Businesses have to be strategic about their offers and promotions. Why are you having this promotion? How’s it going to benefit your customers? What’s the theme? What is it linked to? Promotions have to be attractive in the sense that they mean something to customers.
Offers are everywhere. They are especially common in the online casino industry. Many gamers will know what kind of categories they’ll judge an online casino on. For many, it’ll be a game catalog. The idea of registering with 32Red to play the 32Red bonanza slot game is enough. For others, they’ll be engaged by bonuses, which will give them free spins upon sign-up, and other offers as they continue to use the operator.
Consumers get them via email, and they pop up on their browsers, in online stores and at the windows of many stores at the mall. Why should we pay attention to yours? When done well, promotions are the best way to engage new and keep existing customers.
What are Promotions and Offers?
We immediately think about discounts or massive price drops when we see promotions and offers. However, promotions and offers are not limited to that. A promotion is a campaign designed to attract new customers, boost profits and strengthen your business relationship with existing consumers.
It’s designed to last for a certain period because the idea of something being limited increases demand. Promotions help market your business, a specific product or a service. It helps to theme them according to what the product serves or the current season if they’re seasonal.
The primary goal boils down to increasing your profits.
Advantages of Using Promotions to Attract New Customers
Ideally, the main advantage is that you are successful, and new customers love your promotions and become loyal. But there’s more; we’ve listed other pros below:
Sets Your Business Apart
Promotions and offers set you apart from the competition. For instance, a retailer with promotions such as a Christmas advent calendar for the festive season is more attractive than one with, say, regular bonuses.
Content and News
It creates new content and news. Customers start talking and sharing views about your sale. More customers will want to visit your online or physical store to see it for themselves.
Pushes Consumers to Decide
The limited availability or time frame makes customers want to buy now. Because maybe after the promotion period, the product might not be available or it will be expensive.
An Opportunity to Re-Train Staff
It’s an opportunity to re-engage your staff because without offers, it’s the same thing every day, and they can be bored. Offers will force them to engage with customers as questions, and some explanations are required.
Get Rid of Stock
You can get rid of stock that’s been there for a long time. Sometimes customers do not notice certain products because they don’t know their purpose. Promotions help make them aware and start buying.
Disadvantages of Using Promotions to Attract New Customers
They can go wrong without a strategy or careful thought before implementing promotions. Otherwise, if everything is done strategically, offers usually have positive outcomes. Here are some of the disadvantages of why they occur:
Customers Expect it
Running too many promotions can mean you can only successfully close deals by offering a discount. Also, customers will only buy when there’s a sale.
Decreasing Revenue
A sale where you’re just dropping down prices of products could mean losing instead of increasing revenue. And if you go overboard and put on decorations that are out of budget, you’ll end up losing instead of gaining.
Our Conclusion
Running promotions to attract new customers can have advantages beyond getting those customers and increasing revenue. However, it has to be done right and well thought out. To ensure this doesn’t backfire, don’t make meaningless and regular offers. They should be limited and purposeful. They should be linked to how the product on promotion will work for the customer, to a theme or season. Then you’ll enjoy benefits like being unique, people talking about your business and more.