Do you keep looking for ways to bring more customers to your business and improve your sales? Or, ways to bring back old customers? A creative offer or a deal can be your go-to hack for bringing in customers and escalating the sales.
Before getting into the kind of deals or offer you should introduce to improve your sales, you must understand how offers should be planned.
Planning offers for achieving the desired results should include:
- Having a clear understanding of your current profit margin, markup and break-even point
- Determining the best discounts and offers you can provide which still gets you profit
- Drafting a plan of how you will market your offers
- Deciding the terms and conditions of the offers along with timeline
- Based on the past data of your business, analyzing the best days when the offer should be introducedOnce, you have planned and drafted every detail related to your offers and discounts, you can think of the various types of offers you can create. Some of them can be:
1. Buy one get one free offers
These offers implies to giving two in-demand products for the value of one which can be available for a limited time period. Buy one get one free offers creates an urgency for the customer to buy the products because you are providing more value to them for lesser price. Twofer can be a strong tool in increasing the sales if handled smartly.
2. Discount coupons
Discount coupons are an amazing way to bring back old customers and also to target the potential ones. You can be creative with the coupons by making them applicable to the stock which you want to wind up or also to the entire stock. You will have to find the approach which will work best for you by keeping your target customers in mind.
3. “Enter to win” contest
Creating enter to win contest for your stores can help you in many ways. For one, it can help you in collecting data of your potential customers. You can refer to this data in the future whenever you need to circulate special offers or make announcement. For two, it can make customers to shop specifically at the time of contest which will help you with increasing your sales.
4. Loyalty programs
Loyalty programs work the best when you want your customers to keep coming back. Giving points and incentive increase the probability of a customer to make a purchase. Loyalty programs can make customers buy more than they would have planned to in the first place. They make a win-win situation for both.
5. Providing cashback
You can also integrate your payments with a digital wallet like Paytm which runs amazing cashback offers for the customer. Whenever a customer pays via scanning Paytm’s QR code or by wallet gets an instant cashback as per the running offers. These offers will ease the payment process for your customers and will also make them happy about receiving an instant cashback.
6. Free Samples
You can provide the customers with free samples of products for them to try. Free samples will give you a fair response of the customers and help in gathering their feedback. You can use it to alter the products as per the responses. This will help in increasing customers’ interest and also will lead in growth of sales.
7. Scratch and win
Scratch and win are one of the most liked offers by customers. The surprise element in this offers is exciting. You can set a range of minimum purchase as the eligibility of the contest which will help you in reaching your sales goals and a valuable gift will make your customers coming back to you.
8. Free Subscriptions
Free subscriptions to your services can attract a lot of new customers. Once the customers get an idea of the value your services are adding, they will result into your recurring sales.
9. Extended warranty
Extended warranty when given as an offer does two benefits to your business. For one, it increases the chances of customers to buy the goods from you, thus, increasing the sales. For two it increases your credibility since you will be extending extra services to your customers, so they will be coming back in future for purchase.
10. Referral discounts and bonus
These offers are not only meant to target your existing customers but also to bring the new ones. You can offer your existing customers a discount whenever they bring in a new potential buyer with them. This way you can get extra sales, more customers just with a bit of discount crafted smartly.
So having discount offers for your business can help you with:
- Engaging new customers without investing in a large marketing campaign
- Winding up last season’s stock
- Reviving old customers
- Creating more sales from inactive customers