Surfing internet on a desktop or laptop is a thing of the past. Today, smartphones have taken the concept of surfing internet to a whole new level. And thanks to its immense progression, people are connected to each other anywhere and everywhere now.
Gone are the days of traditional promotional strategies on newspapers, magazines and traditional electronic media such as television and radio. Nowadays, people checks for Google recommendation before visiting a restaurant. Most of websites adapting mobile apps and Google inc. accepting only mobile-friendly websites. And with this progression, traditional promotional strategies slowly started getting obsolete. In this growing digital age, planning mobile-friendly marketing strategies is a must since it’s has become the most convenient and cost-friendly way to reach your target audience.
It’s Fast and effective:
Mobile marketing strategies are comparatively easy to execute since it’s less time consuming and easily accessible. easy to plan and so the campaigns become easy to execute. More and more devices have been becoming user-friendly and with the advent usage of internet, companies are able to connect with their customers directly with texts and calls. Through mobile promotional strategies, a business gets engaged with the right consumers who want to interact with their brand. The right set of customers receive messages, forwards it to their friends and creates an easy brand awareness.
A personalized approach
Brands establish personalized relationships with their customers through mobile marketing.Customers can choose and personalize what they receive on their phones and allow only those offers that matters to them. Most brands promote offers through their respective apps and customers access them whenever they check their phones since no one has time to go through their mails anymore.And this is the most easiest way out there to get direct engagement with their target audience.
Also,many customer provide their feedback on social media and other e-commerce platforms and this helps the companies to decide on their future course of action.
Impact of Social media
Companies should take social media as the first option to consider while carrying out any promotional activity. The impact of social media is so huge that every small or big business houses have started handling their social media profiles seriously. From branding to customer engagement, consumer feedback to interaction, social media has it all.Consumers can get all required information about their favourite brand by clicking on a single pop-up on their mobile screens.
In a nutshell, it’s impossible for a brand to expect a successful branding exercise without promoting it digitally. Planning your strategies according to the feedback data plays a vital role in carrying out a successful branding exercise.
Despite it being a slightly low-key celebratory day, it has gained enough popularity on the social media at least. And hence, capturing a huge section of audience becomes quite easy on different social media platforms. Here are a few ways, you could cater to your employees/audience and market the idea of Father’s day to them:
Promote on Email
Irrespective of your company being the type that celebrates such days or not, or if you don’t specifically cater to the type of audience that does, promoting in-house events related to the day or events that are in correspondence to the same can be promoted within your target audience. Building up on catchy headlines/subjects for such promotional emails are highly likely to attract greater audience.
It can be a significantly healthy and fruitful idea to have your company approach local restaurants, eateries, bars and even fitness centers and partner with them and host vents or promote deals and offers that cater to the audience who are likely to be attracted by the same. Some offers such as ‘Bring your dad & the beer’s on us’ or ‘Like father-like son fitness challenge’, etc can prove to quiet a hit amongst younger generations.
Rule on Social Media
Having set up a contest specifically promoting the bond between fathers & children can be a great idea too. Running a contest that encourages people to post selfies of themselves with their father or having to write the funniest incident they shared with their children/father can also turn out to be a successful strategy to grab attention. Having the winners announced & distributing a promotional voucher or even a freebie of your own brand can do the company a whole world of good.
Spoilt for choice
Making your audience/customers part-take in events organised by you that celebrates father’s day & having fun games and rules set up for the same could be quite interesting. Partnering with fashion brands or clothing lines can also be an off-beat option but still quite impressive, though mothers are more likely to be interested in the shopping part, but that’s where it gets better. Your sale/event can have all the members of the family invited and participate in a game that requires them to select pieces of clothing each & the father gets to pick his favorite which can be given to him as a prize or at a discounted rate, etc.
These are some of the fun, interesting and practical ways to market Father’s Day to people in a more economical, interactive and impressive way for a wide range of audience.
Give your brand the edge it needs with RewardPort. Get end to end solutions for all your sales promotion needs! Team up with the best in the business to to make your most loyal customers feel rewarded with innovative loyalty programs that truly make a mark.
Brands have been utilizing loyalty and rewards program within their customer community to keep their customers happy and well away from competition. From loyalty cards, discount coupons to scratch & win offers, brands have been using rewards as an incentive to create a customer base and also keep them loyal to the brand.
