Engage Your Customers with Discounts

As any shopper can attest, it’s difficult to ignore a brightly colored sign screaming “50% OFF!” in big block letters directly in your face. And who doesn’t love a discount? Product discounts are among the most effective business and sales strategies and are a proven way to generate sales and increase customer base.

A discount strategy is used to sell lower-priced items in bulk while staying competitive in the market. Bigger merchants can use more flexible pricing schemes by being able to request for discounts from their suppliers on demand, while small businesses can use discounts to create product awareness and build a customer fan base. Deals can also generate foot traffic by inviting in new patrons and, at the same time, bringing back customers who haven’t visited a business  or been repeat customers in a while.

Here’s how to get customers engaged with these different types of discounts:

•       Percentage discounts – This is one of the most popular forms of discounts. Stores can entice customers with 5, 10, and 15 percent off products or larger discounts of up to 90 percent off.
•       Money off on next purchase – Usually in the form of a printed voucher, this discount scheme offers a specific amount to be deducted upon the customer’s next buy.
•       Free shipping – Offering free shipping can increase conversions. Shipping cost is the main reason for cart abandonment. Offering free shipping with a minimum order can help increase sales.
•       Gift certificates – Have you ever had to come up to the counter to pay with a gift certificate? It’s a great feeling, isn’t it? Make your customers feel special with printed vouchers that they can exchange for special discounts and freebies. Consumers will feel that they are in a select group and will usually promote the program when they themselves purchase vouchers as gifts to friends and family.
•       Seasonal discounts – Offered during the low season, they frequently aid to increase sales at the start of peak seasons.
•       Personalized discounts – Coming in the form of emails or direct mail, they often target customers who’ve been to your business before. These certificates may be given to loyal customers or offered to all for a limited amount of time.
•       Big splash – If you have a new product to be launched or a marketing campaign, you can promote it by giving away discounts to the first 100 customers or by having a special launching sale.
•       Social discounts – Offer customers deals from liking and sharing your social media profiles. Not only do you get to grow your social following but increase revenue as well by encouraging them to buy your product at discounted rates.
•       Influencers – Give special deals to prominent people with a large fan-base by sending them coupons they can exchange with your product. This is an easy way to generate interest in your product from their fans, which can increase brand awareness and drive in customers.

When used sparingly, promotional discounts can maximize revenue, sales ,and profit. Successful discounts mean more merchandise is sold, which allows the company to reduce inventory. Businesses need to let customers know that ongoing price reductions are happening.

Made-to-order printing at Digitalroom.com offers worry-free business solutions on custom printing. From sale signs and posters, to flyers and price stickers, we can make your printing projects possible at the fastest turnaround time.
Bargains and discounts may not be a fit for all businesses, but with a clear strategy and understanding of your brand, you can effectively reach your objectives. What type of discount will you be using? Do let us know in the comments!