Sales Strategy
Promotional Pricing Strategy Done Right: Key Points July 11, 2022 (0 comments)
Cambridge, MA--Promotional pricing strategy is a time-tested method to generate more returns for the business. The strategy usually involves having a promotion price and giving customers the impression that it will last for a limited time and that they'd miss out on the special offer if they do not purchase now.
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An exciting thing about this strategy is that you can use it time and again to generate sales in the long term.
When done not too frequently and effectively, a promotional pricing strategy can be an excellent way for jewelry retailers to get more customers.
There's a rising demand in the market too. A Statista survey reveals that 62% of consumers try a new store online or retail during holidays because of better prices. 44% say they try a new store because of the discounts and coupon codes they offer.
So, yes, promo pricing attracts new customers, but how do you go about it? A Hubspot article offers some key strategies that help with this strategy. It mentions and expands on the following points:
- Determine why you'd need promotional pricing
- Make the right plan
- Launch the strategy at the right time
- Prioritize existing customers over new ones
The article also mentions other tips, such as posting both new and old prices of the products and using percentages to talk about the new deal. Read more in the entire article.