Strategy: Promos: What Really Works?
- Know why to make the offer and use it strategically.
- Prepare a pro forma; do your financial analysis.
- Test offers against other offers.
- Don’t overtest offers within a drop.
- Don’t make offers during peak season if possible.
- Don’t overuse an offer; retest it against a control or another offer.
- Know what your competition is doing — you might need offers just to stay competitive.
- Your sample size must yield statistically valid results.
- Expect some decline in the impact of an offer over the control if the offer is repeated.
- Read the results, and act on what you see.
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