In the new digital age, such rewards have been upgraded. Digital rewards are the new ‘in’ thing that bring many advantages to both the customer and the brand. From making it easier for the customers to get their rewards to spreading the word about a brand, digital rewards have given the marketplace a new tool to expand brand reach and loyalty.
Digital rewards are both diverse and abundant. These are a few up-and-coming rewards that are catching the eye of the marketers:
According to a study by Mercator Advisory Group, it was found that in 2015 most of the money spent on gift cards was redeemed as eGifts. With the heavy increase in digital buying, it makes more sense for brands to motivate customers through eGifts.
Moreover, brands can also use eGifts to rewards employees to acknowledge their hard work on projects or commemorate special occasions. This builds the confidence in the employees and helps with brand loyalty.
Coupons and codes
With greater numbers opting for online buying, it makes sense for brands to give their offers and discounts in the virtual world. Coupons and codes that are sent exclusively to loyal customers makes them feel special and helps retain them.
Incentives like cash backs and discounts, mobile wallets have taken online marketing by storm. Creating a niche where customers are incentivised for their buying behaviour has only increased the appeal of mobile wallets.
Benefits of digital rewards program
Increases the brand’s value
The power of digital rewards is that it gives the customer a sense of empowerment. With every amount they save or a prize they win, it helps build an image of a brand that it is not in business for the profits. It builds the image of a brand that genuinely cares about its customers.
Provides the customers with more choices
The brand gives the customers the option of choosing the kind of rewards they want. Either it would be as loyalty points that can be redeemed for discounts or gifts or in the form of promotional codes that are given to an exclusive customer community.
Each reward program is made around the customer, their preferences, previous encounters with the brand and their redemption history. This makes the program more relevant and useful to the customer.
Unlike the days when one had to send a letter to a brand with a token to get a gift, the digital rewards program helps both brands and customers get instant rewards. As soon as a customer provides a preferred action (like, tweet), the customer is provided with their reward. It needs less effort from the customer too.
Get rewarded anytime, anywhere
There is no limit to the application of digital rewards. People can be rewarded just by signing up for a newsletter and this can be done from anywhere. Because of the high mobility of the digital market, people can redeem their rewards just about anywhere.
Brings positive interaction between brand and customer
Everybody likes free gifts. Digital rewards help people collect more rewards doing what they do the most nowadays – being a part of the social media sphere. Reward programs also help in spreading the news about a brand since people share the newest offers with their friends and family.
Incentive to be a loyal customer
With the reward point application, people tend to stay loyal customers to get greater rewards over time. But the rewards need to be good enough to keep the customers interested.
Helps engage on the social media
Facebook and Twitter are where most of a brand’s customer base is situated. Potential customers also reside in the digital sphere. Having current customers talk about a brand on their social media helps in increasing exposure and value. Digital rewards do just that by giving customers freebies when they engage with the brand on social media.
The cost of setting up a digital rewards platform takes less money than the traditional card-based loyalty programs. It is also easier for customers to check-up on their points and look for other offers that are available.
As can be seen, ‘digital rewards’ is the new mantra to creating a brand identity that is more personal and effective.
With RewardPort programs, your brand gets higher visibility among its customers.
A returning customer is payment enough. The retail space is evolving and with new competitors entering the market each day, it is becoming increasingly important for retailers to innovate. One of the easiest ways for retailers to say thank you to customers is to create a rewards program. But retailers can make rewards programs go beyond saying thank you. Establishing a reward program can be one of the best marketing strategies that a brand can adopt.
In a study by Nielsen, it was pointed out that customers were more likely to come back to a brand with a rewards program so that they can get to the reward faster. Whether the brand is giving out points, discounts or giveaways is for it to decide. A good rewards program constitutes of a few key elements; in-depth research about the customer is the start point to success. The next basic requirement is to define the basis of rewards; what does a customer need to do to earn the reward? The next step is to keep a track of the behaviour and keep a tab on how receptive people are to the program.
The first and most obvious mistake that brands make is to think of rewards as a short term event. However, the easiest way to keep your customers interest in the brand is by updating, reinventing and rethinking how you are rewarding. Modern customers are aware and are often on the lookout for a better deal. Knowing that a customer rewards program isn’t timeless is essential.
