The Big 5 Retail Promotion Strategies For Your Business

Retail promotion strategies focus on moving a product in a store by making the product attractive for a consumer to want to purchase it. There are several retail promotion strategies used and it is the total combination of all methods combined that hopefully make a good inventory turnover ratio so that the store can continue to do business. So here are some retail promotion strategies used by retail outlets today.

Retail Promotion Strategies 1: Coupons

People like the word "bargain" or "free" and retail promotion strategies leverage that fact by a tool known as the coupon. Coupons have been used in retail promotion strategies for over 100 years. The coupon offers a discount or a free product with the purchase of another product in an attempt to give the buyer more goods for the money. The downside to coupons is that you have to get them out to the public. There are so many stores offering coupons that it is hard to go through the entire newspaper and all the junk mail each day.

Retail Promotion Strategies 2: In-store consultants

Another of the retail promotion strategies is the in-store consultant or what most of us consumers know as the sales clerk who stands beside you while you look at a product. The idea here is to have someone on-hand to answer your questions but the psychology behind it is that you will be more likely to buy something if you believe this person gets a commission on the sale. Retail promotion strategies are betting on you feeling obligated to take care of the in-store consultant. What is worse is when the in-store consultant does not know the product and you have a question.

Retail Promotion Strategies 3: Music

We mention this as one of the retail promotion strategies because it is so subtle that we don't realize it. You'll find this retail promotion strategy used quite widely in Central America where retail outlets will play lively Latin Salsa and Merengue music in the stores while the customers shop. The music will be played very loud. Studies have shown that in retail promotion strategies such as loud, lively, music, the consumer will stay more engaged with shopping and actually buy more in his or her upbeat mood.

Retail Promotion Strategies 4: Samples

Another of the retail promotion strategies is to give the taste samples in places that sell food products. Who can argue that this is not effective? Although some will just hit the grocery stores to eat lunch on free samples. In department stores, perfume fragrance samples are very effective for selling this product (which can be very expensive).

Retail Promotion Strategies 5: Appeal to Social Issues

This is one of the retail promotion strategies that takes a popular social issue of the day and relays to the public that this store cares about it. Whether the store or restaurant does really care about it is irrelevant. If they market it well, they can increase their customer base. You'll see these retail promotion strategies in places like fast food restaurants who suddenly begin marketing that they are healthy.