Everyone loves a good deal. Here are 6 ways that you can offer a discount to give your customers a warm feeling and also drive more business.
In a year that has seen many businesses close their doors to the public with little support to help see them through some of the toughest economic times in a century, many business owners will be looking for ways to maximise profits and entice customers to their products and services.
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Offer a Discount to Get More Business
When income is dramatically reduced, it may feel counterproductive to offer a discount on your business products or services. However, discounts and special offers have proved to be a successful sales tactic to increase revenue and boost brand loyalty.
If you are a small business who needs to boost revenue and connect with your customers, especially after a tough year, why not check out our top tips for driving business by offering discounts.
1. Discount Codes
Everyone loves a bargain, that is why discount codes are so successful in driving sales for businesses. You could offer a discount periodically to your social media followers and subscribers, or as a seasonal offer around Easter, Christmas or summer holidays. 10-15% is generally a great discount offer outside of sale periods and might just prompt your customers to buy from you.
2. Free Items With Purchase
Another great discount tactic is to offer free gifts to customers. Keeping the item you gift for free with purchase will give customers even more reason to want to buy the item/s knowing that they are getting something complimentary which can be used in conjunction with the item they’re actually paying for. For example, free screwdrivers with purchase of an expensive toolbox or a free make up brush with purchase of a new make up product would both go down a treat. Offering a free item with purchase naturally helps boost promotion of certain items and customers will be filled with glee knowing that they have received something without having to pay for it also.
3. Marketing Promotions
If your business has a long-standing, loyal customer base who have signed up to a mailing list, try sending out discount vouchers and offers in the post. This not only gives your customers a chance to save, but it also strengthens brand loyalty by offering exclusive discounts to the people who have supported your business in the past. Additionally, you can include your promotions in a branded box to give the feeling of a true gift they can open.
4. Newsletter Subscription Offers
Email newsletters are a great tool for staying in contact with your customers. From launching new products and services to announcing sales, newsletters help to build brand loyalty and promote your products to interested customers. Consider offering a discount for new subscribers to get them spending. Following on from that, it’s also a good idea to then periodically offer exclusive discounts to retain their loyalty with your business thereafter on a regular basis.
5. Bundle Deals
We are all familiar with buy-one-get-one-free (often called BOGO for buy one get one) and 3 for 2 offers, when combined with limited time offers these bundle deals can do wonders for your sales. Limited time offers create a sense of urgency for the customer and can boost sales over short periods.
You may wish to promote certain products to bring stock levels of particular items down and keep certain items moving. Alternatively, you may wish to choose products which are a little pricier and could be usually tricky to budge on their own, thus, selling as part of an offer may help make this product easier to shift.
6. Rotating Offers
Constantly offering discounts can dilute your business branding and make your company look cheap. This is likely to repel customers and turn them toward more value-driven business. Rotating your offers periodically and having times throughout the year without discounts will keep buyers interested and coming back for more.