Nothing can entice a customer to buy a product more than discounts and voucher codes do. With around 67% of UK’s adults are turning to online shopping just to acquire amazing deals, it’s clear that discounts are an effective way of promoting your brand. They help astonishingly, especially when you want to grab new customers and retain the existing ones. That’s the reason why so many top performing online stores are considering the discounts as a crucial part of their brand’s success. However, not implementing the right discount marketing strategies, you might end up damaging your sales.
You must need to make a plan before offering discounts to your target audience. Here are why and how you should plan your discount marketing strategy.
Why Discounts are Vital to Consider for your Business?
Offering your prospective customers vouchers, promos and discount codes is a common business practice that you can consider to;
- Encourage new customers
- Release stock to make space for new season stock,
- Reach your sales target in a slow sale time period and more.
To plan a smart discount marketing strategy for your business, it’s important to:
- Know your existing profit margin
- Calculate the best possible discount offers through which you can increase your profit.
- Determine the product prices and discount marketing strategy of your competitors
- Prepare a plan that can help to enticing new customers and hold the existing ones.
- Decide the time through which you need to last your sales and offers.
6 Types of Discount Marketing Strategies that Can Boost Your Sales
Once, you set a goal to offer discounts and voucher codes, you need to choose the type of discount offers that can work best with your business goals.
Below here is a list of the most common types of discounts you can consider in your discount marketing strategy. Keep in mind, you are not bound to choose only one kind, as using more than one promotional idea is effective to meet your sales goals.
- Offer Bundled Discounts
This type of discount marketing strategy mainly involves slashing the selling costs of buying a certain product or services in a group or bundle. The bundles include the same category products with different varieties. For instance, if you are running an online cosmetic store, you can offer discounts on buying five bottles of the same brand of shampoo with different fragrances/sizes or more.
- Power of Seasonal Discounts
Each year, the grand shopping events bring countless opportunities for the store owners to boost their sales strikingly. The biggest example of such holiday events is Cyber Monday, Black Friday, Christmas and the list goes on. With the holiday season is just around the corner, so why not take advantage of offering the sale offers on special events and maximize your sale? In such grand days, consider offering your customers online voucher codes to shop their desired products at discounted prices.
- Discounts for First-time Customers
Grabbing new customers is difficult as well as expensive. In fact, a lot of new consumers take only 3 milliseconds to judge and abandon your website. Hence, giving them a good first impression matters the most than anything else. It’s one of the best discount marketing strategies for numerous outperforming websites.
- Acquire a Pool of Customers with Volume Discounts
These discounts are best for those retailers who want to clear up their existing stock to get ready for the new season stock. Volume discount codes include offering promos for buying a certain product in bulk. When you offer volume discounts, your prospects will end up paying less while buying more units per order.
- Buy One, Get One Free (BOGO)
What more you can dream for if you are getting 50% off two products? BOGO is one of the great discount marketing strategies if you want to skyrocket your sales. Consider implementing this strategy to sell the products that complement each other, or you can also offer a discount on the same product.
- Reward Loyal Customers
One of the most effective ways to boost your sales is to encourage your loyal customers to buy more from you. You can do so by offering the exclusive discount codes to say thank you to your existing customers. Rewarding customers’ discounts help to retain your loyal customers that lead to boosting your sales astonishingly.
In today’s fierce competitive ecommerce business market, where brands are struggling to beat one another, discounts help significantly to come on the top. Implementing the above-mentioned discount marketing strategies can give your brand the ladder it needs to go to touch the sky. So, no more waste your time and craft a discount marketing strategy that best aligns your business needs and help you maximize your sales for the long run.