Consumer Promotions: Then and Now
Much has changed in the past decade or so. From the quality of products offered by the companies to the packing and marketing strategies, everything has evolved drastically. Some of the other things that have reinvented themselves with changing times are the different forms of consumer promotions.
No other word attracts the consumers as ‘FREE’ does! The favourite companies for any customer are the ones which offer free goodies to them. At the same time, the bottom line of any business is ‘making profit’.
Then how do the companies make profit if they keep on offering free stuff to the customers? Striking this delicate balance between free stuff and profit is no child’s play. Well thought out strategies coupled with meticulous implementation are the prerequisites if the company wishes to find this grey area between free goods and profits.
All sorts of customer promotions, be it free trips, vouchers to wellness services, discount offers or lucky draws, need to be well planned out in phases in order to achieve the targeted result. Understanding the psychology of the customer is imperative while forming any such promo. Even the slightest of fumbles can result into huge monetary losses or dent in reputation of the company. Customer promos are big gain and big loss situations. With such a dicey situation at hand, the company can take a chance only at its own peril.
To carry out such high risk plans, the company must look for a credible marketing agency which boasts of a proven track record of implementing similar customer promos with a high success ratio.