Promotional strategies can be a "make or break" situation for any eCommerce business. A clever and strategic promotion can bring a huge boost to your sales and thus generate profits for your company. Businesses always look to apply the most effective advertising practices to attract customers and maintain loyalty.
Among so many options, the buy-one-gets-one or BOGO discount is a popular promotional strategy online businesses use to lure in more customers. This method can be easily applied in the Wizio quantity breaks in the Shopify app.
Let us explore how Wizio, made in the Shopify upsell app, can make your business reach new heights, generate more profits, and succeed in the digital world.
Understanding the 'Buy one get one strategy'
The buy one gets one strategy, or the BOGO discount has been used in sales since immemorial. It encourages customers to make a purchase more than they initially intended. Whether a "buy one get 50% off" or "buy one get one free," any method plans to give customers more value for their money. When users get more return on their investment, they usually return more in the future.
Now that we have understood how this promotional method works, let us know some of its key benefits.
Brings in more sales for a business
The primary motive of BOGO deals is to increase the sales volume of a business as it encourages users to buy more to get more benefits. When a consumer buys more products, it helps clear out inventory quickly and allows a brand to introduce new items.
Builds a loyal customer base
As said, when users get more returns for their money, they are more than likely to come again to enjoy the discount benefits. As they enjoy a satisfactory shopping experience, they become loyal to the brand and even refer it to their friends and relatives.
Increases the average order value (AOV)
Businesses often use BOGO deals to increase their average order value by encouraging customers to purchase more. This increases their sales as well as their revenue per transaction.
Managing the stock
BOGO deals make it easier to manage the inventory of any product. Any slow-moving item can be easily moved or even lead to fast clearance of stocks.
Creates a sense of scarcity
Using this promotional strategy creates a sense of urgency in customers' minds as they feel that they may miss out on such a great deal if they do not purchase right now. Thus, it is an excellent marketing campaign to make your brand popular among your target audience.
Leveraging Wizio for BOGO deals
The Wizio bundle quantity breaks app is designed in a way wherein you can implement the BOGO deal marketing campaign most effectively to target your audience. The drives can be easily customized and tailored per your brand's needs and requirements in this easy-to-use app.
Here's how you can use Wizio for your promotional deals:
Ease of customization and setting up the deal
The Wizio Shopify app interface is very easy to use. Anyone can use this application to tailor-made deals per their requirements, which resonates most with their target customers. For instance, as per their stock or prices, they can add offers such as 'buy one get one free,' 'buy two get one free,' or 'buy one get 2nd at 50% off'. A brand can use any of these campaigns that suits them the best and is advantageous for customers and the business.
Creating product bundles
Wizio allows you to create product bundles in your category. In other words, a brand keeps the related products together and offers a consumer discount when they meet the qualifying criteria. By doing so, a business can increase the overall purchase value of a customer, which in turn helps to increase profits.
Offering discounts on more purchases
A business can even encourage people to purchase more by offering tiered discounts. In other words, it uses a promotional strategy where users can enjoy a high value if they buy 2 or 3 products. This incentive has often been found to be quite alluring among eCommerce consumers.
Adding a timer
A business can create a sense of urgency among users by adding a timer in their marketing campaigns during special occasions such as festivals or events. This timed BOGO promotion often compels users to make an immediate purchase as they can enjoy these discounts only for a limited time.
Data and analytics
Wizio offers data and analytics on how your marketing campaigns are performing. Thus, a brand can use this information to change their strategies to get better results and offer their users a more satisfying shopping experience.
How to effectively use BOGO deals for your target audience?
Now that you have understood the benefits of the 'buy one get one' strategy, let us go through how you can implement this campaign for your brand.
Understand your target audience
When a brand clearly understands the needs and wants of its target audience, they can customize BOGO deals as per their preference. This helps a business fulfill the demands of its users more effectively.
Ensure a clear communication
Make sure that the promotional methods that you are using, including pop-up banners, are effectively communicated to your target audience. Users will jump to other websites if the details are clarified and appear clear to users.
Test and compare
Test the deals and promotions to determine what works best for you and your brand. Continuous monitoring of performance helps a brand tailor-made the best promotional strategy.
Promote through various marketing channels
The BOGO deals offered by your company should be promoted through various marketing channels such as Instagram, Facebook, and other mediums you use. This ensures that you get maximum reach and traffic to your website.
Keep your stock in check
The inventory should always be kept in check to ensure that your business fulfills the demands of products. Ensure your brand can fulfill any massive surge of orders during these promotional activities.
Competition is huge, and it is becoming difficult day after day to gain success in the world of eCommerce. The Wizio bundle quantity app guides your online journey to make your brand known to your target customers, increase your sales, and help you earn more profit.