Benefit in Sales of New ProductPromotions are an excellent way to help brand owners introduce a new product in the market. However, new products do not sell so consistently due to the initial distrust by the consumers with doubts like whether the product will be good enough or worth their money or not. For this reason, promotions help motivate the consumers to try out the new product with ease.
Benefits in Keeping Existing CustomersPromotions can be geared toward retaining old customers, especially if there is a new competitor in the market. By running promotions like implementing a referral program or a discount, brand owners build customer loyalty.
Benefits in Increasing Awareness of the BrandA promotion can also increase awareness of the new brand, which ultimately motivates increase in sales volume. By running promotions like sponsoring events, running raffles or discounts, you can allow more audience to know about your specific brand and its related products immediately resulting in them patronizing your business.
All in all, when you run a promotion by offering something to your customer, you improve the image of your brand while providing your customer with the information of your brand. You can also increase sales by making your customer know about your product in the first place.