How to discount smartly
The impact caused by Covid-19 has made businesses change their ways of selling and how they attract sales. Discounts, exclusive launches, and engagement campaigns are examples of new strategies to boost sales during the pandemic.
Even after the end of social distancing, this scenario won’t shift, due to the resulting economic crisis. Consumers will become increasingly demanding and less able to consume products that don’t fit their lifestyle. Therefore thinking about smart ways to attract consumers will be crucial in the long run.
Discounts are essential in this context, as they are the fastest and most effective way to sell, they can increase the average ticket, and can boost sales. However, they can be quite dangerous – once you start, it’s hard to pull back.
Select dates are crucial for the industry, as consumers are more willing to buy. Opting for discounting coupons on commemorative dates, such as Valentine’s and giving special offers on birthdays and so on, can be an alternative to a promotion that might soften the blow.
Exclusive coupons can be an effective way to create a greater bond, building loyalty in addition to demonstrating a sense of exclusivity. If you aim to expand your reach, make these coupons available to your leads through email marketing or even social media.
To create a greater desire in your customer and bring a sense of urgency, seasonal coupons are good options. Think about weekly, monthly, and even specific hours. This seasonality can be essential to generate sales flow when they’re lower or attract customers to your e-commerce during more significant online activity times.
Coupons by product category can be a smart way to increase sales of products that aren’t selling or have a seasonal characteristic. They’re also a great way to invite customers to explore other products from your brand, increasing cross-sell.
Progressive coupons serve to encourage your consumer to buy more than the same product or category, increasing the average ticket. Offer coupons for customers who consume over a price to win a 10% discount, and so on. Creating a discount coupon for a single product can be an exciting way to sell what’s stuck in your inventory. For that, think of more essential products that don’t have such a high value, such as hosiery.
Valuing your customer
To value your customer and elevate your connection, make coupons available to your salespeople so that they can hand over to loyal customers of those who are more engaged with your brand. Also, think of coupons to value the last purchase, making a promotion available for those who bought in the previous 24hours. This can be an excellent incentive for an additional buy.
Decreased cart abandonment
For those who have e-commerce, the abandonment of the cart is one of the main problems. For this reason, discount coupons are an incentive to close the deal. Making a coupon available at the check out will engage and also convince your customer to buy.