Do promotions really work?

by m30jake 19 replies
So I am constantly running a promotion every month: "Promotions ends 31st of April 2011, Limited places".

My product was originally priced 20 euros, I put it up to 60 euros and now have a 40 euro off promotion to try and get people interested.

Do people really fall for this? Would this only work when the end of the month draws nearer because they feel they have to buy before it ends meaning that it has no effect at the beginning of the month?

Do you guys use promotions along with the "limited places"?

I would love to hear from you all,

Jake
#main internet marketing discussion forum #promotions #work
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  • Profile picture of the author myob
    False scarcity tactics hardly ever work anymore, except perhaps in some non-IM niches.
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    • Profile picture of the author m30jake
      Originally Posted by myob View Post

      False scarcity tactics hardly ever work anymore, except perhaps in some non-IM niches.
      My niche is learning English (online english courses)
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      • Profile picture of the author Tina Golden
        So you inflated the price of your product and then ran a "special" that brings it back to down to the normal price - and you wonder why that's not effective?
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        • Profile picture of the author m30jake
          I did it for two reasons:

          - a product with a higher price has more "perceived value"
          - special promotions always grab peoples attention
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  • Profile picture of the author renukoot
    Yes it plays an important role. But if you keep doing the method u are using, repeat visitors will slowly will leave out. So be careful.
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    • Profile picture of the author m30jake
      Originally Posted by renukoot View Post

      Yes it plays an important role. But if you keep doing the method u are using, repeat visitors will slowly will leave out. So be careful.
      My products an online English course so if you've bought it once thats it.
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  • Profile picture of the author Alexa Smith
    Banned
    Originally Posted by m30jake View Post

    My product was originally priced 20 euros, I put it up to 60 euros and now have a 40 euro off promotion to try and get people interested.

    Do people really fall for this?
    Maybe one or two super-gullible ones do.

    But far more, typically, see through it and think it makes you look like you're trying to deceive them.

    I don't know about you, but when I'm trying to sell something to someone, the last thing I want them to imagine is that I'm trying to deceive them. :p
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    • Profile picture of the author m30jake
      Originally Posted by Alexa Smith View Post

      Maybe one or two super-gullible ones do.

      But far more, typically, see through it and think it makes you look like you're trying to deceive them.

      I don't know about you, but when I'm trying to sell something to someone, the last thing I want them to imagine is that I'm trying to deceive them. :p

      How do you think people would see through it? They would only see through it if they waited until the months up but if they were interested in the product they would have bought it before as to save money. They would only feel deceived after parting with their money.
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      • Profile picture of the author Alexa Smith
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        Originally Posted by m30jake View Post

        They would only feel deceived after parting with their money.
        Oh well, that makes it fine, then. Of course. No problem here at all. Silly me.
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        • Profile picture of the author m30jake
          Originally Posted by Alexa Smith View Post

          Oh well, that makes it fine, then. Of course. No problem here at all. Silly me.
          Well thats the downfall of the technique, but in terms of making money surely it works? (however word of mouth may get affected if people spread bad word about it)
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          • Profile picture of the author Alexa Smith
            Banned
            Originally Posted by m30jake View Post

            Well thats the downfall of the technique
            Exactly my point.

            Your reputation is the most valuable asset you have, online.

            Originally Posted by m30jake View Post

            but in terms of making money surely it works?
            This I doubt very much.
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            • Profile picture of the author m30jake
              Originally Posted by Alexa Smith View Post

              Exactly my point.

              Your reputation is the most valuable asset you have, online.



              This I doubt very much.
              so what would you suggest to do? incorporating the "bargain" idea, the "scarcity" idea and the "perceived value" idea? thanks
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          • Profile picture of the author myob
            Originally Posted by m30jake View Post

            ... They would only feel deceived after parting with their money.

            So essentially, you're deceiving non-English speakers, who really can't file a complaint or even warn others because of the language barrier. Pure genious.
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            • Profile picture of the author m30jake
              Originally Posted by myob View Post

              So essentially, you're deceiving non-English speakers, who really can't file a complaint or even warn others because of the language barrier. Pure genious.
              Well no because its aimed at Spanish speakers and they would see the site in Spanish and they can complain because I also speak Spanish :rolleyes:
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              • Profile picture of the author myob
                Originally Posted by m30jake View Post

                Well no because its aimed at Spanish speakers and they would see the site in Spanish and they can complain because I also speak Spanish :rolleyes:
                They can only complain to you? ROFLMAO!
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  • Profile picture of the author ganesh
    All those marketing tricks work. Maybe a little more or less over a period of time but remember that it should be done the right way. The method you are using now is a big NO-NO. Your repeat visitors who have seen the old price are going to get annoyed.
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    • Profile picture of the author m30jake
      Originally Posted by ganesh View Post

      All those marketing tricks work. Maybe a little more or less over a period of time but remember that it should be done the right way. The method you are using now is a big NO-NO. Your repeat visitors who have seen the old price are going to get annoyed.
      My product doesnt get repeat purchases from the same person.
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  • Profile picture of the author WebRank1
    You have two elements here, a 'bargain' and scarcity.
    Bargain: by significantly decreasing your price for a limited amount of time (that last part is important) you could have the prospect make an impulse buy. However, like you said, there is no urgency yet. That is the drawback of a time frame as opposed to amount of available copies. 1 Day before the time is up a prospect can still buy it for the decreased price. So he has a whole month to think about it.

    Scarcity: Promotion will end after a set amount of time has passed. This creates urgency but only after a while, you would do better if you limited copies as well here.

    My 2cnts,
    Mark
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  • Profile picture of the author liquidice04
    When everyone is giving discounts, what is the point of the discount, just confuses the heck out of me.

    I think that the price increasing after 10 sales is better tactic. Or price increasing on intervals until it reaches a peak point, a countdown timer something like that would work better.
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