Top 5 Types of Sale Promotions to Boost Sales and Revenue and How to Execute Them


January 11, 2020 Facebook Twitter LinkedIn Google+ Mattress


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Coupon codes have become an essential part of merchant’s sales. They not only drive revenue, but also make your portfolio inviting. Such as Natures sleep coupon code campaign has made it above the most renowned mattress names in the market. 

It sounds simple, but actually it’s a hard nut to crack to run promos. If you want to get the best out of them, you need to ponder upon various things. The types of promotions your business need is one of those big considerations. Selecting the right types of coupons and understanding their implementation is a crucial step to your overall business performance.

And today’s post is all about retail promos types and their execution. You’re going to find the most effective promotion types and a few practical tricks to get most out of them. So, let’s begin the journey.

Sale Promotions Types

Which promotion types will be the most effective for your e-commerce? To get the know-how, below is a thumbnail of the various kinds of popular coupons and how to implement them.

  1. % Off Coupon Codes

Each online company as well as customer loves percentage discount. Actually, it’s the most common and useful idea to boost web traffic. For example; on searching natures sleep discount, you’ll come about results like;

Experts Say:

  • Percentage off discount is the most prevalent discount offer around the world
  • These discount deals are sure to add to the overall revenue if executed in the right way
  • Different global firms are using this idea as the most effective tool to attract buyers
  • They generate one of the most significantly large conversions

Implementation

Professionals say that giving a percentage discount increases conversion to a pretty noticeable extent. But, a little percentage off works better than a great percentage off. Actually, settling upon a percentage off discount depends upon how it impacts the net profit. In any case, executing this idea will generate more demand of the product.

  • 2.  Flat Discount

Flat amount off is another powerful strategy to insert promotions in your business framework. In fact, the first and second types of promotions have proven almost equally popular. So, we cannot ultimately determine their ranking in managing ROI. Mostly, online companies launch a mix bag of these 2 offers. For example; on visiting natures sleep coupon codes, you’ll see

This is called flat discount, and is equally effective as percentage discount offer.

Experts Say:

  • The effectiveness of flat discount is based upon your price limit, discount value and consumer
  • Flat discount can beat percentage discount on various stages and vice versa
  • Making an offer “sound-great” matters a lot in this case. For example; low-priced products with 50% discount will widen your customer’s eyeball. On the other hand, a flat discount on costly product will generate more attention than giving a little percentage off.

Implementation

As mentioned above, your offer should sound great. Whether the both offers have matched equivalent, you need to play with customer psychology. Besides, doing math and deciding according to your price limit and type of your consumer are essential things. Also, keep in mind the value of offer for your customer. Above all, make the offer SOUND GREAT!

  • 3. BOGO Coupons

You must have seen deals like “buy one get one free”. Because, it’s also a common discount tool in the world of online and offline promotions. There are 2 types of BOGO discount deals;

  • BOGO free (e.g. buy one get one free)
  • BOGO percentage off (e.g. buy one get percentage off on the second item)

Experts Say:

  • BOGO deals may not bring the expected results as a regular discount idea
  • BOGO is mostly a “clearance sale segment” where you can get revenue for letting out a big stock
  • The first type of BOGO brings better result than the second because the customers love having second item free.

Implementation

As mentioned earlier, the first two promotion types are the best for ROI purpose. But, if you’re standing on a pretty big stock with low sale, apply BOGO. Try to implement BOGO Free for improved results in sales. For example; Natures Sleep Company can launch natures sleep promo codes in clearance sale. The offer will be “buy one get one free” to your customers to clear stock profitably.

  • 4. Conditional and Multi-save Coupon Codes

In your search for discount promotions, the offers may hit you like;

  • Buy & save off exclusive products.
  • save off the whole deal or pay fixed price.
  • Buy & win loyalty.

Experts Say:

  • The best thing about these coupons is they have no negative impacts on revenue.
  • You can apply them any time in the year anticipating the good output.
  • And, these offers make customers happy by creating a link to their psychological behavior.

Implementation

As they are harmless to overall revenue, the companies should keep launching them. It will not only boost sales, but also make the platform an interesting thing for the customer. In addition, you can make them a part of clearance sale.

  • 5. Free shipping

With the advent of online coupons, free shipping came into existence as one of the most revenue-oriented tools. Actually, more than 50% of the customers leave cart on the basis of shipping cost. So, free shipping is a return-customer-retaining tools along with an overall successful marketing tip.

Experts say:

There are mixed opinions of experts in this case such as;

  • A group of professionals claim that free shipping hits big profits and results in big increase in sales.
  • Another set of professionals find it quite frustrating retail promotion killing expected profits

On the whole, the bigger range of experts is in the favor of free shipping and gives it 5/5 stars.

Implementation

Actually, the results of free shipping depend upon how you launch them. Basically, you can propose them in two successful ways rather than giving ONLY FREE SHIPPING.

  1. 1 combine some other discount offer with this 5th most effective couponing idea. For example; you’ll see a natures sleep coupon code “Free shipping + 50% off sitewide”. This will work more than offering only free shipping because it sounds good. But, keep your price point and stock limit in vision before thumbing up this idea.
  2.  Make free shipping conditional. For example; give offer like “have free shipping on all $150 purchases”. Actually, this type of free shipping is applicable at any time in the year with any price point. Because, it has nothing negative to do with your net revenue. In a nutshell, it will make your customer happy and your sales up.

Each of the top 5 promotions type is highly effective when implemented strategically and creatively. So, all you need is deeper vision, higher knowledge of market trends and which one is suitable to your business circumstances. Besides, learn to launch different types of retail promotions in different times of the year. Best of luck for your next discount promotion execution!