Deals have always been a way to win with shoppers. But with rising price transparency and the expectation for low prices among shoppers, the deal has become just part of the equation for success. Today's promotions need a twist or a spin that makes them alluring to shoppers.
Here are just two examples of promotions that have amped up the deal to drive a successful promotion.
1) Scarcity Inspired Promotions
Amazon has made a cult-like following for its once-a-year Prime Day promotion. Building steam and sales over the year in part because it only comes once a year, but also because what's on sales during Prime Day is sometimes unknown or limited. Shoppers hungry to get the deals while they last are willing to go the extra mile and look forward to this annual event.
This year should be no different. In fact, Amazon continues to drive interest in Prime Day in new ways this year thanks to their partnership with Whole Foods. Amazon will be inspiring more shopping on July 16th by rewarding Whole Foods shopper who spend $10 at Whole Foods with $10 toward Amazon Prime Day purchases. This cross pollination effort is sure to ignite shopping among avid Prime Day fans and bring some new shoppers into Prime Day with their $10 voucher.
2) Personalization Driven Promotions
Build-A-Bear recently ran a promotion that allowed shoppers to simply "pay their age" for a bear. Not only did this offer many shoppers a great deal (especially when buying a bear for a 3 year old) but it also amplified their personalization positioning.
However, the retailer did not anticipate how much attention and demand this promotion would generate. It was so successful that lines started forming at 6am at Mall of America, crowds became so large that safety concerns arose, and the retailer had to turn away shoppers. Those unable to participate in the promotion were given vouchers toward a future purchase.
This shows that the best promotions are not simply just about the deal or the idea, but the execution as well. Being able to develop and execute a success promotion takes creativity and logistics.
Contributed By: Kira Walstrom, Integer Denver
Image Source: Whole Foods