How Special Offers and Discounts Can Help Your Business Succeed
In this blog post we will cover:
- 5 Benefits of Using Special Offers and Discounts
- Types of Special Offers and Discount Strategies
- The Power of Special Offers and Discounts
Special offers and discounts not only delight your customers, but they also boost your sales. If you want your business to reach new heights, using these strategies is one way to go. Your website conversion funnel and on-site marketing will benefit greatly from this. To help you understand why, let’s explore the pros and take a look at a few of the most popular strategies!
5 Benefits of Using Special Offers and Discounts
To better understand why special offers and discounts give you an edge, let’s explore some of the biggest benefits:
1. Special Offers and Discounts Boost Sales
The main benefit is that this strategy can attract new clients, boost sales, and increase profits. While discounted products and services are the ones that will garner more sales, they bring more people to your e-commerce website. While they’re there, they will explore your other products or services. This increases the likelihood of them buying other items or coming back to your e-commerce store later to make other purchases.
2. They Will Drive More Traffic
When you promote special offers and discounts through emails, ads, social media, and more, you’ll drive a lot of traffic to your website. This is vital for your business because it will drive more attention, more leads, and more sales. It will also help your search engine ranking. So, make sure to use relevant messaging and tailor your content to the audience you’re targeting with the discounts.
3. They Help Engage Existing Customers
Special offers and discounts won’t only attract new customers, but they will also help you engage existing customers. It’s a great way to keep them happy and foster loyalty. Offering your customers exclusive deals or discounts will make them feel special. This is essential because repeat customers tend to spend more in the long term. So, providing these incentives will keep them engaged.
4. They Increase Conversion Rates
Providing clients with special offers and discounts is a great way to give conversion rates a boost. If you want people to take action, offering special deals or discounted items will give them a strong incentive. Exclusive offers and discounts create a sense of urgency because people don't want to miss out on them. This can motivate people to purchase faster and now, rather than later.
5. They Improve Customer Retention
Not only will special offers and discounts convert more visitors into customers, but they will also improve customer retention. Turning your audience into customers is not the end of the line. You also want to keep them coming back for more. Moreover, you want them to continue choosing you above your competition. Providing special deals, exclusive discounts, and other offers is a great way to encourage that retention.
Pro tip: If you combine the power of recommended products with the power of special offers and discounts, you will enjoy even better results. Learn more about recommended products.
Types of Special Offers and Discount Strategies
Now that you’re aware of some of the greatest benefits of using special offers and discounts, let’s take a look at a few strategies:
1. Percentage Discounts
Percentage discounts consist of offering a fixed percentage off the regular price of products or services. This type of discount is often used as a special offer for a limited time. They work best for products whose perceived value is high and they’re often used in customer loyalty programs, clearance sales, special sales, flash sales, and to improve cart abandonment recovery.
2. Bulk Discounts
Also known as quantity discounts, they reward customers for buying products in large quantities. For example, you can offer one hoodie for $15, but three for $40. This type of discount is very effective at encouraging customers to get more things to save money. They’re great for clearance sales, subscriptions, seasonal promotions, and wholesale purchases.
3. Buy-One-Get-One (BOGO) Discounts
BOGO discounts consist of offering a second item for free or at a discount. For example, if you purchase one t-shirt, you get a second one for free or at half-price. The second item you offer should be of equal or lesser value than the first. This type of strategy is most effective for products where customers want multiple of them. Such as household items, clothing, beauty products, and more.
4. Seasonal Discounts
Seasonal discounts are timed around seasons, holidays, or other annual events. For example, Fall sales, Black Friday sales, Christmas sales, Back-to-school sales, and more. This type of discount receives an insane amount of engagement and consumers expect them. They prepare for them and take full advantage to get everything they need.
5. Flash Sale Discounts
Flash sale discounts create a sense of urgency, which is very effective. Consumers just don’t want to miss out on time-sensitive special offers and discounts. They’re particularly powerful at times when your competitors are inactive. Offering attractive prices when your competitors can’t will give your business a huge edge.
The Power of Special Offers and Discounts
Most consumers out there want to save money and they’re always looking for ways to do that. This is why they prioritize buying products and services from brands that offer discounts, sales, and good deals.
This means that offering special offers and discounts to your customers is one of the most effective ways to attract them. At the same time, it provides a strong incentive for them to complete the purchase, thus helping conversion rate optimization.
Most consumers consider special offers and discounts a decisive factor in choosing where and when to purchase. So, they are a great way to lure prospective customers and convert them, stand out in the market, and increase your bottom line.
If you’re ready to boost e-commerce sales with special offers and discounts, pop-up design, product recommendations, and more, Fluentos has all the solutions you need. Help your e-commerce business reach the next level!
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