Promotions
Promotions can be an effective way to acquire new customers or rapidly increase sales with existing customers. They can be implemented in a number of forms, several examples of which include:
- Co-operative advertising programs and allowances
- Volume rebates or incentives
- Opening order / new store discounts
- Couponing or other similar programs to increase sales in a specific customer group or market segment
- Seasonal price markdowns (e.g., promotions during the holidays)
Carefully thinking through how to design and execute a promotion campaign is critical in understanding whether the campaign was a success. Properly executed promotions should improve both the top- and bottom-lines, and increase value delivered to customers.
Our approach involves creatively designing promotions, putting the proper metrics in place to measure the appropriate pieces of data to accurately determine success, followed by a post-mortem process on every promotion to understand what worked and what didn’t.
While we help our clients develop specific promotions, the more important end-product is a new, more impactful process and approach toward generating, executing, and improving promotions within the business.