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Sales promotions directed at the distribution channel are known as trade promotions. A trade sales promotion essential works on the retailer, encouraging the retailer to promote your product over the competitor’s product. There are many ways in which you can use such tools to help boost your sales or get more recognition for your products. Using this process in a smart way can help you to grab a significant portion of the customer base. Plus, it gives you quite the edge over your competitors.
You may use financial incentives or deals that reduce the price of your product and provide immediate savings as an incentive to move the product. However, there are a few non-financial incentives that can also do a great job. Let’s take a look at them.
Point-of-sale displays or point-of-purchase displays are a trade sales promotion technique that put your brand on display in the store. This increases the chances of getting it into the shopper’s basket. You can use them to build brand awareness, develop customer knowledge, and drive sales. They work well at introducing customers to new products. POS displays also do a good job of informing customers of sale prices and focusing their attention on your brand.
An increased amount of POS displays are prominently featuring QR codes. These invite smartphone users to scan for additional product information or instant offers, known as digital POS. According to a 2012 study, 76 percent of purchase decisions are being made in-store. The study also finds that one in six brand purchases are made when a display is present in-store. POS allows you to focus your message when consumers are most able to make a purchase decision.
Testing and measuring results are important in creating an effective POS campaign. Because retailers are increasingly bombarded with requests for POS display space, you need to provide them with information about how your campaign will perform and benefit them. This gives you a greater opportunity to win a prime display position.
Trade Show Displays
A trade show booth is a trade sales promotion that allows you to create an area to market your product to vendors or consumers at an event location where you can draw people in to network and create relationships. Trade show booths can be simple with a single banner featuring your company name and logo. They can also be more complex, such as interactive displays featuring multi-media presentations and beautifully furnished entertainment areas.
Planning a presence at a trade show requires that you have a booth that is appealing to your target. You also need a sales team that engages visitors. Plus, you should also provide a unique experience that is either cool, cutting edge, fun, or provocative to draw in attendees. You may want to do some research into creating a personal connection with attendees to really make your booth stand out within the glitz of the trade show atmosphere.
Dealer and Sales Incentives
Dealer incentives are developed for those who sell your product and are not employed by you, such as salespersons. The idea is to give them a push to increase their sales. Depending on your budget, free merchandise and travel opportunities are a good alternative to delivering purely financial incentives. Mixing up your incentive programs throughout the year gives you the opportunity to communicate more often with more interesting offers while keeping the interest level high.
Trade Sales Promotion Wrap Up
Trade sales promotion is just another way to boost your sales and give your business an edge over the competition. Often, financial-based incentives become the go-to options, but there is a place for non-financial-based options, and they can actually be the better option in many cases. These incentives increase recognition and motivate employees to focus on an organizational goal while also helping you to manage your expenses.