For a business to continue along its growth spectrum, it’s imminent to achieve new recruitments and anchor them to retention consistently. The power strategy that has time and again proved effective in this endeavor is the simple yet efficient endorsement of “in-store promotions.”
In-store promotions are the end-of-funnel tool that drives already interested consumers to take the final leap to purchase. Promotions have always proved relevant at each stage of the consumers’ relationship cycle with a brand. It has provided solutions ranging from the first push to product trial with digital sampling, amplifying purchase frequency by creating the urgency of a limited purchase occasion or simply incrementing sales volume by reducing price sensitivity.
Different occasions call for different promotions to achieve varying end-of-funnel goals. To name a few most commonly used sales promotions:
Its simplicity and proven success in driving purchases time and again have lured marketers into adopting in-store promotions across objectives and timelines to channel the impact of their marketing efforts. But the recent called-for realization on the subject sheds light on the blind spot created by the short-term incentive inefficiency in portraying the real picture of consumer sentiment. This looms a danger to a brand’s growth strategy as sales numbers might just be a glorification of consumer motivation, thus tainting the real graph of brand growth.
Needless to say, even with its demerits, in-store promotions are a do-without and have proved crucial to driving sales volume. The art here is to find the right balance in promotional activities to avoid cannabilism and meet the needs of all stakeholders, from retailers who need assurance to allocate shelf space to end-consumers who seek high-value incentives in the purchase journey.
Marketers have turned to end-of-funnel insights on consumer purchase patterns to shape relevance in future strategies. Promotional campaigns have always been an agent to initiate purchases to answer the questions:
But a true reflection of consumer buying behavior would mean having answers to the following:
And most importantly, a concern that unlocks the opportunity to revitalize efforts to maximize returns is why they are not buying or when did they lose interest.
With the digital era brimming with consumer data-driven capabilities, we might have our way around this obstacle and strike the right balance of value exchange in in-store promotions to draw the true picture of consumer motivation and drive loyalty. And here’s how…
With a data-powered omnichannel in-store promotion with multi-touchpoint attribution capabilities.
With a vast pool of Grivy-owned third-party data of buyers within the category, overlaid with first-party data of existing brand users, Grivy enables you to kick off your campaigns to reach highly relevant consumers rightfully. Further, with a strong AI-driven data collection, activation, and enrichment platform measuring moments of consumer truth across the consumers’ purchase journey and end-to-end retail management abilities integrating this journey from online to offline, you seamlessly derive the highly efficient promotional campaign, perfectly enhancing your immediate and future brand objectives.