When you’re in the retail business, you need to know the pros and cons of every move you make intending to enhance your business stats. Be it the online growth tactics or in-store sales promotions, you need to know exactly how each strategy is going to benefit you.
When it comes to in-store promotions, you need to be a bit extra careful about the plans you use. As a brick-and-mortar business, your reputation in the local area is of top-most priority and must be maintained at all times. While there are a ton of strategies that you can use for in-store promotions, we have created a list of major advantages and disadvantages of using them below:
Advantages of In-Store Promotions
- Attract Customers
The first and foremost goal of any promotional strategy is to boost business. And the best way to do that is by attracting more people to your store.
Efficient in-store promotional strategies are guaranteed to help you raise awareness about your latest products and entice more customers with the assurance of top-notch products. While customers rest assured about finding the best quality products at your store, they’re attracted even more when they find out about the offers and discounts being offered.
Just make sure to use effective and efficient retail promotion strategies to ensure you generate valuable ROI.
- Updated Inventory
In-store promotions cannot be carried out effectively without keeping an accurate track of your inventory. It is extremely important to fill up your stocks, remove the expired-products, and keep count of products that you might need to refill soon.
Falling short on high-selling products can redirect customers to another store and, therefore, stagnate your growth.
- Gain Loyal Customers
Loyal customers are guaranteed to return and buy more products. And the best way to get loyal customers is by attracting them locally. Effective store promotion can help you gain several loyal customers that are sure to benefit you in the long run.
Make sure to offer the best products and deals to your customers to continuously gain more loyal customers and guarantee the gradual growth of your business.
Disadvantages of In-Store Promotions
- Boost Sales Only During Discount Period
When carrying out sales promotions, you generally offer attractive offers and discounts to attract more customers to your store. These customers might find your store the best when you offer such discounts. However, there is a high possibility that they won’t return when things go back to normal.
It is extremely crucial to ensure that customers don’t only find the deals you offer exciting, but are attracted to your store in general as well. This will help you gain loyal customers and, therefore, benefit you in the long run.
- Affect Brand Reputation
Over-usage of promotional strategies can make people believe that products of a specific brand are much cheaper than the others. However, when these offers and discounts are removed, customers don’t prefer buying the same products.
The general idea in their mind is that cheap products are offered the highest of discounts and there is no point in buying them after the offer is gone. This can not only tarnish the brand reputation and reduce sales but affect your store’s stature as well.
In-store promotions are inarguably an effective way to boost sales and enhance your store’s reputation. However, overdoing it can drastically damage your stature as well. Therefore, make sure to plan effective strategies, while ensuring you don’t go overboard.