The best types of retail promotions

For decades, retailers have used marketing tactics like sales promotions to build customer loyalty and increase sales. The incentive is crucial in attracting prospective customers, but it’s not as simple as reducing prices.

Retailers have to consider their target demographics since what works for one company doesn’t necessarily work for another.

Once a company understands its customers’ needs and interests, it can explore some of the most common retail promotions to get ideas. In this article, we will look at some of these promotions in detail.

Buy one get one free (BOGOF)

This method is commonly used in the retail space to drive sales. This type of sales promotion offers customers a good or service for free or at a reduced price when they purchase another product or service at full price.

For example, buy one get one 50% off is an example of the BOGOF method. Customers looking to save money when shopping tend to gravitate towards this type of retail promotion.

Product giveaways

Retailers that offer free products generate customer loyalty and make their brand more memorable.

These promotional giveaways are also a form of free advertising like word-of-mouth marketing. By giving away keychains, shirts, or reusable grocery bags that feature a retailer’s logo, they put their brand on a greater stage than just in their store.

Conventions and trade shows are one of the best ways to entice potential customers with promotional items. Other industries have taken advantage of product giveaways, including the video game market.

It’s not uncommon for video game conventions and eSports tournaments to gift attendees with “swag bags” that include mousepads, hoodies, and game bundles.

Bonuses and rewards programmes

Bonuses and rewards programs are also common in the retail space. These programs keep people coming back, which helps retailers build a solid base of loyal customers.

Some notable examples of rewards programsme in retail include My Bath & Body Works' points-based loyalty programme, where customers earn points each time they purchase an item. If customers earn 75 points, they are rewarded with a free full size product of their choice.

Like product giveaways, other industries have capitalised on the benefits of bonuses and rewards programs.

One example is the online casino industry, which has made hundreds of casino bonuses and promotions available to gamers. For instance, people can use free spins and deposit bonuses when playing online casino games.

Players can also win bonuses just by signing up. Even independent casino review sites reward their readers with the latest and most profitable bonuses for games like live roulette and baccarat.

Offering promotions is not only a sales incentive, but it also encourages trust since they make players feel like they are engaging with safe and licensed platforms.

Price match promise

Generating customer loyalty is about going the extra mile, and the price match promise method is one of the best ways to demonstrate this.

Retailers that use this method will refund the difference on a product if a customer knows they can get it somewhere else at a cheaper price. Even though the price match promise can be a bold move, it does help retailers keep a solid customer base.

The retail industry has seen increased competition over the last 20 years. One of the best ways to stay ahead is by utilising retail promotions like rewards programmes or product giveaways to entice new and existing customers.

At the same time, retailers should also put emphasis on areas like product innovation and manufacturing.