With only 8 weeks left until 2024, it’s time to start thinking about fresh marketing tactics for the upcoming year. We recently sat down with consumer behaviour expert, Phillip Adcock CMRS, to discuss how businesses and retailers can better understand their customers and plan more effectively for success.
As the year draws to a close you might be gearing up for a new year of boosting sales and enhancing customer loyalty. However, adding evidence-based insights from behavioural science can supercharge the effectiveness of your plans. Here are ten proven strategies, informed by key shopper behaviour research, to guide you in optimising your promotional activities and boosting sales.
Data-Driven Personalisation: Utilise customer behavioural segmentation based on customer preferences, past purchases, and browsing history – personalised marketing can lead to higher engagement and increased purchase likelihood.
Multi-Channel Marketing: Implement a consistent message across various channels to maintain top-of-mind awareness. Repeated exposure to a stimulus increases liking and preference, reinforcing the importance of multi-channel marketing.
Limited-Time Offers: Utilise scarcity principles to create a sense of urgency and prompt immediate action. Customer behaviour experience shows that people assign a higher value to scarce opportunities.
Collaborative Cross-Promotions: Leverage the principle of social proof by showcasing partnerships with other reputable brands, in other words, people are more likely to take action when they see others doing the same.
Loyalty Programs and Rewards: Apply the behavioural principle of ‘operant conditioning’ by rewarding customers for their loyalty. Research shows that behaviours followed by rewards are more likely to be repeated.
Gift Guides and Recommendations: Employ behavioural nudges to guide customers’ behaviour and choices. Providing clear and accessible recommendations can significantly influence decision-making.
Innovative Product Bundling: Leverage the decoy effect in product bundling to influence purchasing decisions. Simply adding a less appealing option can make other options more attractive.
Optimised In-Store Experience: Utilise the primacy and recency effect by strategically placing products and promotions in-store – people tend to remember items at the beginning and end of a shopping trip more vividly.
Customer Feedback Utilisation: Leverage social proof by showcasing positive customer reviews and testimonials because positive social information can influence purchase decisions.
Early Bird Promotions: Leverage the endowment effect by offering early bird promotions to create a sense of ownership.
Incorporating some of these behavioural insights into your 2024 marketing plans should help you to boost sales and market share. As experts in shopper marketing campaigns, savi’s solutions are all about leveraging customer behaviour to create results. We can help you channel all ten of these approaches into easy-to-run promotions that drive sales – from coupon campaigns and cashback offers, to prize competitions and loyalty schemes .
savi’s mobile coupons are an especially powerful tool for activating customers to buy more in-store using some of these ten strategies. Convenient, flexible, and kinder to the environment, our mobile coupons also provide rich customer data and insights for brands and retailers.