Do you provide offers on your products to help drive sales?
You’re not alone, as most consumer packaged goods (CPG) and fast moving consumer goods (FMCG) brands utilise this lever in some shape or form. Consumer promotions can increase sales and shopper engagement to effectively connect with your audience.
Types of consumer promotions
There’s a whole host of different consumer promotions you can run, both online and instore from straightforward discount and sales to loyalty points and coupons. Whatever type of sale or promotion, there’s a lot more behind the scene work that can maximise today’s promotion and make the next one even better!
Consumer promotion – what are you missing?
Consumer promotions also allow businesses to differentiate themselves from their competitors and boost the bottom line. BUT there are a few factors that brands are missing out on: –
- They are not measuring the longer-term impact of the promotion, not just what happens when the promotion has ended, but further down the track.
- They don’t consider how to use this promotion sale from a data perspective, which is a huge missed opportunity. Leveraging historical data can build a clear picture for a fool-proof promotion plan.
- They don’t use this promotion to get the consumer bought in into other product ranges and encourage them to become a loyal fan.
- They often just rely on the consumer liking the product (or not) and hoping they buy again. Following up promotional sales with an email could give invaluable feedback.
Here’s a great article on How precision revenue growth management transforms CPG promotions from McKinsey & Company and well worth a read if you work in this space.