. Generate expectations about a new product with a special price
Posted: Sun Dec 22, 2024 6:57 am
When you are in charge of a business, increasing sales is probably one of the most important tasks. In every business there are high and low seasons in which the product or service experiences a drop in sales.
This is why we bring you some promotional actions to take into account to increase the sales of your product and so that you can have a broad view of the alternatives to evaluate.
Before applying discounts to your prices, first set your goals
The objective will determine the type of discount, how you will develop it, and which customers you should reach.
Attracting new customers: With a discount, customers can try out what you offer with less risk on their part. Plus, if the discount is a limited-time offer, prospects will have a reason to try your products and services now, rather than later.
Increase your sales: The focus is on selling more units. This could mean opting for volume sales or putting together product bundles.
Generate repeat purchases: Unlike gaining new customers, getting repeat customers requires different efforts. This discount is usually granted through a loyalty program focused on current customers.
Increase old inventory turnover: You may need to make room for new products, update a product line, or focus on better performing products and move away from low-margin ones—whatever the case, you need to speed up the sale of old stock.
Once you've chosen a goal, select the discount type that works best for it. You can use multiple discount types for the same promotional offer.
We suggest 5 discount alternatives
1. Daily offers
You can set up a calendar of daily offers based on the type of product you sell. This technique is often used in restaurants, cafes or grocery stores, for example, “Pasta Tuesday, all our dishes with a 15% discount.”
2. Encourage large orders
Encouraging your customers to spend a little more is a great way to increase profits. This can be with a discount or offering a free gift when a customer reaches a certain purchase threshold.
A popular version of this strategy is conditional free shipping, i.e. offering “free shipping for purchases over $X.” Another option is to choose a small item to give away when an order reaches a certain amount.
3. Reward your customers' loyalty
The goal is to retain existing customers and encourage them to make more purchases. philippines mobile number Try offering them a discount on their next purchase or an exclusive discount code during a certain season. To take advantage of this strategy even more, encourage your rewarded customers to share their “good luck” on social media. This is also a great opportunity to offer a referral bonus.
4
The launch of a new product or expansion into a new line of business is a big milestone. Entice customers with a limited-time introductory offer. A clear example of this alternative is the so-called “pre-sale.” You can open the offer to the general public or direct it as an exclusive benefit for customers.
5. Group products
One way to sell more products is through bundles, offering two or more products with a combined value that is lower than when purchased separately. This strategy is often used to remove a product that is not selling well by adding it to a more popular one.
Some tips to consider
Use customer reviews:
Always make sure your products have good reviews. Many customers care about the opinions of those who have already tried the product or service. A good alternative is to offer a discount to those who leave a review of their shopping experience on your social media or website.
Stay memorable:
Every customer receives promotions in their inboxes and on their social media channels on a daily basis. It’s important to stand out as a brand, preferably with a personal touch. Consider adding a thank you card or free sample item to the package to delight your customers. The more you know about your customers, the better you can personalize your future messages.
This is why we bring you some promotional actions to take into account to increase the sales of your product and so that you can have a broad view of the alternatives to evaluate.
Before applying discounts to your prices, first set your goals
The objective will determine the type of discount, how you will develop it, and which customers you should reach.
Attracting new customers: With a discount, customers can try out what you offer with less risk on their part. Plus, if the discount is a limited-time offer, prospects will have a reason to try your products and services now, rather than later.
Increase your sales: The focus is on selling more units. This could mean opting for volume sales or putting together product bundles.
Generate repeat purchases: Unlike gaining new customers, getting repeat customers requires different efforts. This discount is usually granted through a loyalty program focused on current customers.
Increase old inventory turnover: You may need to make room for new products, update a product line, or focus on better performing products and move away from low-margin ones—whatever the case, you need to speed up the sale of old stock.
Once you've chosen a goal, select the discount type that works best for it. You can use multiple discount types for the same promotional offer.
We suggest 5 discount alternatives
1. Daily offers
You can set up a calendar of daily offers based on the type of product you sell. This technique is often used in restaurants, cafes or grocery stores, for example, “Pasta Tuesday, all our dishes with a 15% discount.”
2. Encourage large orders
Encouraging your customers to spend a little more is a great way to increase profits. This can be with a discount or offering a free gift when a customer reaches a certain purchase threshold.
A popular version of this strategy is conditional free shipping, i.e. offering “free shipping for purchases over $X.” Another option is to choose a small item to give away when an order reaches a certain amount.
3. Reward your customers' loyalty
The goal is to retain existing customers and encourage them to make more purchases. philippines mobile number Try offering them a discount on their next purchase or an exclusive discount code during a certain season. To take advantage of this strategy even more, encourage your rewarded customers to share their “good luck” on social media. This is also a great opportunity to offer a referral bonus.
4
The launch of a new product or expansion into a new line of business is a big milestone. Entice customers with a limited-time introductory offer. A clear example of this alternative is the so-called “pre-sale.” You can open the offer to the general public or direct it as an exclusive benefit for customers.
5. Group products
One way to sell more products is through bundles, offering two or more products with a combined value that is lower than when purchased separately. This strategy is often used to remove a product that is not selling well by adding it to a more popular one.
Some tips to consider
Use customer reviews:
Always make sure your products have good reviews. Many customers care about the opinions of those who have already tried the product or service. A good alternative is to offer a discount to those who leave a review of their shopping experience on your social media or website.
Stay memorable:
Every customer receives promotions in their inboxes and on their social media channels on a daily basis. It’s important to stand out as a brand, preferably with a personal touch. Consider adding a thank you card or free sample item to the package to delight your customers. The more you know about your customers, the better you can personalize your future messages.