Brands need to go beyond ’selling’. Personal communication is going to keep customers coming back. When creating a rewards program, brands must not hesitate in being generous with the most loyal customers. Putting in the effort to ensure that customers know that their well-being is being considered.
Make rewards actually rewarding. Ensuring that the rewards program in a way helps customers get to an object they desire. Whether it is a cash discount at the end of the year or a specific object that they can win over a period of time. Understand that customers are investing time and money and need to be acknowledged.
Retailers can start by rewarding repeat business. If the brand has a card or points, then rewards need to given out in a timely fashion without any hassle.
Another way for retailers to attract customers through rewards is to not even to create a direct reward, but a great reason for them to engage with the company. Many electronic companies offer free delivery, setting up, some even go on to help customers dispose of their products in a responsible manner. Especially when it comes to electronics. For example, batteries and outdated equipment that have a potential to create issues if not disposed of properly.
A rewards program is meaningful only if the customer sees value. At the end of the day, retailers must aim to deliver a reward that feels like a reward. One that the customer values and remembers. The rewards need to be enticing enough for the customer to be curious about the brand and the rewards themselves.
Create a program with RewardPort and give your brand the edge it deserves.
ICICI Securities Ltd is an integrated securities firm offering a wide range of services including investment banking, institutional broking, retail broking, private wealth management, and financial product distribution.
ICICI Securities sees its role as ‘Creating Informed Access to the Wealth of the Nation’ for its diversified set of client that include corporates, financial institutions, high net-worth individuals and retail investors.
Headquartered in Mumbai, ICICI Securities operates out of 66 cities and towns in India and global offices in Singapore and New York.
ICICI Securities Inc., the step down wholly owned US subsidiary of the company is a member of the Financial Industry Regulatory Authority (FINRA) / Securities Investors Protection Corporation (SIPC). ICICI Securities Inc. activities include Dealing in Securities and Corporate Advisory Services in the United States.
ICICI Securities Inc. is also registered with the Monetary Authority of Singapore (MAS)and operates a branch office in Singapore.
ICICI Securities Ltd. wanted to provide instant rewards to engage customers, reward customers for activity, reward customers on connect dates and festive occasion, reward customers for their patronage towards brand. ICICI Securities opted to run reward program for their icicidirect.com customer.
RewardPort designed/managed a value based e gift movie voucher good to redeem at 5000+ cinema / theater screen spread Pan India and customised redemption site www.isecmoviegv.promoredemption.com for beneficiaries. ICICI Securities Ltd, gifted free movie gift voucher to target audience via mailer and sms.
ICICI Securities Ltd, successfully engaged with 70000 customers.
A recent study showed that customers are 58 percent more likely to tell others about their experience with a brand than they would have done five years ago. One important outlet for this exchange is the social sphere which gives consumers and businesses the opportunity to reach lots of people.
As the taste of consumers align with new market contexts, businesses must look for applicable ways to engage them beyond building traditional relationships. Most customers expect their vendors to engage with them through digital channels. Interestingly, it is not just one channel but an Omni channel approach. This includes the social media, the web, email and other channels.
Small and Mid-size companies must take advantage of these new outlets to drive their brand. The technological and demographic changes that are sweeping across the economic landscape have changed the playing field. Most customers prefer having their questions or problems resolved without needing to talk with a customer service agent. Furthermore, customers want to engage with a brand on their own terms; either through human interaction or a digital channel. Small and Mid-size organizations that do not offer multiple engagement channels may sabotage their relationship with their customers or remain at a competitive disadvantage.
It is important to have a portfolio of services that connect with your customers when and where they want. The Human and digital channels of interaction must be properly optimized. Every business can get a virtual receptionist team which can double as a virtual assistant. They would screen and transfer calls to a representative of a small business based on agreed schedules. Beyond the administrative functions of this team, they can process orders, make outbound calls, answer customer service questions and schedule appointments.
Another important platform is to run an effective digital engagement system. A good digital platform allows your customers to be educated on your business and product offers, amplify the sales process, resolve service issues, connect with prospects, answer customer questions and so much more.
