Functions and Frameworks is dedicated to helping business owners innovate

Sunday, February 27, 2011

Prepaid Haircut?

Let's talk about Sales Promotions. I use to think sales promos are only limited to price offs, discounts, or buy one get one. But as competition becomes steep and more and more companies think of innovative ways to do sales promotions, I began to see a lot of changes through out the years.

I also had this idea that sales promos are also limited to the supermarket. I admit, my knowledge of sales promotions before was very weak. But today, regardless of industry or type of business, a sale promo can be developed and be implemented in the most creative way.

So why is it needed to have a sales promotion? The answer... it depends!

It depends on where the company is right now and where their product is at the product life-cycle. If it's a new product and it already has a set of competitors, a sales promotion usually is done for the purpose of breaking into the market. So that potential customers might be swayed into trying the product. Trial is the main objective. But if the product is some sort of service, usually a sales promo is to encourage repeat business or encourage consumers to switch to their offerings.

So, when I was having my haircut the other day, I saw this posted on the barber shop's wall. Their regular hair cut cost 110 PhP. So if you are a first timer, would you consider this promo the next time you have your hair cut?

It was kinda interesting how this barber shop is trying to be creative in making sure they gain repeat business from new customers. I for one will return. After all, the quality of having my hair cut there was pretty good. So why not try buying a prepaid haircut. I just have to make sure my hair grows within 30 days.

Tags: , ,

Powered by Qumana