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According to statistics, online sales in any aspects of products and services dropped down. Moreover, this is not going to end soon because of the global predicted recession. Consumers are less likely to spend money on the “optional” products like before because millions lost their jobs in past couple of months. However, if you have a business that enabled online sales, there are plenty of ways to mitigate this effect. The one we will discuss in this article is the “Promotions”.
Promotions have been long a method for motivating customers. Promotions can be seen as a single process or as part of a more complete solution like Customer Loyalty Program or a Marketing Campaign. Promotions can be implemented in various ways. From offering a discount, to combine products/services with a more convenient offer. Note that each of these methods, have their own psychological effect on customers and you should keep that in mind that offers mainly represent the quality of your product/service and you shouldn’t sacrifice your brand. Below, we listed some considerable notes with some case studies during Covid-19 pandemic.
For instance, you never see discounts for super luxurious fashion brands like Channel directly. You might see discounts on retailers, but you never see a 70% discount directly on their website. In other words, if you put a big discount on your pizza when there is no special occasion like Black Friday, customers mainly think that there is something wrong with your product and you want to get rid of that. Furthermore, set a huge discount will not attract a loyal customers. Therefore, it is much more better to suggest 20%-30% discounts.
Note that free offers are always a better way to attract customers rather than placing 80% discount. However, the customer should know the real value of the product/service to your customers.
Another thing, future promotions should be consider. You can always say by buying product, you can get x% discount on your next purchase. By this, you give them a motivation to buy again from you as well as keeping your brand’s quality.
These quick 3 tips are helpful in every special occasions like what we are all facing right now in Corona virus pandemic.
