Top benefits of using sales promotion schemes

Friday, 06 January 2012 01:28

Boost sales with incentive schemes

Boost sales with incentive schemes

All businesses are keen to find effective ways to boost sales of their products or services, and if you're searching for something new, why not consider sales promotion schemes? To learn more about how these can benefit your company, read on.

Sales promotion schemes can help all kinds of firms improve their this area of performance in two key ways: initiatives targeted at consumers and incentive schemes to motivate employees.

If you're particularly interested in acquiring new business and boosting your sales figures across your customer base, sales promotion campaigns can be highly effective.

The key thing to be mindful of when planning such initiatives is that any offers, whether they are to be included in product packaging or via any other medium, need to display their value to consumers clearly.

It must be quick and easy for potential customers to see exactly what the promotion provides and why it is valuable to them in order to be most effective.

When it comes to selecting customer rewards, you will find there is a variety of options that can help you to increase sales. First of all, it is vital to consider your target demographic – failing to do so could mean your campaign isn't nearly as effective as you had hoped.

Depending on your intended audience and the type of promotion you are running, you could choose from gift cards and vouchers to reward your customers, or use a virtual incentive points scheme.

If you choose the former, decide whether your audience would be best served by vouchers redeemable at a particular store, or can be used at a variety of high street shops.

Opting for a virtual incentive points scheme, however, will allow your client base to accrue points over time, which can then be spent on a variety of goods. This can be particularly useful for long-term schemes and customer retention.

Sales incentives can be similarly effective when it comes to your staff. After all, your workforce is instrumental in the performance of your company's sales – and using motivation techniques can help make sure you get the very best from them.

Gift cards and vouchers are a fantastic way to show your appreciation for hard work and to encourage your team to meet high standards – particularly as this kind of reward will be something that offers them real value.

You can choose whether these incentives are given on an ad hoc basis, or when certain targets are met. Alternatively, you could opt for an online points banking scheme to allow employees to build up rewards over time.

Whichever system you choose, you should find that such initiatives can be a cost-effective way to boost your firm's sales.
 

 

Comments

blog comments powered by Disqus

Finance articles

  • Top 5 uses for employee incentive schemes

    A well-designed incentive scheme for employees is a good way to motivate staff and help your company move towards its goals. There are a number of different ways they can be used and, if you pick the right ones, you will find such programmes are a cost-effective way to improve performance.

  • Low cost ways to improve employee benefits schemes

    Opportunities to reward your workforce will be in short supply if your company has been hit by the recession. However, there are still some small steps you can take to improve employee benefits packages without putting too much financial strain on the business.

  • Why set up a staff retention scheme?

    Staff retention is an issue all companies have to deal with, as losing key workers is both expensive and disruptive. There are ways to reduce the number of employees who leave and not all of them will break the bank.

  • How should staff reward schemes be organised?

    With money tight in the current tough economic climate, companies are looking at alternatives to pay rises to keep their employees motivated. Among the options to consider are staff reward schemes that demonstrate to workers that they are valued by the business.

  • What do customers look for in a business?

    With many people finding it difficult to manage their finances in the tough economic climate, it is easy to assume that price is the only factor that can help attract the public to your business. However, you may be surprised to discover how important service is to customers.

View More Articles

Related stories

Student Finances: The top five student bank accounts for 2013

Managing your money as a student helps reduce your student debts

A-level results arrived this week and thousands of students are set to start university next month. Find out what are the best student bank accounts and how to manage your money.

What are enhanced annuities?

What are enhanced annuities?

Enhanced annuities could boost your pension income by as much as 40 per cent

SSE and E.ON pull the plug on cold calling

SSE and E.ON have ended cold calling

Two of the UK's biggest energy firms have decided to stop the practice of cold calling customers after a regulatory crackdown from Ofgem that has seen both firms receive fines.

Resolve for a better financial year in 2013

Go all inclusive for your next holiday and save money

For many people, making a new year's resolution is a light-hearted attempt at ensuring the following year is better than the last but, if you've struggled financially in 2012, resolving to manage your money better in 2013 could have a far-reaching, positive impact on your life.

Sunshine boosts retail sales in June

Retail sales in the UK rose by 1.4 per cent in June

Retail sales in the UK rose by 1.4 per cent in June, indicating that the UK economy may indeed have seen a 0.5 per cent boost, as forecasts estimated.

10 things you might not know about equity release

10 things you might not know about equity release

Equity release expert Alex Cross, Head of Product Management from McCarthy & Stone guides us through the important points to consider if you are planning equity release to help with your retirement.

Why financial planning is important for footballers

Why financial planning is important for footballers

Why it is important for footballers to keep track of their finances and make sure they are signed up to the right type of financial products to suit income and lifestyle choices.

7 ways to manage your debt

There are various ways you can get out of debt

Managing debt is becoming an increasingly important consideration for many Britons amid recent Budget cut announcements and rising prices for food and utilities. Clearing arrears can mean you have more money to spend on living comfortably, and there are a number of ways to do it.

Newsletter sign up

Interests

In addition to the weekly newsletter, which areas of finance would you like to hear from us about:

Tick this box if you would like us to send you promotions from carefully selected third parties.

By signing-up you agree to the terms of use and privacy policy.

sign-up button

Get the latest information on: