promotions should be a genuine price reduction or volume increase. Informing the buyers of the applicable time frame is also crucial as to when they can avail for the said promo.
Remember to always end every promo announcements with "the offer ends on..." or "subject to availability". The promo should always be clear.
Misleading promotions can lead to confusion and unsatisfied customers. With this said, the price and the quantity should never be ambiguous. You can either reduce the price for the regular quantity or increase the quantity for a lesser price.
Sales and Discounts
As a business, it is good to conduct a few sale events every now and then. This encourages the people who are still unsure about your product, purchase them and experience what your brand is all about.
Never shorten the time period when the sale is expected to occur. However, you can extend the dates. On top of this, try not to be vague or too conditional with the discount.
For example, customers can only get 50% off if they buy items worth $200. Though promotions like these work on certain products, it is still best to just be upfront about the deal. This is the most popular form of promotion if you want more conversions on your website.
Competitions are specifically important if you want to attract more customers.This is often used when a business wants to increase the number of their followers or subscribers on their social media accounts.
Promotions on the different social networking channels are also important avenues to take advantage of. Since sites like Facebook, Twitter, Instagram, and Youtube can help broaden the reach of businesses, it is easier to target a specific market without spending a lot.
The overall target of promotions is to attract new customers and persuade them to purchase your products. After this, there are other promotions that can also help you entice old customers to make a repurchase.
Promotions are also used to increase brand awareness. This is why it is critical for small and medium-sized businesses to take promotions seriously. Giving away small items as a prize or offering huge discounts is a way to get people to talk to you and about your brand. When people start talking about your brand, you can expect referrals soon. As simple as promotions can definitely bolster brand awareness, even if you are still a startup company.
The truth is, promotion is the voice of your company. It spreads what your business is all about, and it delivers a clear message to your audience on what your brand really is.
There are many platforms for it beyond online marketing - television, billboards, magazines, social media and etc. Depending on your objectives, goals, and priorities, there certainly is a type of promotion that you can use to garner the attention of your savvy customers.