A webinar on ‘Freebies and Promotions’ was conducted by Ms. Anjali Sharda - Author : Haggle a freebie - Blue rose publishing where she spoke about What Are freebies; Kind of Promotions; Freebies Theorems; Customer Loyalty and Consumer Behavior post Covid 19. She further elaborated upon How to quantify promotional effectiveness. A freebie is any free products or service that is small items and is a part of sales promotions. They usually have a fraction of monetary value in comparison to the products they are bundled with. These promotions are short-term strategies to boost sales and are the most popular promotion category used by marketers still. She talked about sales promotion trends with over 90% of all consumers having used coupons in some way and 38% of consumers prefer getting coupons and discounts on their mobile devices. She shared that $31 billion digital coupons were redeemed worldwide in 2019 and 68% of consumers believe that digital coupons generate loyalty. She also detailed about Internal Reference Price that is the price that the shoppers believe or expects the item should cost based on experience or knowledge about the product.
Ms. Sharda further averred about promotions that are short-term, well thought out offers that use value, benefit statements and sizzle along with financial savings to promote products and services. Promotions are known to shape consumer behavior; help increase conversions and reduce cart abandonment; coupons are easy to implement, cost-effective and efficient since they’re delivered digitally & businesses demonstrate they value their customers by rewarding them with a coupon. She detailed about variety of freebies/promotions, deal of the day offers and the Promotion metrics.