What are the Objectives of Sales Promotion?
Sales Promotion acts as a bridge between traditional advertising and one-on-one interactions with customers. There is a possibility that the objectives of each approach of sales promotion will differ from one another. Nonetheless, the common goals of sales promotion include the release of a new product, the attraction of potential buyers, the expansion of awareness of the brand, and other related goals. Today we will see what are the main objectives of sales promotion in this blog.
The main objectives of Sales Promotion are:
To Lunch New Products
New products are introduced to potential buyers through sales promotion in the hopes that they will make a purchase. Usually, they just get free samples. The same goes for premiums, consumer competition, price cuts, etc. Distributors and retailers might be encouraged to maintain supplies, too.
To Gain Potential New Customers
One of the goals of sales promotion is to find and attract potential new clients to try out the company’s products. To increase product sales, businesses employ a variety of sales marketing strategies. Whenever a company’s sales to its current customers fall short of expectations, it actively seeks out and cultivates new clients to whom it can sell its products.
To Increase Sales to Existing Clients
Sales promotion exists primarily to boost sales volume. Producers use a variety of promotional strategies, such as premiums, price cuts, price competition, and others, to increase sales to existing customers.
To Increase Brand Awareness
Another main objectives is to Increase the brand awareness through sales promotion. The product that maintain higher level of brand awareness are likely to generate more sales.
To Maintain Sales Fluctuation
In order to maintain same sale pattern to avoid sales fluctuation due seasonal effect Sales Promotion programs can be used. Sales promotions offer discounts, rewards, or special deals to get people to buy, which draws revenue immediately.
To Clear Excess Inventory
If a business firm wants to sell the huge stocks in order get the new items then they can use the method of sales promotion. Clearance sales, seasonal discounts, and bundle offers are effective methods for managing inventory levels and ensuring a regular turnover of stock.