What are the best practices for promotional pricing?

What are the best practices for promotional pricing?

Promotional pricing can be effective when done right. Key practices include setting clear objectives, understanding your target audience, and ensuring the promotion aligns with your brand.

How do I determine the right discount percentage?

Consider factors like your profit margins, competitor pricing, and customer expectations. A common approach is to test different percentages to see what drives sales without hurting your brand.

Should I promote my best-selling products or new arrivals?

It depends on your goals. Promoting best-sellers can boost sales quickly, while new arrivals can attract attention and encourage repeat visits.

How long should a promotional pricing campaign last?

Typically, campaigns last from a few days to a few weeks. Shorter campaigns create urgency, while longer ones can build awareness.

What metrics should I track during a promotional campaign?

Key metrics include sales volume, customer acquisition cost, and return on investment. Tracking these will help you assess the campaign's effectiveness.