Reaching the target segment in the market nowadays is a difficult task for the marketers. Consumer promotions are the crucial means to reach the set goal, extend the product sales, and attract new loyal customers. Regarding a number of consumer promotions that comprise coupons, sampling, cash refunds or rebates, cents-offs, premiums, sweepstakes and games, POP or POS display, frequency or loyalty programs, free trials, warranties and guarantees, tie-in promotions, cross-promotions and others, they can be more or less appropriate for different groups of products. The current paper will focus on seven different types of consumer promotions and their application to the jewelry products.
Usage of coupons as a means to receive a discount for a product is an effective way to attract the customers (Ogden&Ogden, 2014). Being distributed on the websites and in magazines, such documents can make the definite jewelry more attractive among others. Sparklingflash.Com is a good example of the site that offers discounts to the customers (New program…, 2014). However, considering the high price of the products, the customer, who is interested in buying gold or diamond, is very likely to be disturbed about the quality of the goods. Consequently, the reduced price can make people worry about the quality and the warranties of the producer.
The second type of promotion that is extremely important is the warranty and the guarantee. The customer, who is intended to buy the pricy jewelry, would definitely need th warranties and assurances about the product and its proper long-term exploitation (Ogden&Ogden, 2014). Such promotion type is particularly appropriate for the jewelry due to the high risks to buy a fake and lose money. Therefore, such consumer promotion is very likely to convince the customer to buy goods at the reliable shop.
Premiums is an effective type of promotion, which guarantees that the customer will receive the gift in case of buying the specific amount of products for some definite price (Ogden&Ogden, 2014). Such promotion is commonly used in jewelry sales as the customer receives a nice addition for buying some specific goods. For example, it can be a pendant as a present that will be given to the person for purchasing a necklace and a bracelet.
The contests can be effectively used by the jewelry companies and attract a number of customers. For instance, the compensation of the wedding rings’ price for the highest number of votes for the most unique wedding photo on the Internet is a very effective way to attract the newly married couples and ensure good advertisement to the financially reliable audience through the social networks, Internet and live communication between people. Moreover, the program “My April Diamond” offered by WFDB is an effective choice to attract customers (New program…, 2014).
The loyalty programs are appropriate for the jewelry products, too. People commonly buy jewelry more often than once in life. Therefore, the cumulative discount system, or some other loyalty system for the permanent customers is not just effective, but obligatory.
Cross-promotion is the promotion type, where the non-competing goods can promote one another. In the jewelry case, the organizations related to wedding or some other celebrations can effectively contribute to extension of the audience. For instance, the restaurant X can offer a good discount to the member of the Y jewelry loyalty club. For instance, WFDB also cooperates with hotel and airline industries to create the interesting offers regarding the contests (New program…, 2014).
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Finally, the free trials can be effective for some customers as they let one try a product before buying (Ogden&Ogden, 2014). At the same time, considering the fact that jewelry is often bought as a present, such promotion is not always appropriate. Nevertheless, such choice is the most convenient for the fashion weeks and shows and is effective to represent the novices to the public (DCA, 2010).
To conclude, it is difficult to define only one consumer promotion that fits best to all people due to orientation for different groups of customers. For the younger people, the contest promotion, the cross-promotion and the premiums are the most effective choices. For the older people, the warrantees and guarantees play a great role, as well as the loyalty programs. However, considering the fact that jewelry is not the good of the daily need, the cross-promotion is the best way to encourage people buy the given goods.
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