In-store promotions are one of the best ways to attract customers to the store and to convince them to purchase more. However, there are a lot of promotions that fail and the ROI is smaller than expected.
Did you know that brands allocated 20% of their budget to in-store promotions? Even with that much money, only half of the promotions break even. The bigger the brand, the bigger the budget, the larger the stakes. That’s why it is important to find in-store promotions that work for your brands and that help increase sales.
In this article, we are going to talk about the best types of in-store promotions that work for big brands.
Big brands vs smaller brands
You might be wondering what is the difference between big and small brands when it comes to in-store promotions. Well, first of all, big brands have bigger budgets which means they can get more creative and find innovative solutions for their promotions.
However, big brands have a bigger responsibility. It’s harder for a well-known brand to recover if an in-store promotion isn’t implemented right. Even the smallest typo will be seen and criticized. Also, well-known brands need to offer a unified brand experience. They need to align all of their messages on all platforms.
Knowing that the stakes are higher for bigger, well-known brands. This is why we prepared a top with the best types of in-store promotions for big brands.
Best in-store promotions
1. No price cuts
Sometimes, price cuts might do more harm than good for the image of your brand. One of the reasons for this is that not all customers are price sensitive. Lowering your price can show that your product is about to expire or that it has a problem. However, how can you create a successful in-store promotion without cutting prices? By using the right technology.
Robotic POP displays like Tokinomo can increase sales by up to 200% without cutting the prices.
There are brands that even increased prices during the campaign to test out the in-store marketing solution and see what happens. They expected the sales to drop. However, sales did not drop, they increased, even with the price rising.
2. Loyalty programs
Another type of in-store advertising that can be implemented by well-known brands is a loyalty program. Instead of lowering the price of your products, you encourage shoppers to buy more and receive a discount only when they hit a certain level.
Loyalty programs are also really helpful for brands that want to be top of mind for their customers. Shoppers want to know that they made the best deal possible and they will end up purchasing more, just to receive a product or a discount at the end. Also, loyalty programs make customers feel special because only the ones that are loyal to the brand receive something.
A simple 20% discount is available to every shopper who enters the store. However, a loyalty discount is only offered to those who purchased a certain amount of products.
3. Gift with purchase
Another great in-store promotion, especially for make-up and self-care products is the gift with purchase. It works similarly to the loyalty program. However, it has a different impact. For example, when people buy products in the total amount of $200 they receive a small travel-sized kit with your top products.
For smaller purchases, people can receive sample-sized products. Besides the fact that shoppers get a gift, which they like, they also can test out new products and offer feedback. It is a win-win situation for you and the shoppers. Also, it doesn’t have a negative impact on the image of the brand.
4. Partnering with other brands
If there are brands that offer complementary products, you should think about partnering with them. For instance, if you sell pots and pans, you can partner with a brand of frozen food or a brand that sells cookbooks.
When people purchase a certain product or they spend a certain amount of money on your products, you can offer them a product from your partner. This cross-promotions technique is used by many brands to try to increase their audience.
These are 4 types of promotions that can help big brands increase sales, while also maintaining the brand image intact. While some of these promotions might be hard to implement by a smaller brand, well-known brands should have a problem when it comes to budget or other resources.