7 Kinds of Sales Promotions That Can Help You Maximise Your Budget

4 months ago 3245

For businesses, sales are a good way to attract both new and loyal customers. Meanwhile, for customers like you, sales are a great way to save money. What’s even better is that there are different kinds of sales promotions that can help you make the most of your budget. Here’s a look at some of the most popular ones:

Percent Discounts and Cash Discounts

Arguably the most common types of sales promotions, percent discounts and cash discounts are very straightforward bargains. Percent discounts deduct a certain percentage off the price (20% off), while cash discounts give you fixed values (Rs 250 off).

Do note that there are times when one offer will give you more savings than the other. For example, if the item is worth Rs 100, a 50% discount is better than a straight Rs 100 discount. Of course, this isn’t always the case. After all, an Rs 100 discount on an item that you frequently use is much better than a 50% discount on an item that you don’t need. There are also high-cost, high-quality items that can still be expensive even after a discount (e.g., big-ticket appliances). In this case, you should consider the long-term value of the product.

Buy One, Get One Free

For products that you often use or consume, such as canned goods, home cleaning supplies, and personal hygiene items, buy 1 get 1 free or BOGO promotions are definite winners. Essentially, you’re getting them for 50% off. For perishables or those with a short shelf life, make sure to check the expiry or best before date. Meanwhile, for non-perishables, the most important thing is to store them properly so that they can retain their good quality.

Bundling

Bundling usually comes in the form of a free product/s when you buy a specific item. For example, a bundle can be one pack of pasta noodles with a free bottle of tomato sauce. Some stores also use modified versions of BOGO promotions, such as buy 2 get 1.

You may also notice that some establishments sometimes bundle non-related items. For example, they may give you a bottle of wine when you purchase two wallets. To make the most of these promotions, it’s best to purchase deals where you can make use of all the items in the bundle.

Free Shipping

For online shopping sites, free shipping is a popular type of sales promotion. Most of the time, you can enjoy this simply by meeting a spending requirement. Some grocery stores, for example, will waive shipping fees if you spend at least Rs 2,000.

There are also some online shopping sites that occasionally give away free shipping codes, which you can activate upon checkout. Use these codes whenever you would usually shop (e.g., monthly grocery shopping), and not just for the sake of using them. This way, you can save more money.

Couponing

Coupons are another way that retailers can offer discounts to their customers. What’s great about couponing, from a business standpoint, is that it can be an avenue for creativity. For example, they can give 10 coupons where five are percent discounts and five are buy 1 get 1. They can also make a promotion where you can use as many coupons as you want on a single purchase.

For customers, this gives you a lot of freedom when it comes to budgeting. If you need to stock up on dishwashing soap, using a buy 1 get 1 coupon will be the best option. Meanwhile, if you’re looking to buy an appliance, a percent discount coupon will be friendlier to your budget.

Flash Sales

A flash sale is a promotion that lasts for a limited time, usually only for a day. This is a great opportunity to shop for necessities, including your stock of cleaning supplies and toiletries.

Do note that flash sales happen, well, in a flash. Usually, merchants will announce when these are scheduled so you can plan ahead. However, there are some merchants that choose to surprise shoppers with flash sales. This is common for online stores, which encourages customers to visit their site or use their app often. In this case, it’s a good idea to set alerts or alarms so you can add essentials to your online cart.

Loyalty or Rewards Points

Finally, another popular type of sales promotion is the accumulation of loyalty or rewards points. There are different ways that brands and merchants can go about this, the most common being the one where customers earn points whenever they spend. The accumulated points can then be used to receive discounts on future purchases or exchanged for gifts.

Obviously, the store whose loyalty or rewards card you should avail of is the one where you shop most often. However, it may also be a good idea to have multiple loyalty or rewards cards in some situations. A good example here would be if the membership is free and/or the points don’t expire.

Finally, the most important thing to remember about these sales promotions is that you shouldn’t buy something just because it’s on sale. Make sure you need it and it’s something that you can actually use before spending. This is the best way to truly maximise your hard-earned money through sales.

Staff writer

Source Article