27/06/2022
PROMOTIONAL SALES PACKAGING = INCREASED BASKET SIZE 💰💳
We all know sales promotions are an excellent way to boost cash flow. But don’t be so quick to just discount your prices! That is a short term gain, which may have long term challenges.
The best practice in order to get you that cash injection, while building brand loyalty and maintaining your brand reputation, is to increase ‘basket size spend’ or add extra value!
What does a good promotion look like? Well, they can take the form of buy one get one half off/free, X percent off another product or service, rewards for future purchases, and much more.
The goal of a solid promotional strategy is to ensure that these sales events don’t cannibalize the revenue from your full-priced items. Otherwise you may attract clients that would of not ever will purchase at your full price.
Loyal customers are returning customers, and they’re the ones who will leave with more items in their baskets.
Use the promotion to build rapport and get the client in contact with your business by enticing them to buy additional visits!
You do not want to erode your profit margins away, so another option is adding in value to their increased spend by offering a product or service that is a low cost to you but can position your offering to be more desirable.
Tip 💡 Leverage your connections! Think outside the box!
Offer a free coffee from cafe next door—what’s a $5 cost vs the revenue etc or a quick LED a week post treatment.
Market strategically and measure your results!