Gift retail marketing strategy: How it adds value to your small business

by Laboni on 02/03/2018
The grass is greener on the other side, they say. Of course, in case of e-commerce, that is indeed true. E-commerce has many promising possibilities but it is also rife with competition. Once you’ve crossed over to e-tail, every day is a new challenge. And, each new challenge is a chance to explore exciting opportunities.

This is particularly true in case of retail marketing strategies. One of the oldest techniques of drawing customers is that of gift marketing, currently valued at a whopping 2600 crore* in India. Read on the find out how gift marketing can transform your small business.

But, why gift marketing?

Gift marketing is a sure fire way of enhancing your brand’s appeal in the eyes of your existing customers. Gifts directly impact customer satisfaction and they keep coming back for more buys. Every time you surprise a customer with a gift, you strengthen their trust in you. Your brand’s goodwill climbs up the charts and this, in turn, attracts new customers. To cut a long story short, assurance of gifts adds that extra edge to you brand, which makes it stand out among competitors.

Gift marketing helps small businesses compete with bigger brands and increase conversions. However, if you’re a small business owner, giving away gifts with every purchase may prove to be financially impossible for you. Here a few different types of gift marketing that you can consider:

Gift coupons/cards: The easiest way of utilising gift marketing without burning a hole in your pocket is giving gift coupons on purchases of a certain, fixed amount. Coupons can be used by your customers for later purchases. Gift coupons are a great way for small business owners to foray into gift marketing.

Loyalty programs: Perhaps the most common of all retail marketing strategies is that of offering a loyalty program to your existing customers. Used across industries to retain and maintain healthy consumer relationships, you can offer reward points to your customers for every purchase they make. Your customers can then redeem these points for future purchases.

Stock liquidation: This strategy is particularly helpful in selling products that have been on the shelf for a considerable period of time. Offer discounts on the selling price of such products when bought in tandem with other popular products. This way, you will not only be able to sell some of your stagnant products, but also improve your overall ROI.

Go ahead and pack in an element of surprise for your customers by providing them with gifts. However, make sure that:

You have a fixed budget allocation for gifts.

The gifts you choose are relevant and useful to your target customers.

The gift promotes your brand.

There’s only so much you can achieve in terms of impressing your customers when you stick to tried and tested strategies. The trick is to innovate and ideate new strategies to suit the need of the hour. To that end, gift marketing is one of your safest bets that can show easily discernible results. Register on Amazon with a few clicks, list your products, get access to fast and easy shipping, and secure payments. Use Amazon’s Gift Cards to show your appreciation and gain loyal customers for your business.

Source: Business Economics: The rise in online gift industry

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