A comprehensive guide to sales promotions
What is a sales promotion?
Simply stated (and we’ll delve deeper shortly), a sales promotion is an initiative applied by a business for a predetermined and limited amount of time with the primary objectives being to increase consumer demand and to stimulate timely sales.
Think about it. Consumers passionately embrace the concept of paying less than regular price for a product or service that they’ve deemed they absolutely must have. Clever marketers recognize this affinity and craft sales promotions to cash in on it.
Marketing experts agree that sales promotions, which can vary greatly, are a vital instrument to lubricate a company’s marketing efforts and a necessary tool to boost revenue. They also can be used to introduce a new product and/or clear inventories, but the main goal of a sales promotion is to trigger impulse purchases through short-term incentives, which are non-recurring. In other words, sales promotions rarely are suitable as the primary method of building long-term customer loyalty.
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