3 Consumer Promotion Hacks
Backed by Research
Consumer sales promotion is a marketing technique used to entice customers to purchase a product or service, build brand loyalty, and/or create product awareness. There are many types of retail promotion such as; conventional price reduction, buy one get one, buy more save more, samplings, loyalty rewards, etc.
Customers are quite receptive to subtle changes with your promotions and small tweaks can lead to huge improvements. Below are 3 of these small tweaks; backed by research, that you can use to improve your promotions and increase their effectiveness!
1 – Units of Time
Research indicates that the way you frame time sensitive promotions impact how consumers subjectively feel about the promotion. For example; you sell fitness programs to the general population. If your main product is a yearlong program guaranteed to make the consumer as fit as they have ever been, you would be better off framing your program in months. Most consumers feel 12 months is more attainable than 1 year. Furthermore; breaking your time frame into more digestible chunks would work even better in this situation. Your product offering should be a 365-day fitness program as opposed to a 1-year program.
Conversely, if you are promoting something you want to seem long, use the largest unit of time you can.
2 – Difficult to Decipher
Advertisements that contain difficult to read words, fonts, or have a difficult layout make readers think the subject of the ad is difficult to attain. This is bad if you are selling a “build your own” swing set kit, since consumers will have to do the work themselves. However, this can work in your favor if you sell services, like landscaping or plumbing.
3 – Unintended Values
6 Experiments conducted by Aner Sela, Itamar Simonson, and Ran Kivetz show that most consumers have an underlying urge to exploit the market. This can be harnessed in consumer promotions by not making your promotion too obvious to the consumer. You cannot make it seem like you know your value offering is exactly what your consumer needs.
With today’s retail analytics, consumers are bombarded with near perfect promotions on a daily basis. The hack that may help you step above the noise, is mastering the ability to make the consumer think they are exploiting the market when they buy your product.
Unfortunately; these experiments also found that this hack does not work for lesser known products. So if you are still competing for a substantial share of the market you should stick to the basics; right place, right time, and the right price.
Proceed with Caution
As always, these hacks are meant to inspire your consumer sales promotion testing. Even though they are backed by research they are not guaranteed to work in your situation. Approach these methods smartly, and implement A/B tests with your promotions. Gather the data and see what works for your brand, product, and promotion. Windsor Marketing Group can bring your promotional messaging to life in-stores, using these techniques and other insights we’ve perfected in our over 40 years of in-store marketing leadership. If you’d like to learn more, send us a tweet @WMGMarketing