Price promotions are a common marketing strategy to generate a burst of increased sales of a product to penetrate the market. Price promotions involve temporarily reducing the price of a product to in an attempt to increase the sales volume over the standard sales rate during promotion period. Price promotions are great for many reasons, some of which include massive increases in sales volume, increased usage and interaction with the brand for the market and quickly selling off large amounts of stock. These benefits however come with a sacrifice, and it’s worth considering them before engaging in price promotion to gain incremental sales over the promotion period.
I’ve recently been consulting for a new start-up art business that is set to deliver some incredible paintwork. Throughout last year I did some pretty heavy research into what works when marketing for organisations within the arts sector, as it is significantly different to commercial marketing and comes with its own unique set of challenges. Marketing the arts ‘product’ can be a very difficult concept for traditional commercial marketers to fully understand. The unique visceral and emotive method of ‘consuming’ art often means that the normal rules of marketing do not apply.
I’ve often heard marketing described as a dark art that’s all about ripping customers off. There’s some belief out there that marketers (particularly advertisers) are just manipulatively brainwashing you and getting you to buy their products. I find this opinion quite amusing both as a marketer and as an aware consumer. Although I understand how marketing communication can be scary to some with the extent of stuff companies can find out about us, I don’t agree with the generalisation that all marketers are evil. Instead, I believe that we consumers have the ability to think for ourselves, that we should be discerning about what advertising messages we act on and then take responsibility for our own purchasing behaviour. I trust that you are reading this blog as one of these consumers, with a realistic appreciation of business competition, who doesn’t blame your purchase ‘mistakes’ as the fault of the big bad corporation. With that said, here I’ll discuss some clever marketing that has been designed to increase your usage and get you spending more, beyond what may be entirely rational in hindsight.