Turn Mother’s Day into Profits Day
We can hardly believe we are already in March and fast approaching Mother’s Day. Time does indeed fly and as a result, we’re ticking occasions off on the promotional calendar at speed.
Mother’s Day is, of course, all about making sure your mother - or a special female role model in your life - feels loved and appreciated. But like all special occasions, it’s also about making sure your customers feel the same way.
The Power of Promotions
Running a promotion is a win-win. You can achieve additional sales, revenue, customers, or anything else your business may need at that specific time. And your customers get better value - whether real or perceived.
That value is extremely motivating. In fact, 62% of consumers say they can’t even complete a purchase without searching around for an offer beforehand.1
So, which type of promotion makes your customers feel like they’re getting a better value? Let’s look at some popular promotions and how well they do, based on our substantial historical data and experience.
Promotion Types and Effectiveness
Any well planned and executed promotion will make a noticeable difference. But some are simply more effective than others. Here are some examples of gift card promotion types, as well as each resulting average increase in revenue2.
Buy One, Get One Free
If a shopper buys a £50 gift card (for themselves or as a gift), they get a £10 gift card free. Although there is a higher spend up front, this type of promotion usually leads to a significant incremental spend at redemption.
Result = 85% average increase in revenue
Buy One, Get Free Product
For each £20 gift card purchased, the shopper gets a free product. If you have excess stock of an appropriate item, this will not only get shoppers in the door - but clear out some valuable storage space as well.
Result = 80% average increase in revenue
Buy One at a Discount
If a shopper buys a gift card of £50 or more, they get that card for 10% off. It gives you larger baskets and gives shoppers instant gratification.
Result = 65% average increase in revenue
Buy One, Get a Money Off Voucher
If the shopper buys a £50 gift card, they get a 20% off voucher to use on their next visit. This brings customers in twice and leads to more revenue. Twice.
Result = 56% average increase in revenue
Buy One and Donate
If the shopper buys a £50 gift card, you will make a £5 donation to a charity. This feels good for both retailer and shopper.
Result = 30% average increase in revenue
How Can We Help You?
Of course, these ideas will work for any special occasion. Perhaps it’s too late for you to spin up a Mother’s Day promotion for this year, but if you act now, you need not miss another prime calendar date!
If you have questions or if you’re ready to get started on your promotions strategy, don’t hesitate to get in touch.
Simply fill out the form to your right and a member of the team will get back to you shortly.
1. RetailMeNot Incrementality Study, March 2018
2. CashStar Historical Data