How to Explain Your Bonus Offer As a Sales Promotion Tool
Explaining your bonus offer is a great way to get more people to sign up for your program. It can be something that complements your main product or a standalone offering.
For example, if you’re selling an e-course on watercolor painting, your bonus might be a tutorial on how to file freelancer taxes. Ideally, your bonuses should be useful and relevant to the main product you’re selling.
Offers a discount
A discount offer is a common sales promotion technique. A customer may receive a coupon, free product, or other special offer in exchange for signing up for a newsletter or loyalty program. The customer may also be offered a lower price on an existing product or service. These types of promotional campaigns can help businesses reach a new customer base or move excess inventory quickly.
The “buy one, get one free” (BOGOF) sale is a classic example of this type of promotional campaign. It’s also a popular way to clear out extra inventory that would otherwise perish. This is especially important for brands with high-volume, low-cost items such as consumer nondurable goods that are consumed on a daily basis.
A refund offer is another good way to clear out extra inventory. This type of promotion offers a customer a percentage of the original purchase price back on the next purchase. The marketing objectives for this sales promotion include encouraging trial of a new product, stimulating the purchase of more products or quantity of a current purchase, and promoting those products that can be postponed, such as refrigerators and microwave ovens.
In general, people prefer bonuses to discounts. However, this preference is subject to a number of factors, including the kind of product under consideration and the numerosity of numbers. For instance, all other things equal, consumers tend to rate a 50% bonus higher than a 33% discount, even though the two are economically equivalent.
Offers a free gift
A free gift is a sales promotion tactic used to entice potential customers. A free gift can be a product, a service, or a discount. This technique can be very effective in boosting product sales and brand recognition. A free gift can also be a form of reward to customers for their loyalty to a company. For example, a coffee shop might give out free milkshakes to loyal customers. Other companies may offer a free warranty to encourage repeat purchases. This can be particularly useful in attracting new customers.
While this sales promotion is effective, it is important to keep in mind that it can also have negative effects. It is possible that a free gift with purchase will lead to fewer returns, but it can also reduce customer satisfaction. This type of promotion has been successful in the past with products marketed to children, such as the toys that come with Happy Meal meals.
The key to a good free gift with purchase campaign is to make the gift relevant and personal to your target audience. For example, Sephora’s Beauty Insider program offers gifts for customers who are members of their loyalty program. You can use a sales promotion tool such as OptinMonster to create and deploy similar programs on your website.
Offers a free trial
A free trial can be an effective sales promotion tool because it allows potential customers to experience the product before making a financial commitment. This reduces sales friction and can increase conversion rates. It can also help you build customer trust and differentiate your product from the competition.
One way to use a free trial as a sales promotion tool is to offer customers a money-back guarantee. This can be a powerful incentive for customers to try your product, especially if you offer it in conjunction with other benefits. For example, Sephora’s Beauty Insider program offers members free birthday gifts, discounts, and exclusive products.
Refund offers are common in diverse products, such as exercise equipment, mixers and juicers, hair dryers, ceiling fans, inkjet printers, and magazines like ‘Reader’s Digest’. However, it is important to clearly communicate the terms and conditions of the free trial so that customers do not face unexpected charges after the free period ends.
Some companies ask consumers to provide a credit card number for their free trials. While this is an effective sales promotion strategy, it can raise ethical concerns. Customers may feel pressured to give their credit card information or may be concerned that the company will continue charging them past the free trial or share their personal information with competitors.
Offers a free consultation
A free consultation is a good way to connect with potential customers and create value for your business. When offering this type of sales promotion, you need to be clear about what is included in the offer and how you plan to follow up with inbound leads. For instance, if you have a sales rep who will handle these inbound leads, make sure that they know what to expect. Additionally, if you are going to use an online platform like Jotform to facilitate your online consultation signups, ensure that you have forms set up to collect the precise information that you need.