What’s the best way to drive sales for a business? For many business owners, a variety of factors may come to mind: Location, brand awareness, products and pricing strategies. All these variables can help a business make a profit in one way or another, but one proven method is to increase revenue with offers and deals.
Shoppers love a good deal and are willing to frequent businesses that offer incentives for money spent on their products. For example, a recent study on the use of coupon codes found that 53% of online shoppers use physical coupons as well as shopping online with digital coupons. And, they spend 24% more on average than shoppers who don’t use coupons.
To really take advantage of the opportunity, though, business owners have to position their deals so that they create a sense of value for the customer. Timeliness and establishing a sense of urgency in the consumer are key.
There are many ways to make an offer enticing — you just need to figure out what works best for your business. From in-store coupons to customer loyalty membership offers and online purchase incentives, there are plenty of ways to attract consumers who are ready to spend.
In the infographic below, Wikibuy has laid out 15 ways businesses can increase sales by using offers and deals. It includes real-world examples of how successful businesses use each concept to increase revenues without losing profit.
Strategic Use of Offers and Deals to Grow Sales Revenues
The use of special offers and deals must always be done strategically. In other words, it’s always a good idea to have a longer-term profitable pricing plan underlying a short-term promotion.
This helps you avoid the primary danger of a price cutting strategy. Discounts, special offers, and price-cutting deals, done for their own sake, tend to become a race to the bottom. In other words, competitors simply end up competing on low price, and consumers wait for the inevitable discount offer to appear.
A strategic use of offers and deals would sound more like this: “We offer a 10% discount code to anyone who abandons their shopping cart. We found that it decreases abandonment rates by 30% and increases revenues by 5%.”
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