7 Discounts That Don't Devalue Your Product
Discounts sounds like a naughty word to many business owners, presidents and CEOs, but the truth is they are just another marketing tool to help sell more products or services. When done correctly, discounts do not detract from the true value of a product, but rather draw attention from an audience that may otherwise not look twice at your service or product.
With the internet almost always within hands reach of consumers, many decide on a product they want to purchase and then immediately head to the internet to find out where they can get the best deal for this product. Keep in mind, the "best deal" does not always mean the cheapest price.
How do you provide a discount that keeps the value of your service or product, but also brings more revenue in the door?
Have a purpose when you discount!
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Discount Bundles
These are great ways to increase per transaction averages. ex. Your cart is currently $89.99 you are $10.01 away from 10% off -
Specialty Accounts
Specialty accounts are similar to loyalty programs, but tend to be more along a special membership program. ex. The best example is Amazon Prime. You pay to be a member, but then you get perks such as free shipping. -
Loyalty Discount
Reward your customers for continuing to spend money with you. ex. Buy 5 coffees get a 6th free. -
Group Discount
Target a specific type of customer. ex. Senior Discount -
Freebies
By offering freebies, you can stay top of mind, become a resource for your customers and improve loyalty. ex. This value packed blog article is an example of a freebie. -
Partnership Promotions
Find a complimentary business you can partner with that can cross promote with you. ex. Buy a wedding dress from ABC Wedding Dresses Inc. and get 10% off your wedding cake at HPY Cake Co. -
Review Rewards
Reviews can drive sales up by as much as 80%. Asking a customer to write a review in exchange for store credit can be a great way to build reviews and bring customers back.
A Few Closing Remarks
Just remember a well planned marketing plan and strategy will always beat a whim. No matter what discount route you choose to take, keep in mind that you want to be able to track it.