When your Omni channel platform gives an outstanding experience to your customers, they ultimately become your brand advocates. It is essential to buttress the fact that great customer service occurs on multiple fronts. There is no leading brand that can retain a large share of the market by using one channel to reach its audience. Customers need a relevant, compelling and consistent service to remain loyal to a brand. When your business has many advocates pushing its case in the market, it creates a positive impact on your bottom-line.
On the long run, one positive customer experience reduces the number of service inquiries that you get. The customers who are loyal to your brand begin to share their good times with others. The place of good customer service goes beyond the one on one relationship you share with your customers. It is important to entrench your brand and connect with your market through the multiple channels that are available. With a careful forecast, investment and plan, any business can be able to position their brand as leaders with a viable Omni channel framework.
Available statistic shows that about 20 to 40% of most business’ capital is tied up in inventory. This portends that any business that mismanages its inventory levels even to a small degree can have a huge challenge on their hands. It can affect their capacity to operate effectively and it can place a huge burden on the Company’s finances. The more inventory any business holds the higher the likelihood of running into costly issues such as tampering, theft, damage and stock excesses, obsolescence and so much more. Also, excess inventory on retail shelves can keep you at the mercy of market fluctuations in commodity value.
Here are things you can do to get rid of excess inventory from retail shelves:
Flow with the Market: When the market value of a good dips significantly below what you paid when you were acquiring them, keeping hold of a sizeable quantity of those goods can affect your business. As any effective inventory manager will admit, there is no way to completely insulate yourself from overstock. However, you can run with a plan that helps you reduce your inventory to optimum levels. This would also aid the financial state of your business and position you for other great prospects.
The major goal of controlling your inventory level is to ensure you have enough to match the fluctuations in customer demand. You do not need to tie your cash in maintaining unnecessary stock. You can reduce inventory by communicating effectively down the supply chain. The engagements at each stage must be in sync and data driven. This will ensure that goods reach your customers without interruption while the safety stock requirements will be kept to a minimum. Some organizations use inventory management software to fulfill this role. Every process manager across the distribution channel is can be properly positioned to work with up to date data which creates effectiveness.
Get rid of surplus or obsolete inventory: Inventory management software can help a business to identify obsolete or surplus inventory. It is important to earmark the most effective way of taking out obsolete inventory. The long term damage of holding in unnecessary stock outweighs the damage of holding on to it in the short term. There are a number of channels which businesses can use to dispose unwanted inventory. The first thing to do is to categorize the stock that needs to be scrapped or thrown away, those that can be sold off and the stock that can be used within the organization.
You can also negotiate the option of returning surplus stock to the supplier. Closeout and special discount offers is a good avenue to increase customer demand and move excess inventory. Goods which are sold at a discount in an International market allow the retailer to get back part of his investment while moving the stock. As a last resort, it may be vital to give the goods to a cause or charity which will create some goodwill in the community or you can simply scrap them.
It is important for a business to invest in running with a good inventory management system. This would help to reduce the challenges in your supply chain while improving your profit margins.
It is interesting to talk about a subject that is creating so much buzz across various business circles. There is a lot of evidence that points to businesses enjoying higher sales through active engagement of their point of sales units. The influence of the out of store online activities on in-store purchase decisions is unique and worth a close look. The moment a consumer is about to do a transaction; it is critical to build loyalty and create multiple income channels for your business.
The message of marketers to attract customer interest in various brands has reached a saturation stage. Sadly, this has led to a point of diminishing returns for marketers who operate in various industries. This means that any business that wants to stay ahead of the pack must be able to communicate with its consumers at the right moments in order to win the lion’s share of the customer’s attention.
One of the best ways to engage this opportunity or business dynamic is to envision the engaged consumer as a segment all by itself. Many brands have an opportunity to engage a great number of their clients but are not paying attention to this new trend. It is important to give a high priority to this move in order to draw customers that would be loyal and valuable to your brand in the long term. Here are 4 of the channels of engagement at the point of sale of consumer goods that is generating the right results:
Text Message promotions
Shoppers can be enticed to enter contests while shopping with the use of an effective text message. It is important to get the buyers’ consent in order to interact with them and build a strong following for your brand through their mobile device. About 67% of individuals do their shopping through a mobile device so this is a channel that must not be overlooked. You can create a trend by telling them the best time to shop while tying it to various store locations where you may want to drive increased sales.
