If you are in the store or at the supermarket, and if you are like me, you are looking for the discounts – you are looking for the red price or the yellow price or whatever code they might have. We all want to save a few bucks when possible.
Now, this has also become more and more available on the Internet as well. If you are running your own website, you could use discounts in order to earn more money and get more satisfied customers.
What I am saying is; you can use discounts as a way of promoting your business.
Here are five reasons that creating discount can benefit your business:
Bring in new customers. When a consumer is ready to buy and knows of multiple sources for the product, price is often the deciding factor. Consumers are attracted to a good deal. Offering a discount code to new customers provides an added reason to shop at a particular website over all other options.
Encourage repeat business. Satisfied customers will be more likely to shop again when they are reminded to do so, and given a compelling reason to return. A special discount code can be sent via email at specific intervals as a thank-you for past purchases and to encourage repeat business.
Increase order size. Time-limited offers create a sense of urgency and give customers a reason to buy more than they originally intended. Discount codes can be offered for a percentage off the purchase price of a second item, for example, or for free shipping on orders totaling a specific amount.
Tracking. Gathering data on customer trends is imperative for every etailer. Issuing separate discount codes for different mailings, website promotions and affiliate partners, for instance, provides important information on where customers come from and which marketing campaigns are most effective. This data can then be used to make decisions about future marketing programs.
Control inventory flow. Physical stores manage inventory flow by marking down items they want to move. Online storefronts can use discount codes for the same purpose. The discount can be offered across the board, or used to bring in new customers with an interest in that particular product category, or sent to previous customers who bought similar products.
There are several ways discounts can be applied. Etailers generally offer a set dollar amount off the normal price of a product, a percentage off the price of a single item, a discount on the order total, or free shipping on orders that exceed a minimum dollar amount.
Discount offers can be extended through a number of vehicles. They can be posted on the landing page of the storefront. They can be emailed to select past or potential customers. They can be introduced on the order summary page to encourage the customer to add items to the shopping cart. Or they can be listed at sites such as currentcodes.com or dealhunting.com.
Many etailers determine the effectiveness of their marketing strategies by tracking the use of discount codes. The information can help businesses achieve the highest possible ROI and sales at the best available rates.
Now it’s your turn. How can you offer your customers discounts on your product in order to promote your business?