How to Get More Bang for Your Marketing Buck Part 6: Promotions: Special of the Week

How to Get More Bang for Your Marketing Buck Part 6: Promotions: Special of the Week

This was the “special of the week” section of Rebecca’s talk: the place where many brands go wrong. Brands forget about the marketing process being just that, a process, and instead opt to focus on weekly promotions. I’m not saying that promotions shouldn’t be a part of your strategy, they should, but they should align with your overarching campaigns and not be the basis of your strategy.

Here are our top tips for running promotions the right way:

    1. Deeper deals, less frequently. We work with many brands selling both on self-branded and multi-brand ecommerce stores, as well as bricks and mortar boutiques, department stores and supermarkets. Our findings show that reducing at a greater discount but less often generates more revenue long term than more regular promotions at a smaller percentage off. Less frequent promotions also don’t devalue your brand as constant promotions can.
    2. Look at your buying patterns and focus your promotions around this data. Take the time to do this and you can reap the benefits later. Think seasonality – when people buy into products; look for lulls in sales and use promotions to pick up these periods; look for underperformers that should be selling better and use these as GWPs; all of this tricks can help you grow your revenue.
    3. It’s all about profitability. Always measure your promotional uptake. Look at your profitability for the promotion and compare it to a period for normal forecasted sales for that period. If your profits are down comparably, you must question was it worth doing the promotion? This scenario doesn’t always mean this is so, you have to see the bigger picture. Was the product short-dated or overstocked? Did you see an increase in sales after the promotion? Did you encourage people to buy into your brand? New signups?

Looking for more advice on promotional strategy? Email us me@rebeccagoodyear.com

How to Get More Bang for Your Marketing Buck Part 1: We Are All Marketers

How to Get More Bang for Your Marketing Buck Part 1: We Are All Marketers

I have spoken at unarguably the biggest and best natural products show of the year, Natural & Organic Products Europe, for several years now.

Previously, I have spoken about ingredients trends and beauty predictions, however this year we thought we’d give attendees something a little different.

So, I imparted some of my top marketing secrets and tips to help businesses big and small get more bank for their marketing buck.

The lovely Joanna from Mallow & White was gutted she couldn’t make the talk and asked if I might transcribe the talk into a blog. Which is why you are reading this today! This is part one of a ten part series based around my how to get more bang for your marketing buck talk given at Natural & Organic Products Europe.

It’s a funny phrase “bang for your buck”, and it fact it is derived from “more bounce to the ounce”, an advertising slogan used in 1950 to market the carbonated soft drink Pepsi.

The phrase “bigger bang for the buck” was notably used by U.S. President Eisenhower’s Secretary of Defense, Charles Erwin Wilson, in 1954. He used it to describe the New Look policy of depending on nuclear weapons, rather than a large regular army, to keep the Soviet Union in check.

Today, the phrase is used to mean a greater worth for the money used. Many of you reading this will most likely be the marketers, along with many other roles, in your business.

But what does being a marketer really mean? What is the role of the marketer? Marketing, by and large, is communication. To be the best marketer you can possibly be, we recommend following these guiding points:

  • Be compelling – use empathy, be objective and never be afraid to be different. You have to tell consumers what your product is, how it is going to help them, but without being salesy from the outset.
  • Intention – fail to plan and you plan to fail. It’s one of my favourite sayings, and it’s so true. You need to make sure your strategy is joined up, across multiple channels to create meaningful touchpoints, something we’ll come to in the next post.
  • Creativity – create memorable campaigns, don’t be afraid to stand out. You need something catchy to reel your consumers in, and to stay in their minds.
  • Intensity – your campaign needs to be dense enough, across a variety of channels, to create an impact.
  • Measure – always measure the results of your campaign compared to performance in an off-campaign period. Look at uplift, sales volume and profitability to find the full effect of your campaign.

Click here for part 2.