Incentivizing consumers to make a purchase through promotions is an old and effective tactic. Without a doubt, saving your customer some money in exchange for the same or better benefits works to sell more, make yourself known and build customer loyalty. Are you ready to exceed your commercial goals by using the 10 types of discounts we present below? You can do it for sure!
First purchase discounts
It is a tactic to make yourself known and motivate consumers to try your product or service. Although it is more common in e-commerce, like online stores or online services that provide essay writer help, it is also applicable in physical shops.
The exciting thing about this discount is that it also serves to feed your CRM or customer database since you must register them or ask them to fill out a form to validate that it is their first time in your store.
Loyalty discount or points
Pampering and taking care of your repeat customers is a great idea. It is less expensive than getting new customers and more effective. You can create a loyalty card that includes rebates, run targeted campaigns, run a points program to redeem for other products, and more.
There are multiple options. The key will always be to make them feel privileged and encourage them to continue consuming because buying represents a benefit for them.
Types of cash discounts
These promotions work for the consumption of services or high-value products that must be paid for with credit. Receiving, for example, a reduction in the value of the installment or a free month of service for early payment within the first 5 days of the month, or a shorter term than agreed, is attractive to many people. As you will see, it is a strategy that helps you generate a good payment culture and gives you cash flow in case you need it.
Pay 2 take 3 or 2X1
With these combinations, the customer is more likely to buy because he will get something for free. On the other hand, they are helpful for the business because they allow you to sell low circulation inventory.
Likewise, in the case of services, it is a good way to make yourself known or to sell in seasons when there is a low influx of customers. For example, in a gym, you can offer two one-month subscriptions for the price of one. If you provide a good service, there is a high probability that, after the second month, both subscribers will continue to take it and start paying independently.
Has it ever happened to you that you go looking for shoes and end up wearing socks? Indeed it has been because at the time of payment, and you were told that for the purchase of footwear, you get a 50% discount on socks.
Cross-selling can be used with total prices, with the mere intention that the consumer acquires products or services complementary to their initial purchase. However, we include it in this list of discounts because if it is mixed with a rebate (as in our example), it will be much more attractive to the customer.
In many cases, it is more profitable to sell 100 units at a discounted price than 1 or 10 at a regular price. It also applies to services. Unless it is something personalized, it may be more convenient to teach a class to 10 kids than to only 2. It is a way to optimize your production and time, as well as to guarantee sales.
Types of seasonal discounts
Seasonal changes, collection changes, or new launches are opportunities to attract customers. At these times, you can reduce prices on products that will be out of circulation, anticipate the success of the new collection with selected sales, or clear excess inventory, for example, on Halloween or Christmas items.
If you have an e-commerce, you can surprise your customer with an email thanking them for their purchase and offering them a 10% discount on their next visit. You can accompany the invoice with a similar note if it is a physical store. The point is to reward your customer, giving them a reason to return to your store.
Discount for special dates
By linking yourself to local or even worldwide celebrations with special prices, you become part of the trends, are part of the conversation, and fit in with the demand of the moment. That’s sure to mark an increase in your sales. Mother’s Day, Black Friday, Cyber Monday, Children’s Day, and many other dates that are permanently commemorated are reasons to put together packages, create promotions, or discount niche items that can be sold on a massive scale.
We close this list of types of discounts with the most frequent. The % sign at the time of purchase generates an idea of savings. There are several tactics to apply it. Here are 3:
The most used is by product or categories: “Shoes with 50% off, socks 25% off, slippers 10% off”.
You can also offer it by accumulating items, for example: “Get 25% off the total purchase if you take 3 or more items”.
As a benefit for subscribers or frequent customers: “Become a VIP customer and receive 5 % discount on all your purchases”.
How to use these types of discounts?
You already have the list and some examples. Now you must keep in mind that not everything works for everyone. Don’t be afraid to experiment. Just do it wisely and follow a plan.
This plan should consider details such as who the promotion is aimed at, how long it will be in effect, how it will impact your income, and how you will communicate it, among others. Once you are clear about all the promotion factors, launch it!
An additional tip: Don’t abuse discounts. People will lose track of your regular prices if you are always running promotions. The perception of urgency or savings will cease to impact your shoppers, and the discount will not have the expected results.
With these types of discounts, everyone wins!
As you’ve seen, discounts don’t just offer monetary savings to consumers. They can also generate other benefits that enhance the shopping experience and facilitate access to your products or services.
Discounts also work in your favor. Of course, that will depend on whether you have done a previous analysis of your prices and are sure to offer discounts that you can sustain. Otherwise, you will incur losses.
The next time you want to use one of these discounts, remember it’s worth it. They are a win-win. Your customers save, and you can get out of slow-moving inventory, push new products, get noticed, and sell more!