With the GfK Consumer Confidence indicator reporting a new record low in August 2022 and a sense of exasperation about the UK’s economy and the surging cost of living, brands and retailers are feeling the pinch. Smartphone OEMs have already reportedly cut their orders for 2022 in panic, seeing lowered consumer spending in this product category.
Never has it been more important to stand out as a brand, creating a difference between you and your competitors to drive sales and increase market share. But how?
Below, we share our top four strategies.
Ensure the offer is compelling during the consumer research phase
In these tough times, customers will be seeking out a good deal for their next product. Even if there is buyer hesitation, it’s likely that consumers will still be researching what’s available on the market. This process often starts with asking friends and family, and using referral incentives is a great way to build brand awareness at this point.
However, if the features of two or more products appear equal, you need a strategy to gain the market edge and convince the customer of better-perceived value.
Of course, the price will play a key factor, and using cashback deals, which highlight the savings while protecting your profitability, is a much more beneficial approach than traditional discounting.
However, you can also leverage the psychology of receiving a better deal by using a Gift with Purchase promotion. At Opia, we closely analyse customer behaviour to source gifts highly regarded by the target market and relevant to the promotional product. And with our strong supplier partnerships, we can offer gifts of high-perceived value at a low cost to your business.
Buy and Try promotions are another way of removing buyer hesitation, gaining the competitive edge by creating trust in a new or unfamiliar product, or even one that has experienced previous concerns with reliability.
Leverage strategic methods for brand building
Although tactical promotional strategies provide excellent solutions for short-term goals, it is also essential to consider the long term to create a difference between you and your competitors.
Our strategic promotions can help you strengthen your brand by driving better customer loyalty, increased market share and optimised long-term value. For example, we can create and deliver 5-year warranties or reliability guarantee promotions on slow-moving goods to build trust with your customers.
Enhanced Trade-In promotions are also a strategic method that supports brand loyalty, incentivising the customer to upgrade their product with you within a designated time. These promotions can be used to target competitors and encourage brand switchover too.
Create a good customer experience
A good customer experience can make the difference between you and your competitors; another way to help build brand loyalty and gain more market share.
At Opia, we help our clients provide a first-rate customer experience through the promotions we manage for them. For example, we make it easy for customers to redeem offers with our easy-to-use, market-leading platform, dedicated customer service team and quick distribution of cashback rewards. When delivering Trade-In promotions, we also manage the product pick-up and recycling or reusing process.
Recognising that we act on behalf of our clients’ brands and affect their reputation, we are proactive in our approach and continually explore ways to optimise the customer journey.
Take a bold and market disruptive approach
To create a difference between you and your competitors, you need to ensure your offering is just that – different.
With nearly two decades of experience delivering highly responsive, disruptive promotions, we can support each of our clients in developing creative strategies to reach their unique goals.
We take time to ask questions, analyse data on their target market and design campaigns that are innovative and exciting for their customers. With consumers so much more careful with their purchases, providing something imaginative and compelling is vital.
Furthermore, there’s no need to worry about your profitability when running successful sales promotions. We also offer promotional risk management, where we shoulder the risk of over-redemption so you can be bold with your campaigns.
It is undoubtedly a challenging time for brands and retailers currently, but Opia is here as your strategic promotional partner to help. With our extensive experience, market disruptive approach and range of proven promotional mechanics, we can help you implement the strategies needed to gain the edge over your competitors.