In today's highly competitive marketplace, a business owner must employ various methods to promote their business and attract more buyers or consumers. The following highlights 6 effective business promotion strategies that you can implement today, for tomorrow's digital future.
In an article from Kompas.com, academic Fandy Tjiptono discussed promotion as being a “form of communication that is part of a sales strategy aimed at influencing, conveying, persuading, and increasing the target market for a company's product or service”, whereas the Merriam-Webster dictionary explains that
1: Promotion is “the act or fact of being raised in position or rank”, or 2: Promotion is
“the act of furthering the growth or development of something, especially: the furtherance of the acceptance and sale of merchandise through advertising, publicity, or discounting”, whereas other sources discuss that promotion is a “part of the marketing strategy used to advertise a product or brand, generate sales, and create brand loyalty”.
Read Also: Must Know: Here’s the Concept of the Right Marketing Strategy
In business, the primary objective of promotion is to increase the sales and visibility of your product or service, with most effective business promotions focusing on creating public interest in the offered product or service.
In today’s fluid business environment, there are several ways to promote your business, from creating product advertisements to hosting events, from using social media platforms such as Facebook (Meta), Instagram, TikTok, Twitter (X), and YouTube to using social media influencers, and more. However, before engaging in any promotional activities it is important that you first introduce your product or service to the general public.
Until now, pricing has been the most important thing that consumers consider when making purchases, and those businesses that promote discounts and price reductions are the ones that continue to trade. For those businesses with an online presence, discounts and price cut promotions can be conducted anywhere, anytime, 24/7, however promotions of any kind are dependent on the repective objectives and policies of the individual business, and in Indonesia, many businesses choose to wait for Harbolnas, Indonesia’s National Online Shopping Day.
Today’s rise in e-Commerce transactions has encouraged many consumers to shop at businesses that offer free shipping, businesses adopting this practice knowing that it is beneficial to their bottom line, and their customers retention and satisfaction. However, it is important to note that even though the service is free, it is no different from other types of shipping services. Moreover, free shipping adds convenience and value to their customers shopping experience while increasing sales for the business.
As such, many business’s in Indonesia have started to offer and implement free shipping, "free ongkir" into their sales aand marketing campaign as an incentive to shop with them
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Cashback offers is another promotional strategy where a certain amount of money is refunded to the consdumer after their purchase. Cashback offers apply when the purchase meets the conditions set by the seller, which typically involves a minimum purchase amount, such as $50.00. Despite these dictums, cashback offers remain attractive to customers, because they this type of conditions cashbacks can can be applied by both the individual store owner and the marketplace.
The Flash Sale Promotion is another promotional strategy that is usually a short-term sales event with limited quantities of goods and services that are available at relatively low prices. On this, it is important to note that Flash Sales are one of the most effective promotional tools available because they use a scarcity strategy, where the limited availability of goods automatically attracts many customers who don’t want to miss out on the opportunity to purchase these limited items.
Another effective promotional tool is the "Buy 1 Get 1 Free" promotion that applies to specific products, where customers are effectively buying two products for the price of one. Today, the Buy 1 Get 1 Free promotional practice continues to be a popular advertising tool because it effectively entices people to take advantage of offering, the 1-1 popularity seemingly incongruent to capitalism and making money.
Lastly, reward points are an incentivizing promotional tool which in practice, its implementation is quite simple. Reward Points are given to customers who frequently buy your businesses products or use its services, points accumulating with each purchase, with rewards being remunerated when the points have reached a certain goal.
For example, if you run a car wash business, you could offer special promotional cards or stickers as rewards. Every customer who visits your car wash business receives a sticker or card, and after a set minimum number of visits, your customer gets a reward of your determination, such as a discount or a free car wash. This simple system encourages return business and customer retention, which potentially leads to a broadened customer base and increased revenue and profit.
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