When wanting to boost your sales, running promotions is an effective way to increase profits. There are a number of ways you can push sales, but which special offer works the best? We’ve had a look at some of the special promotions your retail business can use to boost its sales and which will work best for your business.
Threshold Spends
Threshold spends work so that customers have to spend a certain amount of money before qualifying for a free gift or discount. These work well for companies that want to make extra sales, or are eager to get rid of excess stock.
It is a good idea to have the threshold price reflect the cost of your goods, with it being a bigger sum of money if you sell higher value or expensive items. Threshold spends work really well for a lot of businesses, but particularly B2C retailers during festive seasons.
BOGOF
Buy one get one free is an excellent way to sell perishable goods, but doesn’t work so well for clothing and similar items. Essentially it is selling items at half price, but works well if you have stock that is soon to be out of date, or you’re having new product designs being created.
When using BOGOF to boost sales, make sure that you are still making a profit as you will be selling at a 50% discount.
2 for £10
Selling groups of items for a set price can be a better way of selling items that BOGOF as it can reduce the possibility of losing money. Allow customers to choose from a selection of goods that are a similar price like a mix and match and set the amount of products they can choose for a set amount of money. Using multiples of 5s works quite well, as it is an easy amount for customers to calculate what they will save.
This works really well for non-perishable goods, including CDs, DVDs, books, and even clothing. It also works for costly edible goods and alcoholic beverages.
Whichever way you choose to run your promotions, it is essential that you advertise it in the right way. Using our PVC banners can help you promote your special offers, as you can create their design, choose their size, and advertise them in optimum places. Place an order today, or call us on 01939 260 377 to speak to a member of our team.
