7 discount strategies to increase your sales
Do you know the satisfaction you feel after closing a great deal? Everyone loves this feeling, bar none, including the potential customers you want to reach. Using coupons and reduced prices is so effective when getting new visitors to your online shop to buy or encouraging existing customers to order like there’s no tomorrow. We describe in this article 7 discount strategies to increase your sales.
How do you find the right balance between attractive prices but at the same time not so low as to negatively affect the profitability of your business?
In this guide, we will try to answer this question, and we will suggest when and how often to use the discounts, which groups of consumers (so-called “Customer segments) to target, and in general, we will explain how to get the most out of the discount strategy.
Discount coupons, offers, and discounted prices: what options are available?
The choice of which discount option to use depends on the type of clientele you are trying to attract, the positioning of your business in a particular industry, and the objectives of your business.
For example, suppose your company is already strong and enjoys a significant market share. In that case, you can focus on the loyalty of existing customers and offer them discounts regularly, just like the members of the machine à sous en ligne argent réel site. In other words, if your profit margins are already high, you can afford to run promotional campaigns more often.
Or you could combine different types of discounts and see which one brings the most benefits to your business. The most important thing is to set clear goals for your promotional campaign and measure the results.
Here is a summary of the different types of discounts and offers that you can use:
What better way to get your customers into the Christmas mood?
Christmas is the time of year when people are more likely to spend and when they go in search of affordable purchases. For this very reason, coupons are a great way to help your small and medium-sized business compete with larger companies like online casino newzealand.
You can create a custom discount for any occasion. Here are some examples of discount coupons: “BlackFriday19” or “Christmas2019”.
Do you need to make room for your new collections, or do you want to get rid of some goods in the warehouse that will expire soon? Encourage visitors to your shop to purchase specific products by providing percentage discounts on the total price, for example, 10% or 50%.
Are you afraid of forgetting the expiration date? Schedule discounts well in advance by specifying the validity dates of the offer. You will no longer run the risk of expired (or, worse, out of fashion!) Products in your warehouse.
If you want to motivate your customers further to purchase, set a limit on the number of times a specific discount coupon can be used. Quantitative or temporal limits always create a sense of urgency and make it clear to those who visit the shop that they are faced with an unmissable deal that they absolutely must not let go of!
Showing an original price crossed out while simultaneously reporting the reduced cost of a product pushes consumers to purchase because it clearly shows how much money they will save.
If you choose to use this type of discount, we suggest you specify why you are using the crossed-out price, perhaps reporting it in the product description.
Suppose you have chosen Jimdo to open your online shop. In that case, you can use the Discounted Price function, entering the administrative mode of your site, going to Shop> All products, and then clicking on the three vertical dots (⋮) next to the product for which you want to tick the price and finally on Edit> Bar the starting price.
When and how to use the discounts or the discounted price
You can use the various types of deals to achieve different goals: increase sales, broaden the community interested in your brand, strengthen the trust of old and new customers … the list is long!
We offer you a list of suggestions:
1. Attract new customers by offering seasonal discounts
Get the attention of potential customers on Black Friday, get rid of inventory by organizing a promotional campaign in January, or take advantage of the summer season to boost sales of some products. The themed discount coupons will help you motivate customers to purchase throughout the year.
2. Promote your products at events and increase your sales
Get event attendees to talk about your brand and encourage people to try your products by offering discounts. In this way, you will become the most popular topic of conversation, you will sell your articles, and above all, your business will be remembered even after the event is over.
3. Collaborate with influencers
In the age of social media, it’s a great strategy to increase your profits. Give various influencers discount codes that they can use and share only with their followers. The increased visibility will undoubtedly lead to an increase in the sales of your items.
4. Encourage large-scale purchases
Encourage customers to spend and buy a little more by providing them with a discount coupon after a certain amount of spending. This is an ingenious trick to increase your order volume and, therefore, your profits.
5. Reward your most loyal customers
Several studies confirm that acquiring a new customer costs five times higher than what is claimed to keep existing customers. Increasing the total number of customers already acquired by 5% leads to an increase in profits between 25% and 95%.
In other words, focusing on consumer loyalty pays off. It is, therefore, worth offering them a discount on their next purchase or simply as a gift to use during a holiday period.
6. Take advantage of discounts to get your business talked about
Imagine that you are about to launch a new product or service – it will take some time for the news to spread. You can speed up times through a promotional campaign that includes a discount on the new item, perhaps to be shown directly on your pricing page. Rest assured that the word will get around quickly, and many people won’t miss the opportunity!
7. Encourage subscriptions to your mailing list
According to the Data & Marketing Association, email is one of the marketing channels that ensures the greatest return on investment. Offer your shop visitors a discount to use if they subscribe to your newsletter: you will be able to exploit this effective communication channel’s potential fully.