A promotional pricing strategy is one of the catches these days. In this article, we will be discussing how businesses use the promotional pricing strategy to allure and capture clients. Along with this, we will add information on the hows and whys of this business strategy.
This is one of the best ways in which businesses provide opportunities that users cannot deny. Slashing down prices is one way a business can draw in users. Whether the promotional pricing strategy is economically worthwhile to the customer or not, it sure does make a good deal for the business.
Implement a promotional pricing strategy the right way?
Here is a list that you can use to implement the promotional pricing strategy and allow it to yield promising results.
Flash sales are one of the most commonly used promotional pricing strategies for instant results. It is a method where business owners, especially in the eCommerce sector, drop instant sales that last for a short time. Some flash sales last for 24-hours, an hour, or sometimes even a minute.
Buy one get one free
Who does not love freebies? This buy-one-get-one-free offer is everybody’s favourite. These offers are best used in retail stores, where users save almost the cost of a full-priced product for nothing. This is a steal, and sales for slow-moving products will increase in an instant.
Loyalty programmes are a system that is used to keep customers coming back to the store. With multiple options available, loyalty is quite hard to come by these days. This is where loyalty programmes step in. Giving special discounts for regular users, and special discounts on birthdays and anniversaries are the best loyalty programs.
Seasonal sales are a given. It goes without a doubt that this is something users look forward to. People postpone their seasonal shopping when their favourite stores drop a sale. Seasonal sales can be around festivals, the change in seasons for people to alter their wardrobe, clearance sales, and Black Friday sales, to name a few.
What are the don’ts of promotional pricing strategy?
Do not overdo it
Slashing prices to a large extent can send the wrong message about the brand or the business. It is an indication of desperation, and that is not the idea that should be sent out to clients. Create slash downs and sales at a reasonable cost and never at an all-new low.
Do not drop a sale without warning
Dropping a promotional pricing strategy should not be done without warning. Anticipation and awareness is the key to a successful promotional pricing strategy. Start a campaign if needed, blow your trumpets, let everyone know there is a sale that is coming up. In this way, your clients are aware.
How to create a campaign for the upcoming promotional pricing strategy?
- Create awareness
Your clients should be aware of the upcoming sales. A failure to create a strong and bold campaign could fail. Build up the anticipation and then release the sales.
- Build a marketing campaign
Get the marketing team in on this. Use marketing collateral to make the announcement. Use social media, print media, banners, hoardings, and more. People need to be informed.
- Drop a release date
Give specifics, such as a date and time. Send out calendar reminders, social media alerts, and countdowns. This will leave a lasting impression on the minds of the users, and the chances of missing the sale are unlikely.
When it comes to promotional pricing strategies, it goes beyond the scope of just setting a strategy in place. Setting a strategy in place, planning, creating awareness through campaigns and implementing the promotional pricing strategy are the steps that need to be followed. Remove one element from the equation, and the promotional pricing strategy is as good as a flop show.
In this article, we discussed the topic, “How to Implement a Promotional Pricing Strategy the Right Way?“, the various options businesses can choose from, and the negative impact it could have. Mazing Focus is thrilled to break down more marketing strategies. So, stay with us for more and implement the best methods for your business.
Leave your comments in the section below on the strategy you would prefer to use for your business.