Sales Promotions attempt to stimulate product interest, trial or purchase and provide added value or incentives to consumers to stimulate immediate sales. Sales promotion is needed to attract new customers, to maintain existing customers, to counteract competition and to take advantage of opportunities that are revealed by market research.
Some examples of sales promotions that work effectively for small businesses include:
- Discounts (“sales”)
- Distribution of samples and coupons
- The holding of sweepstakes and contests
- Special store displays
- offering premiums and rebates.
The American Marketing Association (AMA), in its Web-based “Dictionary of Marketing Terms,” defines sales promotion as “media and nonmedia marketing pressure applied for a predetermined, limited period of time in order to stimulate trial, increase consumer demand, or improve product availability.”
“After conducting a thorough Marketing Audit and Market Research activities, FMA clearly identified growth opportunities for my business that made sense and were cost effective. FMA created sales promotion strategies that addressed my unique product offerings and customer base. Ms. Foley took the time to understand my business and worked one-on-one with me to ensure Programs were successful and within my budget. It’s been a pleasure working with FMA and I look forward to a long-lasting relationship.”Irisha Brown, Proprietor (Retail Boutique)