How to Successfully Offer Discounts in Your Business
Everybody loves a discount. Just look at Black Friday; $9.12 billion in online shopping during Black Friday this year.
When businesses offer discounts for a sale or promotion, they can often expect a rush of new and existing customers and a boost in sales. However, there’s an art to offering a discount, because businesses don’t want to end up relying on them for sales.
It’s not always a case of throwing open the doors (or the virtual ones) and yelling “Everything is 40% off, come on in!”. There are different types of discounts to offer, and goals they help a business to achieve.
Let’s take a look at the different kinds of discounts a business can offer.
Here are some example ways of offering a discount, to help you get started:
Time of Year Offer
It’s time to embrace the seasonal momentum and get your customers excited about great discounts! Black Friday offers unbeatable deals, or why not turn it into a special New Year’s treat for your loyal patrons? Get ready – there is part of a surge in sales coming your way! Take full advantage of this vibrancy in commerce and security by creating opportunities that your customers want to take advantage of, while you sit back and reap in the financial benefits. Now is the time to jump into the lead with innovative ideas to keep those sales rolling in all year around.
Limited Time Offer
Are you looking for a way to get your customers to take action quickly and make the most of your products or services? Limited Time Offer discounts are the perfect solution! This is an offer created for a specific period of time, giving customers all the right motivation to make use of incredible deals without missing out. Why not try a flash sale and put all your products or services on offer for 7 days? Your customers will love it, and won’t be able to miss out on great opportunities that could be too good to ignore.
Up-Sell
At the point of checkout, why not consider sending an upsell to current customers? After all, they already know, like and trust you! An upsell is the perfect opportunity to encourage an additional purchase. Alternatively, make use of your email automation to show them something new when they make their first purchase. With a great upsell offer, you can form mutually beneficial opportunities that both you and your customers will enjoy.
Pre-sale
Are you thinking about introducing a new product or service to the market? One great way to get an early indication of potential interest is a pre-sale. With this approach, you offer your product or service at a reduced rate for a limited amount of time before you even begin creating it!
A pre-sale isn’t just useful to get an early gauge of customer interests either. By asking them to put their money where their curiosity is, they’re saying “yes” that they actually will buy the product when it is out, if given the option. Plus, getting your revenue upfront like that can be very beneficial for so many businesses. So if it feels right and within reach for your project plan, don’t underestimate the power (and possible rewards) of giving a pre-sale a try!
Stock Clearance
It’s a smart idea to take advantage of stock clearance periods so you can refresh your products and make room for new tactics! Doing a sale on clearance products ensures that you’ll be able to shift existing items while also introducing exciting, fresh options. This can be a great way to boost marketability and bring in more potential customers. Plus, it’s an easy win too, that everyone loves – getting amazing prices on great products! So seize the opportunity of product stock clearances, and make sure your business remains dynamic and in touch with current trends.
Loyalty program
Rewarding customer loyalty is easier than ever with a loyalty program! When customers keep shopping with you, they can look forward to earning exclusive benefits in the form of collectible points. Those points can turn into offer discounts on future purchases and great surprises along the way. For instance, as your loyal customers keep collecting stamps, they can redeem amazing rewards like free drinks or free snack items! Investing in a loyalty program is an easy way to show your customers just how much you appreciate them.
VIP discount
It’s time to reward those loyal customers who have stood by your business through thick and thin – with a VIP Discount! Everyone deserves to be rewarded in some way, especially those customers who make a serious investment in your products and services. Not only will this make them feel special, but it could also turn them into brand champions – people who become passionate advocates of your business, letting their voices be heard all the way up on the rooftops!
If you’re thinking of running a sale or promotion for your business, there are some things to keep in mind before you do. Offering discounts can help draw in new and existing customers, but it’s important to consider what type of discount will work best for your business goals. Timing is also crucial – too early or too late in the season could mean your sale falls flat. Contact us today to learn more about how we can help get your business online and drive sales with promotional campaigns that work.
