There are many different methods to increase your sales. Discounts and free coupons are an effective short-term strategy that retailers use to attract more and more customers. Buy One, Get One Free (BOGOF) is not an exception. We – MageSolution has just released GemMart – Marketplace Multipurpose Magento 2 Theme that has the intro price of $39, with this program included. You can check it out here: GemMart – Marketplace Multipurpose Magento 2 Theme.
Buy one, get one free program
However, in order to have a further understanding of this promotion program, we need to have basic knowledge about BOGOF. Therefore, now, we – MageSolution will help you with that. This article contains all the basic knowledge and tips about Buy One, Get One Free for you. If you take note of this blog’s advice, your engagement and conversions will rise, which leads to major growth for your brand. Let’s dive into it!
What is Buy One, Get One Free (BOGOF)?
It goes without saying that shoppers like getting items for free. Shoppers generally overvalue the benefits of “free” even when compared to higher-quality items at a discounted price. That’s when Buy One, Get One Free (BOGOF) is born. BOGOF is a proven sales tactic with many variations. It creates a sense of urgency, pushing customers to make a purchase. On the other hand, a flash offer prevents customers from getting used to buying on the discount terms. Without saying, the Buy One, Get One Free strategy is a great discount technique to use to appeal to consumers.
How can retailers benefit from BOGOF?
Retailers benefit from BOGOF strategy
BOGOF promotions convert better than other discounts, so your engagement rate will already get a boost. But BOGOF promotions also has two other benefits in that it helps you clear out specific inventory (which helps your cash flow) and are generally more profitable too. By giving away a specific product in a sale, you can possibly move some of your older stock that you are struggling to sell otherwise. Also, getting cash for slow-moving stock means you can reinvest that cash elsewhere. This is such a powerful tactic that can boost your marketing campaigns more efficiently.
Tips to run an effective Buy One, Get One Free Promotion
Even as both consumers and shoppers appreciate a Buy One, Get One promotion, differences remain between a good BOGO deal and a poor one. Let’s explore what you can do to set your next BOGO promotion apart from your competitors.
Buy one, get one free program on MageSolution
1. Find and create your target audience
Once you’ve figured out what you’re selling, it is important to know whom you’re selling to. BOGOF strategy can help you achieve one of the biggest retail goals and create loyal customers. So, in order to maximize the opportunity, the best method is to find a target audience. Creating a target audience can help cut costs and time because you know what you’re focusing on, rather than trying to appeal to everyone.
With a target audience, you can decide what items to exhibit in your Buy One, Get One Free promotion efficiently. Creating a target audience can help you win the hearts of shoppers and make a promotion efficient. This will lead to better conversion rates, increased sales, and skyrocketed cash flow.
2. Create and maintain the urgency atmosphere in your Buy One, Get One Free period
Like any other promotion, creating urgency is essential for a successful Buy One, Get One Free promotion. By setting up a deadline for your BOGOF sales, you can incentivize shoppers to act sooner due to the fear of missing out.
Through an online platform, retailers can use countdown clocks to show the remaining time of the sale. The clock shows the time running out and can create urgency for the shopper to purchase the item sooner rather than later.
3. Multi-channel advertising integration
There are many different platforms and methods available for you to advertise your BOGOF promotion on.
Multichannel advertising for BOGOF promotion
- If you own a brick and mortar or pop-up shop, you can go old school and advertise your BOGOF promotion offline. Flyers, banners, and leaflets are great ways to promote your program offline. Also, visual merchandising is a great tool to grab shoppers’ attention and advertise Buy One, Get One Free promotion.
- There are many opportunities in traditional online advertising to promote your BOGOF deal. By investing in on-site advertising, you can reach out to your target audience with the websites they visit most.
- Mobile is a huge part of the online retail industry. According to a recent survey, about more than 5.1 billion users are using smartphones with an Internet connection. This is about two-thirds of the worldwide population. Advertise on mobile channels by leveraging social media and email marketing to reach out to shoppers is the most effective of all.
Take advantage of all channels to ensure you create the most buzz possible.
4. Social media for a great Buy One, Get One Free program
Social media is growing and retailers cannot afford to ignore it. In fact, in 2019, the percentage of US adults who use social media is about 79%. However, it depends on your target market to use social media variably to match their usage patterns. Additionally, not only can you use social media to advertise your BOGOF sales, but you can also use it to address complaints and receive feedback.
Actively utilize social media to respond to customers and share sales can be beneficial. This is because 71% of consumers who have good social media service experiences with brands are likely to recommend it to others.
BOGOF is an excellent option to use in your conversion mix. If executed properly, you can see higher sales, bigger orders, and better conversion rates. A well-executed Buy One, Get One deal is a plus for your business and for your shoppers.
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