Day 2 – Determine Your Promotion Type

Determine Your Promotion Type

Today is all about choosing your promotion type!
Choose your promotion (discount (percent or price), BOGO (buy one, get one), free gift, or a combination of all three.

Here are different promotion types you can offer:

💲 Price Discount
– This can be either a percentage off or dollars off.
– For example, we have previously offered Gram Slam at 50% off ($97 instead of $197)
– We could say “save $100” or “save 50%”.
– We have gone with 50% because it sounds like a better deal.
– When deciding which sounds like a better deal, feel free to poll your audience!

🎁 Free Gift
– A free gift promotion is when they get a special bonus with purchase.
– Previously, we have offered a “Stories that Sell” mini-course as a bonus to Gram Slam.
– The free gift should complement the offer. (For example, a free phone case with a purchase of a phone, or free printer ink with the purchase of a printer. A free phone case with the purchase of a printer would not make sense.)

💞 Buy One, Get One (Free or Percent off)
If you have a physical product, a “BOGO” can be a good way to go.

Here are some examples of this:
– Buy one shirt, get another shirt free.
– Buy two soap bars, get another soap bar free.
– Buy one bag, get another for 50% off.

🔢 Do a combination promotion
– You can do a price discount and a free gift.
– You can do a BOGO and a free gift.
– You can have multiple free gifts.

✨ Keep it SIMPLE
People love a good promo, but only if they can understand it. If it’s too hard to wrap their mind around, they may pass it up just because they don’t understand it. “Buy one, get one free” is easier to understand than “buy one, get one for half off and get 20% off your next purchase.” Keeping it simple also works for your team and from a customer service standpoint in general.

Make sure your promotion is irresistible. Avoid run-of-the-mill everyday promotions that everyone else is running. There are a lot of promotions out there and you really want yours to not just stand out, but be completely irresistible to your ideal client/customer.

📈 Make sure it’s PROFITABLE
A 50% off sale is great until you start losing money on it. Make sure you’re going to make a decent profit before slashing prices.

⚠️ CAVEAT – Be mindful of past purchasers
You may come across past purchasers who just bought, so decide now how you want to honor requests to “price match”. In most cases, you are not entitled to give a discount to something that someone has already purchased as they already agreed to that price. However, in rare instances, you may want to “price match”, for example, if someone has bought in the week before. You could also potentially close the cart before the promo to avoid this issue. You know your business best. Just be aware that this could be an issue.

🌟 Your Turn!
Now go and decide what discount you want to offer for your holiday sale.