Have you ever come across one of those self-proclaimed online “gurus” who promise to divulge the “one and only key” to unlock the powers of your business? You may have even paid a substantial sum of money only to receive the same regurgitated material that has been spewed across the pages of the Internet for the better part of three decades.
You would be one in millions of entrepreneurs who have been taken for a ride and yet, this is no reason to get upset. We progress just as much from errors as from correct decisions. Having said this, it is important to do away with some rather traditional and somewhat outdated business models in order to successfully embrace all that the 2019 online retail community has in store. Let us first take a look at why intuition alone is not likely to produce viable results. We will then examine a handful of successful sales promotion examples to cement the points mentioned in the first section.
Why Might “Gut Feelings” Lead to Costly Mistakes?
We often hear phrases such as “success is one percent inspiration and 99 percent perspiration” and yet, many business owners fail to realize the significance of this viewpoint. The bottom line is that all of the intuition in the world will not provide you with the actionable insight and clarity required to make informed choices at the appropriate times.
Why is this the case?
We need to remember that the online business community is vastly different when compared with a brick-and-mortar store. The main disparity is that you will have access to a nearly unlimited number of customers depending upon your promotional campaigns. While this is great in terms of return on investment (ROI), it still comes with a notable downside. How will you possibly be able to interpret the needs and desires of thousands of clients? Assuming that you are reaching out to a regional or even global audience, how can you determine their buying habits as well as what campaigns have resonated to most with their needs’ Sometimes referred to as big data, this information can be nearly impossible to decipher if you do not possess the right tools or mindset.
Still, we need to take this point a step further. Some of the most successful marketing campaigns do not attempt to target as large of a demographic as possible. They instead focus upon a niche sector in order to properly leverage the appeal of certain offers. They also utilize one-off sales strategies in an attempt to create a sense of motion and interest; ideal when we consider that you will be facing more competition than ever before within the online community.
Let’s look at two examples of how to think outside of the proverbial box and why these methods can be excellent in order to reap higher profit margins in the future.
Working Smart as Opposed to Hard
One of the most effective ways to keep your audience interested is to provide them with a reason to come back to your website or e-commerce portal. After all, a return visit is much more valuable than an individual who makes a single purchase and never chooses to visit in the future.
Have you considered daily promotions?
Some of the most effective marketing campaigns embrace the concept of a daily deal. In other words, visitors can enjoy discounts on products and services each and every day they choose to return to your page. Not only is this a great way to keep your website fresh, but they will be curious to learn which items are on sale.
Another interesting approach involves the inclusion of a free dedicated mobile application when a client first makes a purchase. As the expression goes, everyone loves free stuff. Companies which are able to use this promotional tool to their advantage are more likely to generate an additional amount of interest from the general public.
In fact, free supplemental offers might be all that is required to transform an individual who is on the fence to a paying customer. We should still point out that free offers must be used only up until a certain point. If you begin giving away highly discounted items that cost money to produce and ship, your revenue could quickly take a nosedive. Try to experiment with different approaches in order to learn which goods or services resonate the most with your client base.
Sales promotions come in all shapes and sizes. While there is no doubt that a certain level of inspiration will always be needed, you should never rely upon the sentiment alone to turn a profit. Feel free to experiment with specific approaches and strategies if you hope to uncover a successful long-term campaign.
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