The success on your promotion will be entirely dependant on how innovative and appealing the promotion is to the customer. The Olympics only come around every four years and as it seen as a majestic event, your promotion needs to reflect this sense of grandeur.
The next question to look at is what type of promotion you should offer? Depending on the promotion you choose, this will end up costing you a varying amount to set up and will result in different outcomes.
Discounts
There are many different routes you could take when offering your customers Olympic style discounts. You could just choose to go the tradition route and offer a discount purely because it is the Olympics. While this would be appealing to customers, it wouldn't really help you stand out from your rivals as they will most likely do a similar promotion. However, the discount would be a fixed rate meaning that there would be no risk unlike other types of offers. You would know exactly how much you were making and how much the offer would cost you.
Money Back Offers
Another option you could do would be to offer a money back special based on how well Great Britain performs within the Olympics. For example, say someone purchases an item from your online store, you could then offer money back in the form of store credit for every gold medal that Team GB wins. This is a different promotion that will increase sales and encourage repeat business through the use of store credit. However, the uniqueness of the offer will mean that even if people do not decide to go with it, they will still know about the offer and the store that's running it. This would mean that in addition to generating sales, the promotion would help in greatly improving your brand awareness.
When planning out this promotion, factor in how many gold medals Great Britain are predicted to win. Obviously, if they are projected to win a number of gold medals, you need to check to make sure that their success wouldn't result in you making a loss on the promotion. Working out how much you are projected to bring in and give out in offers is key to deciding whether to run the offer or now. However, with this offer there is always a potential risk and a potential greater gain. If Great Britain end up getting a significantly lower number of gold medals than you originally factored into your projections, it is going to result in you making more money on the promotion. On the other end of the spectrum, if they end up performing above and beyond expectations, you could end up with a lower profit return or even a loss.
Limited Edition Products
Creating products that are specifically to do with a special event can become appealing for people who are both fans, collectors or people who just simply want to get in the spirit of a special event. A great example of this would be products sold during International football competitions. When England are playing in either the European Championships or World Cup, there is always a sharp increase in the sale of replica shirts, flags and other related products.
While these items will only be popular during that specific event, selling novelty products and items is a great way to get a number of sales over a short period of time and also make more people aware of your store.
Increased Checkout Speed
Rather than looking at only offering special promotions on your products, you can also look to offer promotions through other aspects of your online store. One of the examples of this could be your delivery process. Keeping with the Olympic theme, you could look to offer a faster delivery service free for customers who spend over a certain amount of your store. This is a great promotion which would not only be unique, but could possibly encourage customers to spend more than they previously would have in order to reach that total for faster delivery.
When looking to carry out promotions based on a special events or trends, innovation is key. The more appealing and original your promotion is, the more popular it is going to be. As more people get caught up in the hype and euphoria of the event, they will become equally excited in your offer, resulting in greater exposure and traffic.
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