Every successful product or service on the market today has begun to conduct extensive research on customers and competitors. Knowing who the customer is an important step in the development of a marketing plan. Challenge your competitors by focusing on ways to accelerate sales.
What is the BOGO strategy?
You’ve probably heard of the famous BOGO strategy, “Buy one, get one free” is a promotion which offers the user a free product for the purchase of an item of greater or equal value.This strategy is usually used to attract customers to buy a product or service because psychologically, it is shown that getting a free product is better than getting a discount.
There are two benefits of doing this strategy:
1. An increase in the average transaction size
By using a BOGO strategy with spending limitations, you can regulate the average transaction size in your business, incentivizing purchases in greater amount to get a product for free.
2. Clear out the product warehouse
This type of strategy can also help you get rid of those products that go unnoticed in your business and are not very attractive in the long run. When implementing a BOGO strategy, this is why it’s important to create a relationship between the products you’re offering – to highlight those that are most important to the company.
Lead a healthy financial life with us