Everyone loves good business, including your customers. It is for this reason that it is also effective to offer to reduce the price of an item temporarily or to offer discount codes to attract new customers or convince your customers to buy again. Do you know what strategy to adopt to lower your prices, without harming your profitability?
In this guide, we will tell you which periods are the most strategic and to which segments of your customers to offer discounts in order to optimize your turnover.
Discounts, sales… what are your options?
Between online4baby discount code, sales and slashed prices, the option you choose will have to depend on the type of visitor you are looking to attract, your position in your industry, and your business goals. If you have high-end baby products , for example, a loyalty program like promosearcher brand, might be right for you. Another option if your profit margins are high is that you can regularly offer discounts.
A mixture of these two strategies would also be possible. It’s up to you to experiment and test what works best for your business. During your various tests, do not forget to set a goal for yourself before each campaign to better measure the results afterwards.
Here are the different types of discounts available to you.
What if you gave your customers a discount code for Christmas? The holiday season represents a significant budget for most consumers, who are therefore looking for good deals. Thus, offering a discount code would allow your SME to play in the big leagues and compete with the big chains , while encouraging new customers to turn to you. You can create a personalized discount code for all occasions: “BlackFriday19”, “Christmas2019”, etc. You just need to set the expiration date of the code and a minimum purchase amount for your customers to apply.
Do you need to make room in your store for the new collection or to empty your stocks of perishable products (food or make-up)? Reduce the price of your items, for example by 10% or 50%, to encourage your customers to buy them. Everyone comes out a winner!
If you are worried that your stocks will perish, you can plan your reductions in advance: create a reduction, set the period during which you want it to be active and the rest will be done automatically! So you will never be encumbered by outdated items in your inventory (or worse yet, out of fashion).
To further motivate your customers, you can limit the number of possible uses of the discount code. This creates a sense of urgency and the fear of missing out on an interesting offer, so your customers know they need to act fast and are more likely to buy from your site!
Discounted prices are displayed alongside the original price, which is crossed out for ease of comparison. When customers see the original price of the item they are considering purchasing, they are more likely to see that the offer is good and to be happy with their good deal.
For the sake of transparency, we recommend that you justify the reduction in your product description . For example: “All sweaters and jackets at -50% before the release of our Spring-Summer collection!” “
If you have created your site with Jimdo, you can find this function by going to E-shop> All products> Stocks and prices . Upgrade to a VIP or Business subscription to benefit from it
When and how to offer discounts
There are many options available to you for providing special offers to increase your sales, convert potential customers, or build customer loyalty.
1. Attract new customers with seasonal sales
Offer an exclusive offer for Black Friday and empty your stocks during the winter sales. With themed discount codes, you’ll have better inventory turnover and encourage customers to buy all year round.
2. Promote your product at an event
Make attendees want to talk about your brand and test your products with an exclusive discount. You have everything to gain: we talk about you, we buy you some items and we remember you, even long after the end of the event!
3. Contact influencers in your industry
For a fruitful collaboration with an influencer, offer an exclusive discount code to his followers. This makes it more likely that the publicity you receive will translate into sales.
4. Encourage to order more to save more
If you offer your customers a discount code that only applies over a certain amount, you encourage them to spend more in your store. This allows you to increase the average value of your orders and, consequently, your turnover.
5. Reward your customers for their loyalty
According to studies, acquiring a new customer would cost five times more than retaining it, and improving loyalty by just 5% would result in an increase in profits between 25% and 95%. As you will have understood, you have every interest in retaining your current customers and encouraging them to buy more. Offer a discount on their next order or an exclusive discount code to thank them as the holidays approach.
6. Create a buzz around a new product
When you launch a whole new type of product, it can be difficult to win over the first customers. Be aware, however, that when you’ve got a good deal, you don’t usually keep it to yourself! So submit an introductory offer on your pricing page and word of mouth will be done by itself.
7. Invite visitors to subscribe to your newsletter
Email is the most profitable marketing channel, according to the Data & Marketing Association, generating $ 32 in revenue for every dollar invested. So encourage your visitors to subscribe to your newsletter with an exclusive reward, which could result in a significant increase in your customer base.
You now know all the tips you need to prepare your e-store for the holidays! If you want to further boost your online store’s income, try out these six psychological mechanisms to increase your sales .