Discounts are a huge part of all commercial businesses. Customers love them without a doubt. What about the brands, though? Strategically placed deals can boost sales, increase on-site traffic, and attract new customers. However, if you’re running a business, you need to be careful. If you employ discounts too often, your products may lose value, the traffic can be short-lived, you won’t gain as many loyal customers as you’d like, and your overall revenue may start to decline. Keep on reading to learn more about our 7 ways that can help you effectively use your discounts.
(Top 7) Ways to Use Your Discounts Effectively
So here below are the top 7 ways of using your discounts very effectively. So just check it out,
1. Use Different Types of Discount Pricing –
Discount pricing falls into different categories, so make sure you use them interchangeably. First, you can generate codes or coupons you can put on a site like Coupon Codes Me to generate more traffic on your website. Also, think about seasonal discounts. It’s a quick and easy way to boost your sales during peak seasons, and clear your inventory to prepare for the months to come. Moreover, if you want to encourage your customers to purchase in bulk, you can use volume discounts, which work according to the principle, “The more you buy, the less you pay.” You can also combine them with BOGO sales: “Buy one, get one free.” Then, there are membership and loyalty discounts. Make sure you build a strong customer base, rewarding your loyal customers, and attracting new ones.
2. Plan Ahead –
If you do too many discounts, your customers will end up getting accustomed to them, and they’ll learn to expect them. If you dramatically reduce the number of your discounts, some of them may end up leaving and choosing your competitors. However, if you learn when you need to boost your sales rates, then you can make the biggest profit. Try to do 4 major promotions each year, but instead of spacing them out every 3 months, aim for the slow times of the year. Pay attention to popular holidays but make sure you keep your profits steady.
3. Use Social Media –
Social media is an excellent way for you to promote your brand awareness and create new networks for customers and affiliates alike. You’ll be able to keep an eye on current trends, observe your customers’ opinions and needs, and build trust by showing the personal side of your business. What’s more, you can run a promotional campaign and reach even more people. Try to change negative perceptions, answer questions, and resolve product issues. You can still provide excellent customer service via social media, and many people will appreciate that about you and your brand.
4. Promote your Discounts –
Let your customers know when you’re about to introduce a new deal, coupon, or code. You want to reach as many customers as possible, so make sure they know when and what they can expect. You can play with your site’s design and make some eye-catching banners or pop-up notifications. Also, you can send emails at the beginning and the end of your sale. But remember: moderation is key. You don’t want to annoy your shoppers with too much information and advertising.
5. Customize Deals & Recommendations –
You don’t want to over-expose your deals and make users feel attacked with countless offers. Personalizing the way you promote specific products can work wonders in customer service. Try to make various offers visible to different groups of people. Someone who’s just bought your product doesn’t need to know that it’s now on sale. What’s more, you may want to differentiate offers you show to new customers and loyal subscribers. First, you want to make them stay and highlight new, exciting deals that may encourage them to do so. Second, you want to appeal to your current customers by providing them with new offers unavailable to new users.
6. Learn to Compete against Discount Pricing –
Obviously, having huge discounts and deals going on your page all year long is ultimately going to hurt your brand. However, competition among brands is fierce. What can you do to counteract your competitors? First, aim to provide better service. Be more helpful, and try to make your customers have the best experience possible. Then, highlight the value of your products. Low prices seldom mean great value, so hold your ground and make your customers know that you’re ready to provide them with high-quality products they won’t be able to purchase from your competitors.
7. Free Shipping –
If you’re currently not running a promotion, make sure you appeal to your customers in the easiest way possible – free shipping. It’s the number one reason why shoppers check out online and tend to go back to sites that don’t charge them for shipping. Customers can go a long way to find a great discount deal or coupon, but they are almost as eagerly searching for that free shipping promo code.
Handled incorrectly, discount pricing can do your business more harm than good. If you learn to do it right, though, you’ll boost your sales and notice a steady increase in your revenue. Try to look beyond the immediate positive effects as they might be short-lived. Make sure you strengthen your brand image and build a loyal customer base.