Email Coupon programs
Consumers can register to receive limited time offers and coupons from their favorite brands. They opt in for such messages/communication from in-store promotions, brand websites, text message, mail messages or in response to calls. You can track the conversion rate from this medium and further understand the location from which the consumer makes the purchase. This can help you to build a strong data and dominate the market that you serve.
Consumers are encouraged to register on the sites and provide important details about themselves. The data would capture their social network profile, information about their household and this can aid the message, research, segmentation or relevance of your sales approach to reach them. This can help you create a stronger engagement with even the most passive customer on your list.
Social media connects brands to their customers like no other channel. When this avenue is well harnessed, it can influence the shopper’s behavior and increase the profit margins of any business.
Every sales promotion begins with a business or brand making the right offer. This is true of one-time
marketing concepts that help in boosting your short-term revenue or expanding your business.
The ideal sales promotion offer needs to have the following components:
- Align with your competitive edge
- Creates real value for your clients or customers
- It is relevant
The usual strategy is to go for conventional offers like Discounts , extra of the same product, a related product by the same company or a freebie of excess inventory. Lets look at each aspect
- Discounts – these work always, but to a extent. A brand cannot forever be giving discounts and get identified as “discount” brand.
- Extra of the same product – this is a slightly better strategy than giving discount as it gives a better perceived value to the customer.
- Get a related product – Good if want to sample your new offering that does not conflict with the existing product category
- Give a free from your excess inventory – This may save you some monies but could give the customer a wrong impression if not communicated right.
The new approach to sales promotions is to catch the fancy (and the spend) of your customers by giving them something which is aspirational and has a much higher perceived value. Two things stand out:
- Offer a service – Run a promotion that rewards the customer with something exciting that matches the target profile like Movies, a spa experience or mobile recharge .Something that gives instant gratification and has a high perceived value and is relevant
- Sweepstakes with assured gift – Everybody loves to win. An assured prize giveaway with a chance to win a grand prize appeals to all. A sure win gives instant gratification and gets the brand love and a chance to win big like a car / mobile phone / dream holiday keeps them engaged .
When you have decided on the sales promotion plan that you want to implement, it is important to prop up its message and communicate effectively. This is the point where many businesses miss it in their campaigns and marketing efforts. This failure usually happens in two ways:
- They do not effectively promote their program to their clients and potential customers
- They use the wrong message or marketing tools to reach their audience
- The rewards are not exciting enough
- It’s not easy to get the free gift
A close look at the first point shows that the default sales promotion drive of most businesses is to advertise. However, advertising adds to the expense that an organization incurs. The cost of running a media campaign is high and the returns may not justify the investment made. Research shows that price-sensitive shoppers may be attracted by an advert but may not return to consummate the purchase or transaction.
There are effective ways to drive sales promotion and some of them would be discussed below.
Use your Store effectively: It is ideal to make full use of your store signage to woo buyers to the products you have on offer. The employees can strengthen the stakes by mentioning the promotion to your customers. Employee stickers/tags/buttons can talk about the promotion while promotional flyers can also do a good job. Reminders on receipts or the use of an inexpensive sticker or rubber stamp can help to drive the best returns for your business.
Embrace the Internet: You can give a strong voice to your Sales promotion by highlighting it on the main page of your website. You can create a page that talks about your promotion and draw in a strong following by offering freebies which can help you build lists for future marketing efforts.
The Telephone: Your employees can harp on the promotion to anyone that calls your business or you can change your answering machine message to let customers know about what you are doing.
Email – You are sending out hundreds of emails everyday. Add the promotion to the footer. Its zero cost free media.
There are other powerful media which you can harness to generate the right results for your sales promotion. They include Flyer distribution, use of conventional media and word of mouth. It is important to get the word to as many people as you can through these channels. It is vital to mention that you can have a great sales promotion plan but without a strong marketing base to drive it; no one will know about it and this can lead to failure.
The best sales promotion is simply anchored on understanding your market and driving your plan to bring the returns you desire. There is a thin line between success and failure in this range but following some of the rules listed above would get the job done for you.
