Appreciating Sales Promotion Techniques to Earn Immediate Business Gains

Sales promotion is a distinct time bound program, encompassing incentives and techniques targeted at consumers, prospects and distribution channel with an aim to generate incremental sales. The key objective of sales promotion is to stimulate, motivate and influence the purchase decisions, and instigate desired behavioural response of the target group.

 

How Effective Sales Promotion techniques can help business?

• It provides immediate enticement to the purchase decision by converting the 'likely sale' into sale.
• Generates prolific platform for the organization to leverage existing customer base to generate incremental business.
• Sales Promotion programs “Reward” loyal customers.
• It supports to acquire new customers.
• Sales Promotion induces “Trial” by new set of customers.
• Augments product usage/stock during the specific period of time (during Sales Promotion period), especially if launched during non-season time.
• Sales Promotion provides the required impetus to the distribution/sales channel to push for additional business.

How to plan Sales Promotion for your business?

• Define measurable and time bound objectives in a very clear and crisp manner.
• Define the target group for which the Sale Promotion program is planned. The various groups that can be targeted are Existing Customers, Distribution/ Sales channel and/or Key Prospects.
• Appreciate the target group efficiently to rightly plan the incentive to instigate desired behavior.
• Scientifically assess the additional resources required to generate incremental business, in terms of manpower and/ or investment and other resources required.
• While planning the incremental business from Sales Promotion Program, ensure that the business as usual is not impacted, during before or after the promotion period.
• Closely monitor the outcome of the Sales Promotion Program and record the learning.
• Things to consider while planning for
• Sales Promotion
• Sales Promotion program should be carefully planned to generate incremental business without impacting the business as usual.
• The additional resources required, in terms of manpower, investment or any other resource, should effectively explain the benefits planned for.
• The time chosen to launch the sales promotion program should complement the overall business plan. For example Sale promotion during non-peak season is recommended to boost the sale.
• Design a very robust matrix to access planned outcome versus actual, and diligently record the learning. 

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