Discounting has been used for a long time to encourage customers and potential customers to make a purchase. It’s not a novel approach, but it works when marketers adhere to a few best practices.
The issue, though, is that marketers frequently provide their entire audience sitewide discounts without taking into account where visitors are in the buying process. Sure, that might increase sales, but in the long run, it could affect your bottom line. Finding a balance between when and how frequently to employ them and which user group to provide them to is the answer.
I’ll outline nine distinct strategies in this article for using best deals and offers to increase sales. I’ll also list alternatives for each strategy in case discounting is not a workable solution.
When to Use Discounts and How
Everyone isn’t a fan of the latest deal and vouchers. I also am unable to advise you on whether to use them. However, I can explain how to use them. Discounts may be used in a plethora of ways to increase leads and sales for your online store.
Your discounted approach should always be based on the objectives of your organization and the specific visitor. Perhaps you want to provide discounts on discontinued items in order to reduce inventory rather than boost sales.
Let’s examine how and when to employ discounts as well as other potential substitutes.
Provide a Special Offer to Welcome New Visitors
A visitor may not be ready to make a purchase when they initially arrive at your website. So it’s not always a good idea to give them a hot deals & vouchers code to use straight away. You should ask new visitors for a smaller commitment instead of asking them to make a purchase so early in the buyer’s journey, such as their email address in exchange for a discount voucher.
A campaign for attracting new visitors should include the following:
Choose a Specific Visitor Group To Target:
Place a cookie in the browsers of new visitors to ensure that you are only providing this discount to new site visitors. By doing this, you can distinguish between new and returning visitors and decide whether to display or hide campaigns for them.
Create a Customized Copy:
Make sure the offer is only available to your chosen demographic. Conversions will rise as a result of the message and offer becoming more pertinent.
Alternative:
If you don’t want to give new visitors discounts, try persuading them of the importance of signing up for your newsletter in exchange for their email address.
Reward Consistent Clientele
You may and should utilize discounts to reward devoted clients if you have a loyalty programmed.
As an incentive, you might provide a consumer who makes a particular quantity of purchases from your website with a coupon code for their further purchases.
According to one study, 76% of consumers desire personalized offers based on past purchases. So, a fantastic method to customize offers is to offer prizes depending on your members’ prior purchases.
Alternative:
There is always a substitute for providing discounts. Offer free shipping as a substitute if you want to thank repeat consumers.
Boost Sales During The Holidays
Due to an upsurge in seasonal promotions, many people buy gifts online around certain holidays. So why not take advantage of the spike in traffic over the holidays by directing your visitors to pertinent offers?
Alternative:
Not all companies must provide discounts during holidays in order to increase sales (far from it). Even if your business doesn’t have a blog, you may still employ content improvements to encourage sales. For Valentine’s Day, you might provide ideas for original dates, free Thanksgiving recipes, free DIY Christmas decoration instructions, etc.
Provide product recommendations in your free guides, and you’ll see an increase in Christmas sales from your visitors.
Take Advantage of Early Bird Discounts on New Products
You want as many people as possible to purchase your new product when you debut it, right? For just this reason, many online retailers advertise a pre-order discount on new products.
By limiting the discount to the first 30 orders, they added scarcity to the email. By doing this, they provide the impression that the offer is more unique, which increases interest in the new product. It’s crucial to note that you must use caution while giving new product discounts.
A product’s worth may be diminished in the eyes of the prospect if it is discounted before introduction. Therefore, don’t give out big discounts on brand-new items, and make sure that the discount is only a small portion of the item’s entire price.
Alternative:
Scarcity alone can frequently convince customers to place pre-orders without the need for a discount. The “few-things-left-technique,” where you include how many goods are available for pre-order, is a solid tactic.
Cut Down on Abandoned Carts
This tactic is probably something you already do, but I’d be negligent if I didn’t mention it.
By providing a discount to cart abandoners, you can recoup part of the lost revenue since 60% of online shoppers remove items from their shopping carts due to unforeseen prices.
It’s vital to note that you should only occasionally employ discounts in your shopping. If you consistently offer a discount for customers who abandon their carts, they will grow accustomed to it and leave solely to receive the discount and avoid paying the full price.
Alternative:
Offer free shipping on orders with an average order value over a particular amount as an alternative to discounts in your cart.
This is a wonderful strategy to raise the average order value because, according to HubSpot, 24% of customers are willing to spend more to get free shipping.
Conclusion:
Discounting is all about striking a balance. You’ll get amazing results if you use them selectively and present them to the correct prospect at the proper time and location.
Don’t discount everything and anywhere; instead, consider the user journey.
Also keep in mind that you shouldn’t take advantage of deals merely because others do. If you decide that you don’t want to offer discounts on your products, there is always a choice.
