Sales promotion techniques

• discounts- when a business reduces their selling price for a short period of time. This can encourage a purchase but costs the business for every sale made as they are making less revenue at the discounted price.
• competitions- A business may choose to run a competition, perhaps online, to promote sales. Competitions don't cost the business for every made as not everyone who enters will win.
• BOGOF- A business may choose to give an additional product the customer when one is purchased. This can eb effective if a business has stock that needs to be sold quickly but can ecourage waste.
• Point of sale advertising- They are special display stands or posters around a product within a shop. They're fairly cheap but have to be used carefully- not alll products can stand out at once.
• Free gifts/product trials- Might give customers a gift when they make a purchase or offer a trial of their product. This can be costly for a business.
• Loyalty schemes- Might introduce scheme where customers earn points or stamps for each purchase made which later leads to a discount or free product. These are only effective for products purchased regularly.
• sponsorships- Sponsor an event or a team , offering payment in return for their business branding to be displayed