Power Your Sales Tactics for a Post-Pandemic World
As some markets have begun to reopen, others are backtracking amid rising cases of Covid-19, and the future still remains unclear. Selling during this time is a challenge in itself because the purchasing power of many consumers has been limited. Many people might never be able to regain their former buying power in a post pandemic economy. The modern customer is likely to be more selective when it comes to spending their money. This also means that they’re going to be less responsive to many kinds of marketing communications.
Adjusting to this new reality means that businesses have to revamp their sales tactics entirely and come up with innovative ways to entice customers. Organizations need to prepare and change their tactics to make sure that business goes on as usual despite the uncertainties. They’ll have to rethink advertisements and other promotional material to ensure that it continues to be effective in the post-pandemic world. Where traditional sales tactics meant curating new content and billboards, new ideas mandate businesses to spend time and creativity on repurposing content to suit the needs of the modern buyer and add value to their customer interactions.
As the impacts of Covid-19 exposes the shortcomings in our online sales strategies, businesses need to optimize these online outlets to mitigate a poor user experience. The pandemic has accelerated the speed at which we are “going digital” and has given new power to many online industries. Digital media makes it easier — and more economical — to engage customers than ever before. But calling attention to your brand amid all of the competing tweets and posts isn’t easy for a lot of businesses — maybe even yours. If you’re stumped for new ideas, we’ve got you covered: A contest or online giveaway can be the marketing strategy to set your business apart. Online promotions give potential customers a chance to learn about your company in an entertaining way. “They are great for building brand and product awareness, increasing your social media fan base, and gathering insights,” says Cle Andrea Hayden, chief digital strategist at Inked Digital Marketing Agency in Chicago.
So, as businesses begin to get into the thick of things, a good way to get people interested in coming in can be by offering exclusive sales promotions or deals. These offers will help bring in new customers while also getting old ones interested in coming back. This can work for multiple industries (theatres, spas, gyms, etc.) but it works particularly well for industries that have been hit hard by the pandemic—restaurants and travel, for example. Discounts, freebies, and similar saving options could be the incentive customers need to invest in you. You can announce or even advertise these offers on digital platforms as well as promotional emails. By tapping into their customers’ consumers’ purchase decisions today, businesses can gain actionable insight, develop a profitable sales strategy and adapt to the new hybrid consumer culture.
Every marketer is looking to create the next great promotion that generates a response among consumers that wildly exceeds all expectations. Such success, however, may also come with a downside. If the original promotion budget was based on the cost of fulfilling a 2.5% response rate, and the actual response rate hits 6% or 8% or even 10%, the fulfillment costs could put the brand in a deep hole.
The most famous example of a brand learning a costly lesson goes back to 1992 when Hoover vacuums in the UK offered consumers an airline ticket worth around $900 for a vacuum purchase of only about $150. So many consumers responded that the Hoover factory had to institute a seven-day work schedule and hire additional workers to meet the demand for their least expensive vacuum. Some consumers were only interested in the airline ticket and did not even bother to pick up the vacuum they had purchased. In the end, Hoover did generate $45 million in additional sales, but spent approximately $75 million in airline tickets and legal settlements related to the promotion.
If Hoover had opted to pursue Over Redemption Insurance, the brand would have been able to avoid that financial hardship. The easiest way to avoid a similar situation the next time you’re creating a killer consumer offer is to include Over Redemption Insurance from 5th Consulting in your planning.
The good news is that Over Redemption Insurance arranged by 5th Consulting provides exactly the protection the brand needs. 5th Consulting can structure an insurance policy that keeps a super successful promotion offer from becoming a super costly “lesson”. We use our promotional experience and insurance partners to shoulder the risk, so your campaign costs are capped, and your profits locked in. Our cutting-edge sales promotions use proven redemption mechanics to remove purchase barriers and increase sales, attachment and upsell, without a costly impact on your bottom line.
Whatever commercial goals your business has, 5th Consulting can tailor a promotional idea to be unique to your needs and innovative to drive action from your target market. By working closely with our clients, we can design and develop bespoke promotional solutions that offer the best value for you and your customers. As your strategic promotional partner, we will support every step of your sales promotion process, including financial risks from over-redemption.
Our tactical sales promotions offer a smart alternative to drive product volumes at lower costs compared to traditional price discounting. With years of experience working with leading manufacturers, channel partners and retailers, we recognize the specific challenges of Slow-Moving Goods, such as Consumer Electronics, Brown Goods and White Goods. Working as your promotional partner, we can work towards your commercial objectives and use our expertise to deliver intelligent, flexible and tactical sales promotions that offer you increased sales and improved profitability. We use a number of proven promotional mechanics in our tactical sales promotions, including cashbacks, gift with purchase, risk-free trials, and upsell incentives that create compelling reasons to buy. We put customers at the centre of everything we do and believe that high engagement delivers sales, urgency and higher-value purchases. Our cost-effective, tactical sales promotions drive volume and protect your margins, ensuring an enhanced top and bottom line.
With so many brands on social media, it can be challenging to get potential customers to listen to you. With effective, free online giveaways and contests, you give your target audience a reason to pay attention. So if your goal is to Increase your sales, get more repeat business, boost awareness of your brand or all of these, then it’s time to pick a sales promo idea and run with it! We can help you make it happen.