Marketers have many tactics to deploy when it comes to sales promotions, and attracting new customers in the process. The ever-lasting 'BOGOF' or 'Buy One Get One Free' strategy is always the trump card for businesses to take advantage of, and gain almost instant results.
While discounts and coupons are short term tactics or strategies to gain and attract new customers, BOGOF takes it to a whole new level, reaping long-term benefits as well, as the customers acquired through this mechanism, may result in higher Customer Lifetime Value (CLV). If you're looking for exciting discounts, including BOGOF schemes, be sure to check out AlmondCoupons BOGOF, and encounter an array of exciting discounts and promotions, especially for our users.
BOGOF strategy is a very popular sales promotion tactic, designed specifically to meet any immediate sales objectives, mostly and largely related to new customer acquisition, discarding old stock, reducing inventories, and vice versa. Not only is this strategy fruitful for businesses, but, if executed thoroughly, with careful consideration, the benefits are quite significant. There’s no other sales promotion tactic that would receive as much attention, as a buy one get one free scheme would.
It is important for your to understand BOGOF, and look beyond the scheme. As simple as it seems and sounds, the science behind it is much more interesting. Therefore, today, we will help you figure out what BOGOF actually is, and how to execute it correctly.
Without further ado, let's dive into how BOGOF works.
What is BOGOF – Buy One Get One Free?
It is no hidden fact that shoppers and most customers want things for free, but as the saying goes, "Nothing in this world is for free." Well, this is true to a great extent, but BOGOF is a way to get at least 'one' thing for free, by paying for the first one. Shoppers or customers overestimate the perks of the word 'Free,' even when pitted against heavily discounted, high-quality items. Hence, buy one get one free is born. In essence, BOGOF is a proven tactical sales strategy, one that has many variations. As we mentioned earlier, BOGOF creates a sense of spontaneity and urgency amongst customers, making them want to react immediately and make a purchase decision. While BOGOF is part of Sales Promotion and specifically a discount strategy, it is quite effective than most sales promotion methods, and almost gets the job done, every time it’s executed.
How would your Business Benefit from BOGOF?
BOGOF helps create new leads, much better than other discount tactics. Higher lead generation results in more customer engagement, and more customer engagement will eventually result in more customer acquisition. This is not the only benefit though. BOGOF is also highly effective when you want to get rid of your piled up inventory or need to clear up old stock, in a relatively profitable manner, than you otherwise would. This helps stabilize cash flows, as BOGOF opens the door for immediate customer response, and help with cash inflow. BOGOF generally results in good profit generation, both with struggling stock, and with slow-moving stock. Customers always respond to BOGOF in a very positive manner, which is why the discount strategy is so commonly deployed by businesses. This is especially the case when some businesses are winding up their operations, and want to gain as much profit as possible, along with stock clearance. BOGOF becomes the trump card in such cases.
Guide to Effective BOGOF Strategy
While implementing on BOGOF strategy, it is imperative to differentiate. There's something called a good BOGOF strategy and a bad BOGOF strategy. You should aim for the former. Here are some tips on how you could implement on an effective BOGOF strategy:
1. Creating a Sense of Urgency with your BOGOF Strategy
Even though it is important for businesses to not look desperate, when executing BOGOF, but the whole point of the strategy is to get an immediate response from the customers. Like any other promotional tactic, it is important to create a sense of urgency amongst customers. This sense of urgency may be achieved through outlining a deadline for the BOGOF offer. This way, customers are bound to react within a given deadline and act preemptively. Just by invoking the sense of fear of missing out on a BOGOF offer through giving a deadline, customers will reach out and respond much more quickly and swiftly, than otherwise.
2. Targeting the Right Customers
This is a very important tip to note down, when executing a BOGOF offer. Once your BOGOF strategy is in check, you should pay close attention to whom you’re trying to sell to, and find the right audience, who would respond at the right time. So, in order to maximize the efficiency of BOGOF strategy, it is important to know who the target individuals are, streamlining the entire process. With a clear target audience, it is also easier to execute BOGOF by selling what the customers specifically want and desire. This will, in turn, increase conversion rates, improve cash flow, and increase sales.
3. Executing BOGOF through Social Media
This is another very important tool that should not fall under the radar, as it is the most cost effective and efficient way of making your customers know about your sales promotions, including BOGOF offer. Social media is growing exponentially, and businesses cannot simply ignore it, in this time and age. While implementing on a BOGOF offer or strategy, through social media, you may also gain valuable feedback and register complaints, should any arise. Not only that, usage patterns can also be established through Social Media Marketing, making it easier to make the next move, especially when it comes to BOGOF offers.
By now, you must've understood and grasped the importance of effective BOGOF strategy. If executed correctly, through the right channels, as we mentioned above, your business is bound to grow, in terms of sales, customer acquisition, customer retention, lead generation, and other far-fetched benefits.