Brand new, improved or more expensive versions of products that are already on the market can sometimes face challenges at launch. The target audience may already be loyal to another brand, they may be accustomed to a certain price-point or they won’t be willing to take a risk with a new innovation for fear the expense won’t be matched by a superior experience.
That’s where Buy & Try promotions come into their own – winning over new customers, who can be given that crucial extra nudge to try an exciting new product completely risk-free.
Buy and Try promotions are very similar to satisfaction guarantees. Usually deployed around new products, they encourage customers to try something out for a set period before they’re committed to the purchase – safe in the knowledge they can return it and get their money back at any point in the qualifying period if they aren’t happy.
This promotion mechanic is particularly effective for products that are new or innovative, or if the benefits of your new product are best displayed to customers by actually using it and experiencing the difference.
The most obvious value for a Buy & Try promotion is that it removes any risk considerations around a potential customer’s buying decision. This can significantly increase your initial sales by enticing new adopters who might otherwise be hesitant.
Maybe they’ve used a rival brand in the past? Perhaps your product has superior qualities and you want to encourage them to try it but it’s difficult to win them over?
The other key advantage from removing the risk element for the consumer is that you all but eliminate the risk of negative word-of-mouth recommendations.
Often if buyers are persuaded to try something new but aren’t won over (especially if it’s costly), it can give them an overwhelmingly negative perception of your brand.
Unfamiliar products or brands, or new and more expensive versions of existing products are perfectly placed to take advantage of Buy & Try promotions.
The consumer technology sector frequently employs Buy & Try promotions, especially around new-to-market developments that may suffer around their launch due to consumers’ lack of familiarity with them.
Buy & Try promotions are now more common in a wider variety of industries as well though, with areas as diverse as mattress manufacturers and media streaming services frequently using them.
Products that are established in their market and perishable products, or products that can’t be reused, recycled or refurbished once sold, are often inappropriate for Buy & Try promotions.
Similarly, if there’s a risk of high return rates that may incur significant costs to your business then you may want to consider an alternative option that’s also likely to prompt new innovation purchases, such as a Trade-In promotion.
At Insyt, we take these factors and more into account when advising our clients on their promotions. Our risk-managed approach also removes any uncertainty around redemptions and their associated costs for our partners.
Overall, Buy & Try promotions do an excellent job of generating buzz around new-to-market products and can prove to be an incredibly effective way to enhance any launch.
At Insyt, we offer a wide range of bespoke promotions solutions – including Buy & Try – that can help boost your sales, brand sentiment or customer loyalty. It’s all underpinned by our risk-managed approach, which enables us to develop bold and adventurous solutions for you. Get in touch with us today to see how we can help your business: firstname.lastname@example.org