Diwali is a festival which is a hot-favorite of all Indians and there are a series of actions that Indians take, just to enjoy Diwali in their own way. New home appliances, attractive clothes and brand-new jewellery are staple goods of each household.
Diwali is not only a shopping affair but holds a great emotional connection and mostly, companies do not leave any stone upturned, in promoting their business during Diwali. For some companies it is a necessary time interval to survive, but majorly, companies use Diwali strategies to win the hearts of customers and amplify their brand presence in the market.
Do you want to know as a business man or an entrepreneur, how you can increase profit during Diwali?
Let’s look at some strategies below:
Give heavy discounts strategies.
When everything in the world seems to be costly, you normally tend to get attracted towards ‘Discounts’. No one can deny the simple law of attraction and benefits that a ‘Discount’ provides.
Your product might be good, but due to its high prices, there are chances that it will be sold less. Giving a feasible discount on it might solve your problem!
Once you start providing a discount, you automatically set a positive impact on your customers.
You might have stock that is in an inactive position since long, but discount is one such trick to clear up room in your store.
So, meet your sales goals and greet Diwali with happy moments and more profit.
Create special bundles strategy
There is a specific psychology that goes behind ‘bundling’ products. Those products individually might not seem as lucrative, but once they are transformed into a package, they seem more attractive.
- The individual price of the products is more, but in a package it is more pocket-friendly.
- Though the price decreases, your customer gets the same quality of products.
- Your marketing costs are cut off, as you can advertise all products in one attempt.
- You can introduce yourself to a whole new customer base, one which are regular and potential customers.
It is essential to note here, that you should emerge with attractive and suitable combos, because if products in a combo have no relativity, your packages would not hold much weightage.
Go for co-branding strategies
As an entrepreneur, you have directly promised your clientele the best version of your products, so what better way than to merge a value-adding brand to your product?
Some famous Co-branding ideas have created history such as:
- Mac-Donald’s and Coca-cola
- Dominoes and Thumbs-up
- Spotify and Starbucks
- Louis Vuitton and supreme
- Sharpie and Nike
Joint advertising can always reduce your cost of campaign and give you a wider scope of potential customers. Your product will be in a whole new spotlight with more people trusting and enjoying it.
Your financial resources increase and efforts behind sales automatically decrease, as your brand collaboration is enough to bring proper visibility.
Use the ‘Scarcity technique’ featuring limited time and stock.
Ever noticed Zara’s selling strategy? Even though a product is a great hit, they will not continue the same product more than decided time period. They generally create scarcity in the customers’ mind if they will not purchase the product now they will not get that particular product after a few days.
So creating scarcity is always a great way to create a ‘market-crazy’ want for the product.
- Remember the urgency when something you desperately want is going to disappear soon? You can create the same situation surrounding your product, which will increase the decision capabilities of a customer. For E.g.: Maggi Noodles during Lockdown.
- Due to this technique you did not need to face dead stock situations.
- It is a common belief that those who work on a limited edition never copy but always ‘create’. So your brand will be thought of as innovative. Eg. Kalyan Jewellers offers designer jewellery, and no model is identical to the other.
- Customers will have a strong psychological impact of your brand, disabling them to switch-over easily. For e.g. Iphone Users will find it hard to get accustomed to Android Phones.
Surprise gifts with purchases
The word surprise holds a deep positive impact. The level of happiness will always be more when you receive something by surprise.
You can create an idea about providing surprise gifts to your customers when they purchase your product, as Surprise and delight always go hand in hand.
Thus, creative gifts can create a good impact on your customers and create a psychological impact on your customers.
Your best promoters are your employees
Employees are the best way to promote your products throughout the market and why?
- They are the second-most knowledgeable people for the product, after the owner.
- The ultimate growth of the employee depends on the company growth. So, no one is more dedicated in marketing than your own employee.
- Reduce marketing per-head costs.
- People will trust your employee, more than a high-salary marketing agent.
So, it’s vital to motivate and encourage your employees towards promoting your product in the market by creating a inspirational ambiance inside your business.
Make your loyal customers feel special!
Other than your employees, look for someone who is the most contented person with your product. Naturally, it is your customers.
Find that customer who is a regular client and passionately happy with your product, and organize processes that make them feel special. After all your loyal customers are your best marketers.
Smart working is needed when you want higher sales. Creativity with Ideas is good but correct identification of your target audience is a must. You should recognize your target audience and what exactly they want. Because if your schemes do not match the relevancy ratios than you will not be able to generate the desired sales ratio.