An effective discount strategy is not just about offering a reduction in prices at every opportunity. By being strategic, you can ensure that your discount offers are more effective and positively impact your business in the long term.
In this guide, we’ll show you effective discount strategies you can try.
1) Reward Loyal Customers
If there’s one thing that’s not hard to understand, it’s that customers like getting something for free.
The concept of loyalty is now firmly ingrained in the consumer psyche, and consumers are becoming savvier and savvier. They now expect retailers to reward them for buying from them over time.
That’s why you need to find ways of rewarding your loyal customers to encourage them to spend more with you and to make them more likely to stick with your brand for the long term.
2) Give Out Holiday Discounts
It’s not a hard and fast rule that you need to give out holiday discount offers. However, if you’re looking to attract holidaymakers who are already thinking about their summer holidays and an escape from the UK’s unpredictable weather, then Black Friday and Cyber Monday discount offers can help you.
Holidaymakers are always looking for deals on flights and accommodation. Using discount offers to help get your prices closer to theirs can be useful, too.
3) Give New Customers Special Offers
With the rise of ecommerce, it’s never been easier for new brands to get started in the business. A new customer is an investment of time, money and work, so it’s important that you focus on making them a regular customer.
The fact that they’re new to your brand means that you can attract them in a number of different ways. Give them a discount offer or a welcome offer as a way of starting them on their conversion journey with your business.
4) Prevent Cart Abandonment
When a customer adds an item to their shopping cart, you want to make sure that they don’t get distracted and abandon their purchase.
All too often, customers see a product they like and find themselves distracted by a deal on another product. If they can’t find the original item that they were looking for, their purchase is put on hold.
By using discount offers, you can make sure that you’re offering the right product to the right customer at the right time. This can help encourage more customers to complete their purchase with you.
5) Give Out Pre-Order Discounts
You might not have heard of this before, but pre-order discount offers are another way that you can offer a discount to your customers.
You can combine this with a pre-order system, with a notification process to see exactly how it works. Essentially, you can set the discount to only apply if the customer orders the item by a certain date.
It’s a great way of encouraging customers to buy your product before its release date.
There are a number of ways that you can use discount offers as part of your overall ecommerce strategy. Just focus on the ones that work best for your business.
If you want to dominate your ecommerce platform, Lethal can help you with just that. We are a digital marketing agency in Perth that can help you reach out to your audience in a meaningful way. Get in touch with us today to learn how.