Sales and discounts should be seen as a way to attract new customers, expand your customer base, and reward loyal customers. While there are times when you will find you need to be careful when having sales to avoid negative results, sales and discounts can provide a lot of value to your business. But creating this value relies heavily on correct planning and proper handling of promotions to provide you with a way to move certain items and create customer interest in new ones.
If you are looking for ways to get the most out of your sales and discount programs, here are some tips that you might find helpful. This advice should be seen as ways to jumpstart your sales and discount programs and start getting the results that you are looking to attain.
Advertising the Discount
One of the things that you need to do to boost the success of your discount offers is to determine the best ways to promote and advertise the program. The two general ways in which customers think about discounts being offered are on a percentage basis or in dollar amounts. Percentage discounts require some math and may not always be as appealing, especially if the percentage discount being offered is low.
A 10% or 20% sales discount may not generate a particular level of excitement among your customer base, although you have to be leery of discounting too deeply (such as a 50% off sale) unless such sales are designed to clear remaining inventory for access to valuable shelf space. You may apply a fixed dollar amount discount that is more appealing to certain customers.
Use Your Discount to Target Customers
The discount offer you make affords you an opportunity to gauge your customer's buying interests and habits. You should use the discount to highlight certain higher priced items that you wish to feature in your business and want your customers to consume on a regular basis. You may also use the discount as a way to attract different types of customers than the ones who regularly do business with you in order to engage and enter into a new marketplace for your products,
Use Social Networks and Other Tools to Plan Your Sales and Discount Programs
If you have not already begun to do so, you need to coordinate your sales and discount programs with social networks. This type of outreach allows you to reach into the networks of not only those who follow you on a regular basis but also their networks. Social networks are designed to work with businesses and help them plan and execute a discount program that attracts that type of customers your business is looking to attract and multiply your reach in order to get better results. Used effectively and you will yield a greater return on your investment for your discount programs than by simply using word of mouth and other low-tech, low-cost methods to attract customers and sell your products.
Using these tips will allow your business to optimize your sales and discounts so that it rewards your company in the long run by drawing in new customers, and interesting regular customers in new products and services.