With so much competition in so many industries today, offers and discounts are an integral part of your marketing strategy. However, understanding how and when to implement them can be a bit misleading. Here, you can learn what you need to know about giving your existing and potential customers discounts, offers, and rewards as part of a solid marketing strategy.
When You Want to Generate Leads
No matter what type of business your own, lead generation should always be a focus of your marketing strategy. You have to get customers in the door, whether that door is real or virtual, in order to make money. Offers and discounts can help you do just that; you can offer website visitors a discount or promotion for providing their email addresses and/or creating an account. Then, you can use email marketing to your advantage and help drive new business each and every day.
When You Want to Keep Loyal Customers Coming Back
Sometimes companies focus so much on bringing in new business that they forget to reward their existing customers for their loyalty. This can cause churn, which essentially means that your existing customers may end up doing business with a competitor in order to feel as if they are being appreciated and rewarded. Offers and discounts for loyal customers can go a long way toward preventing churn. Consider things like “punch cards” that reward multiple purchases, percent-off discounts, free shipping, and other rewards that are not only reserved for brand new customers.
When You Want to Promote a New Product
No matter how long you’ve been in business, offering a brand new product is always exciting. Whether that involves a new milkshake flavor, a new beauty service, or even a new mobile application, it’s a great opportunity to offer some discounts and bring in new business. Try giving everyone – new and existing customers alike – the very same discount. This gives new customers an incentive to buy, and it keeps your loyal customers feeling happy and appreciated.
When You Want to Spread the Word About Your Business
Branding is by far one of the most important things you can do in any marketing campaign. Your goal is to associate a positive attitude with your brand by putting your logo up front and center along with positive, compelling marketing messages. One of the best ways to go about it involves using social media outlets like Facebook and Twitter; for example, you can offer 20% a purchase (only available through a social medial link) and invite users to share with their friends. This puts your brand in many, many news feeds, which makes you memorable.
Offers and discounts are a great way to generate leads, improve sales, and keep your existing customers happy. While it isn’t always feasible to provide a never-ending string of free products and huge discounts, there is a time and a place for them. Use them wisely and to your advantage, and you’ll soon see your client base and your revenue soar.