Everyone loves a bargain, that’s why most businesses will put on special offers and discounts for new and existing customers and the majority of the time, if done correctly, they are a huge success. It’s the perfect way to encourage people to try or repeat purchase your products and services.
However, many small businesses don’t know how to use special offers to their advantage. It’s easy to make common mistakes when it comes to producing and marketing offers, discounts, and freebies. If people don’t take up your offers, or you are constantly giving away your profits, at some point you may get so frustrated that you give up entirely. Here are some pointers for getting the best out of offers and special deals for your products and services.
- Make sure your customers aren’t waiting for offers – If you have offers and discounts on too often then you run the risk of customers holding off on their purchase until the next bargain. This means that you’ll potentially have long periods where people aren’t buying, or be left with very little profit and a customer base that isn’t loyal to you. If you’re going to give your customers special deals, calculate what you can actually afford to give away first and how often you should be marketing special offers. Be strategic, not desperate.
- Think outside of the box – Some companies tend to have sales or put on offers at the exact same time of year so it becomes easy for customers to predict when they will get the best deals. Why not do something a bit different, and at a different time to your competitors? It will get you noticed and attract new customers.
- Make profit, don’t lose it – If you are too generous when putting on special offers you can actually lose money, make sure that you are still benefiting as a business and that you are still taking a profit.
- Know your objectives – Make sure that you understand what you want to achieve when putting out your special offers. Do you want to entice new customers and encourage them to switch brands, attract early adopters to a new product or service, or encourage repeat purchase from existing customers? Identifying your objectives is the best way to ensure that the offers you are marketing are the right ones that attract the right people.
- The offers that will cost you very little can be just as effective – There’s no point in giving away your most expensive items every time business is a little slow when there are so many other options that work just as well. Try running a competition for an inexpensive item that’s well loved – it can get you tons of attention and usually results in new customers and sales. Other less costly offers include free delivery, loyalty cards, free trials, free workshops, and even giving cheaper items for free when more expensive items are purchased.
When offers are marketed and implemented in the right way, they can be extremely beneficial to business of all shapes and sizes. If you are looking for a dedicated marketing team who can get your special offers noticed, contact the Ketchup team today on 0330 088 9277, or complete our online form.