Beyond price promotions
Our omnichannel world has changed shopper behaviour and is forcing manufacturers and retailers to revisit the way they think about Point of Sales (POS) activations – the crucial moment in a customer’s decision journey where they are encouraged complete a purchase.
Price promotion strategies are becoming less effective for driving sales today, but many marketers continue to use POS activations that focus on price, by offering discounts, for example.
Not all POS activations need to be focused on price. Turning to behavioural science, we set out how certain concepts that can inform new POS activation strategies, including:
- Vicarious goal fulfilment
- Loss aversion
- Priming
- Framing
- Ordering
- Anchoring
In order to develop new POS activation solutions, marketers need to map the consumer decision journey in their category, identify the dominant journey paths, and then leverage behavioral science to nudge shoppers in different paths to desired behaviors.
Read our white paper to find out more on how to go beyond price promotions to drive sales.
