Many marketers and small business owners are reluctant to offer discounts because they have a scarcity mentality that drives them to try to make as high a profit as possible on every sale. However, this is an impractical strategy and can backfire and do more harm than good for your business in the long term.
This is because people like to feel special and valued. Therefore, anything you can do to make the subscribers on your email marketing lists and your customers feel happy can go a long way to boosting sales. One of the easiest ways to make them feel valued is to offer them discounts, special offers, and exclusives.
Members Only Discounts
You should save your best prices for your subscribers and existing customers. In this way, you can reinforce the idea that you are worth doing business with and staying loyal to. It is a simple thank you that can go a long way toward boosting your business and sustaining it long term. Studies have shown that 80% of your business will come from 20% of your customers, so don’t underestimate the value of your existing customers.
Coupons and Special Order Codes
Coupons and special offers are an excellent way to offer a discount and keep track of what is working well in your marketing and what could be improved upon. These can be used in relation to items that are not selling very well, to get them moving off the shelves or to boost your income by lowering the risk of making the purchase.
There are lots of ways to craft special offers. One is to offer one or more useful free bonus items to go with the product you are trying to sell, such as a fact sheet, checklist or another item. You could offer a deal of "buy one, get one free" or a "buy one, get a second one at 50% off".
You could also imitate Amazon and bundle. Group together two or more products that are about the same topic or niche or support each other, and sell them for one price, lower than the retail price of the items when all added together, but more expensive than selling one single item. This boosts the order value for each customer and they are pleased that they are getting what they see as a great deal.
This is another way to show existing customers you care. Sneak previews, beta testing, VIP days and so on all create the impression you care and are worth being loyal to.
Save your best prices for your email marketing lists as compared with your website as a whole, and see how much money you can make.
Next time, we're going to give tips on holding last-minute sales, and how they can boost your sales figures.