There is one Marketing question that always begs a detailed answer – What is the right way to go about planning a product promotion activity? It’s easier asked than answered. Over the many years that we have been working with Marketing divisions across Industry types, we have actually drawn up a list of 10 important issues that Managers must consider while planning a Promotion. While they may not be in Chronological order, each point jostles for attention. This is an attempt to assist the Marketing manager build a template for every promo; remember every promo needs the same amount of consideration before an idea is finalized.
1. Identify the role of incentivization
Providing added value to customers by making available an “incentive” instantly influences purchase. If the customer is convinced that he is getting more than the value he is spending on the product, it will persuade him further to make the purchase. The strategy lies in convincing the customer that he will not only receive the worth of his rupee but also supplementary benefits. These incentives may be in the form of free samples, gifts, discount coupons, demonstrations, shows, contests etc. All these measures motivate the customers to buy more and thus, it increases sales of the product. The promotion must be able to change the perceived value or price of the product or service.
2.Communicate with your consumer – offline & online.
Social media, smart-phones and the Internet are the buzzwords of marketing of the future. The customer is becoming more and more technology-friendly and accustomed to the ways of approaching products through these media. By making product promotions accessible via such media, the customers are significantly encouraged to utilize the benefits offered to them. Not only do these media influence the behavior of the customers, it is the swiftest and most effective way of reaching out to your befitting target-audience.
3. Collect, manage & nurture data.
Sales promotions are not only effective in the acquisition of new customers but also in the retention of your existing customer-base. It is essential to recognize the significance cultivating a relationship with your existing customer-base. In-order to develop and nurture relationships, it is important to firstly collect and create powerful databases. Secondly, they must be managed to eliminate unusable data in order to effectively target the usable database. The customers must be made to feel their value in the company in order to extract long term loyalty.
4. Be relevant
Sales Promotions must not only be relevant to the type of product being sold but must also suit the needs of the target-audience. If the customers are able to relate to the promotion being offered are able to comprehend it effortlessly, then the chances of the promotion resulting into a sale are higher. The sales promotion must also be able to hit the consumer at a particular behavioral stage.
5. Make sure to Customize and localize
The promotions offered must be customized to suit the requirements of the customer with regards to their demographics and psychographics. The promotions must be also be designed according to the attitude & behavior of the target-audience. They must be able to provide instant gratification on a temporary basis in-order to convince the customer to take immediate and simplistic action to achieve results of the offer.
6. Clarify objective and provide tangible benefit.
The customer will only be convinced to make the purchase of the product if they feel the value they are receiving is more than the amount they are spending. The customers must be able to measure the added value they receive along with the purchase. By offering clear objectives of the promotion, the brand is able to foster a trustworthy relationship with the customer – which is key in terms of long-term loyalty benefits.
7. Maintain timing, duration and frequency
Sales Promotions if introduced at a appropriate time can yield greater results. India is a very time driven economy; festivals, occasions and seasons are great influencers in the consumer’s purchase decisions. The promotions must be able to provide the customers with instant gratification over a temporary period and must not be repeated too often, as the customers will then be unable to differentiate the added value of these offers in comparison to the original product.
8. Engage your customer
The customer wants to be felt important and appreciated; and if the brand recognizes this need of the consumer and nurtures it, they can witness groundbreaking results. The brand must endeavor to involve the customer in promotional activities as much as possible. Any activity that engages the customer to interact with the brand – for instance contests, sweepstakes or coupons will instantly appeal to the customer’s psyche and induce a sense of association and bonding with your product.
9. Integrate sales promotion with the communication strategy
Sales promotion is an aspect of a promotional mix that includes –advertising, personal selling, direct marketing and public relations. While sales promotion is an effective tool itself, it must be used in accordance and relation to the other tools of the marketing strategy as well. Once the promotions are complemented by the other elements of the promotional mix, the efficiency of this tool will automatically be intensified.
10. Integrate sales promotions with social media
Sales Promotions must be run on social media such as _ Facebook, Twitter, Foursquare. Linkedin and Pinterest. Sufficient word of mouth is generated via social media that not only increases awareness but also heightens reach of the promotions. Integration with social media immensely intensifies the effectiveness of the campaign. The reach of social media must not be overlooked and must be used effectively to create viral effect.