Be inventive with promotions
Promotions can be a good way of generating interest in your product or service – a discount, 3 for the price of 2, buy one – get one free … a trip round your local supermarket will give you lots of inspiration.
I was struck today by an “early bird discount” promotion which seemed to be the opposite of the norm. My children have been begging me to get “Alvin & The Chipmunks – The Squeakquel” (Just the title alone is enough to put you off … wait till you hear those squeaky little guys sing!) But I got caught out!
It was recently released on DVD and available at the supermarket for £8.99 – right at the front of the store with lots of promotional boards and hype. I resisted the begging, but when my son received some money for his birthday he decided that’s what he wanted to spend it on. So on the next shopping trip, I went to the DVD section, only to find the promotion was over, and the price was now £13.99!
The incentive was to buy early “for a limited period only” to boost early sales. I’ve always believed that DVDs are highly priced when they’re new and desirable, only to go into the bargain basket when they become yesterday’s news. This promotion is bucking that trend, and it certainly made me wish I’d been a bit quicker off the mark – next time a DVD is released I’ll be ready to buy as soon as it’s on the market.
What can we learn from this as small businesses?
Be inventive with your promotions and offers. What can you do to create urgency or a need to act? Do you offer a last minute discount … or does the price go up if you wait till the last minute? Think about the buying patterns of your customers and reward behaviour that helps you.