Want to increase sales and Customer loyalty? Multibuy promotions could be the answer you are looking for. Offering Customers the opportunity to purchase multiple products at a discounted price or as a bundle can be a very effective marketing strategy. Not only does it encourage Customers to spend more, but it can also help remove excess stock and increase overall Customer satisfaction. In this article, we will discuss the top 10 multibuy promotions that have proven to be effective for businesses across a variety of industries. Whether you’re in retail, e-commerce or any other sector, these promotions are worth considering to increase sales and maximise profits.
❓ What are multibuy promotions❓
Multiple purchases are promotions offered by businesses that encourage Customers to buy a larger quantity of products in exchange for special discounts or benefits. This form of promotion is popular in various industries such as food, clothing, cosmetics, etc. For many companies, multiple purchases are used as an effective way to increase sales and Customer loyalty.
For example, XYZ Company, specializing in clothing sales, introduced the “Buy 3, Pay for 2” promotion on its casual shirts. This offer contributed to a 20% increase in sales. Customers were encouraged to purchase more products, resulting in higher profits for the company. Multiple purchases are attractive to Customers because they receive additional products or discounts, making their expenses more cost-effective. Companies can also use this strategy to influence consumer choices and increase the sales of selected products.
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🏆 Top 10 Multi-Buy Promotions 🏆
1️⃣ Buy two, get the third product for free.
2️⃣ Save 20% when buying three products from the same category.
3️⃣ Buy two products and get a 50% discount on the third.
4️⃣ Buy two products at full price, get the third for 1 PLN.
5️⃣ Buy three products, get the fourth one for free.
6️⃣ Save 10% on the purchase of two products from different categories.
7️⃣ Buy two products from the same brand, get the third at half price (mix and match).
8️⃣ Save 30% when buying four products from the list.
9️⃣ Buy three, get the fourth for free.
🔟 Save 25% on the purchase of three products from different departments.
Multi-buy promotions are an excellent sales strategy that benefits both Customers and Sellers. Appealing offers encourage larger purchases, increasing the Seller’s earnings.
How did McDonald’s increase sales with multi-buy promotions?
McDonald’s is a master at creating bestselling multi-buy promotions. The first combo meals at McDonald’s appeared in 1987. Before introducing bundled promotions, McDonald’s had years of sales data, allowing them to know precisely how many Customers would buy just a Big Mac (with a $1.50 margin), a Big Mac with fries (with a $3.80 margin), or a Big Mac, fries, and a drink (yielding a $6.30 margin).
For each Customer who would pay the full price for a Big Mac with fries or a Big Mac, fries, and a drink, McDonald’s would lose $0.30 and $2.80 in margin, respectively.
However, the pricing team calculated that this would be offset by Customers who would typically only buy a Big Mac and be enticed to purchase a combo. For each of these Customers, the margin is an additional $2.00. So, McDonald’s needed to attract enough Customers to balance the loss from full-paying Customers automatically receiving a discount when buying a combo. In this case, it was somewhere between one and two Customers.
This tactic allowed McDonald’s to encourage most Customers to buy a combo or a large combo instead of just a Big Mac, increasing both revenue and margin while providing Customers with significant value.
What benefits did multi-buy promotions bring to McDonald’s?
- Increased average basket value
- Increased margin
- Increased sales of high-margin products (fries and soda)
- Creating value in the eyes of the Customer
Summary
Bundle promotions can be very effective in increasing revenue, profit margin, and creating value for customers. These promotions involve offering customers a package or reduced price when purchasing multiple products together. By bundling products or services, customers perceive greater value and are more inclined to make a purchase. Implementing bundle promotions can be a valuable strategy for companies to increase sales and attract new customers.