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There are times when a business needs offer, coupons, and discounts to run a business. Promotional offers, coupons and discounts are a very useful method to increase sales but their excessive and unplanned use can harm the business, can reduce dividends.
The main purpose of offering offers, coupons and discounts is to increase profits by increasing sales. If that objective is not achieved then such offer does not add any value to the business.
What
are the benefits of offers, coupons and discounts?
Increases customer loyalty
Increases customer acquisition
Increases the conversion rate
Reduces stock quickly
Meets sales targets
What
are the disadvantages of offers, coupons and discounts?
Reduces profit margins
Providing additional offers is detrimental to the brand
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Reduces regular sales, as customers wait for offers
Brings on-time customers to the brand shop
Attracts customers from outside the target market
Types
of offers, coupons and discounts,
Percent based discount
Amount value discount
Free shipping
Free gift
What
is Percentage Based Discount?
When a price discount is given on a product such as 5% or 10% discount, it is called percentage based discount.
Percentage based discount can be given according to different categories of collection or product. This kind of discount is a lot like this: Buy 2 shirt get 50% off any dress
Amount
value discount
Usually a certain amount of price discount is given for the purchase of a specified amount. That is 50 rupees 100 rupees or 200 rupees etc. This type of discount is called Amount Value Discount.
You can give a fixed amount discount if you want or you can give a certain amount discount on top of certain purchase. However, if the value of your product is high, then the amount value discount is convenient for you.
Free
shipping
The shipping charge seems a bit high to many after the purchase. In this case you can offer free shipping to prevent leaving the shopping cart. The key to free shipping is to keep some of these concerns to a minimum.
Free
gift
It's great that the customer gets a free gift just by making
a minimum purchase. In this case, many customers complete the minimum
requirement purchase to get a free gift.
Automatic
discount
This is great at the moment. The more the customer is shopping, the more discounts he is enjoying. At various times it has been noticed that a customer loses the discount code or forgets to use it.
But when he is automatically getting a discount on the purchase or automatically determining the amount of the system discount, the customer is more motivated to shop.
The customer gets automatic discount without using any discount code. So it further enhances his shopping experience.
Coupon code
This code can be given to specific customers or groups and
only the user of this code will get the discount and no one else will be the beneficiary of the discount.
How
to provide offers to increase sales
There are thousands of ways to increase sales, increase sales, increase customer volume, and increase conversion rates.
Weekly
or monthly discount
This is a traditional discount offer type where discounts are offered to meet weekly and monthly sales targets.
Pre-launch
offer
This offer has to be designed when launching a new product. Those who are early adapters welcome this offer. In many cases new customers are attracted to it and become loyal customers
Holiday
or seasonal offer
At present, the offer of fun-day or holiday on Friday is also becoming very popular in Bangladesh. Offers for a variety of seasonal products are also offered primarily to seasonal customers.
Abandoned
cart offer
It has been found that about 80% of people leave the shopping cart before completing their shopping. This offer is very powerful to discourage such customers from leaving the shopping cart.
Example:
Brandless is an online grocery brand that offers লার 1 shipping via email to customers who have left the shopping cart. This is only for first time visitors who have left the cart. The purpose of this offer is to bring back customers who have left and to complete the purchase.
Email
or newsletter subscription offer
Creating an email list is a must have, for any Affiliate, promoting any program. However, if it is not an email list, it should be a very targeted, potential and actual user email list.
So when you are offering over e-mail or newsletter subscriptions and all those customers share their information to receive it, they are most likely to make a purchase.
Example:
Take a look at online retailer Overstock.com. They are offering 15% coupons for their newsletter subscribers.
Price
discounts on social media likes and shares
At present, social media is a very powerful tool for conducting e-commerce business. The more people you can spread your business to, the more likely you are to find new and potential customers.
In this case, you can increase the social media sharing of your brand page by investing in the interactions of the followers of your brand page.
Example:
Truxx is offering a 5 discount to customers who make the next purchase by sharing and liking their Facebook brand page with others.
Referral
promo code
You get the offer yourself as well as if you share that offer with your friends or relatives then you get the offer again.
This means that by referring the promo code to someone else, you can benefit from the discount in a new way.
Mill delivery brands Blue Apron and Hello Fresh are well known for their referral marketing.
The referral program was also very popular in the early days of Bangladesh Uber-Pathao service. Where you share the referral code you have with your relatives or friends you will get a discount on the next ride if they use it.
In this case the discount is given. The referral discount offer depends on the usage of the recipient.
Fast
times offer
Give a customer the opportunity to shop first. That's why you can offer him maximum discount. The key here is to satisfy him with your product quality and service which encourages him to come back later.
Example:
Clearly offers 50% discount for each of their new customers.
Minimum
purchase discount
You can enjoy the offer or discount once you have completed the purchase of a minimum amount. Suppose it is said that if you buy 500 rupees, you will get 5 percent discount and it is for everyone.
Such offers are designed to increase the average order value.
Example:
Popular online retailer Nasty Gal offers free shipping for customers who complete a 100 purchase.
Exclusive
social offer
Only those who follow your social media page or subscribe to your social media channels will be eligible for this offer.
The purpose of this offer is to encourage customers to like or subscribe to the brand pages.
Example:
Online skin care retailer Maple Holistics has only shared coupon codes for its Twitter followers, which will give customers 15% discount.
Offer
customer loyalty
This offer is only for those who are your regular customers. The main purpose of such offers is to honor the contribution of customers and motivate them to shop more.
You can offer these offers to your best customers via email or SMS and no one but that customer can accept this offer.
Exit
Intent Offer
Sometimes customers shop at the last minute. Many times there are some customers who visit the entire e-commerce site but do not make any purchases. But whenever they get an offer to shop through a pop-up they try to accept it.
Because this offer is highly targeted offer which is not always available.
Example:
Notice the pop-up ad below. Auto Accessories Garage has designed an offer for their customers that requires an email address to receive. The main reason behind this is that if the customer leaves without completing the purchase, it will trigger the purchase again by giving him an Ebend Cart email offer at a later time.
Re-targeted
promotion offer
These offers are for those who already know about your brand but have not completed the purchase.
Example:
Runs a retargeted ad for their customers where they offer 20% off if someone makes a purchase.
Influence
offer
Usually for those social media celebrities or bloggers some unique code is generated which is spread among their own fan followers through their social media pages.
The main purpose of this offer is to use the contacts of social media celebrities to turn their fans into customers.
Customer
Loyalty Program Membership Incentive
You have a lot of customers who are regular but have not yet joined your loyalty program. Such offers are designed to enable such customers to join the Loyalty program.
The main purpose of the loyalty program is to encourage customers to make regular purchases by offering more offers or discounts depending on the type of purchase.
Offer
online shopping
Those who have a brand shop but want to increase the amount of online shopping they can make such offers, where the customer is offered in online shopping.
Event
Attendance Offer
Brands in our country organize fairs or marketing events at different times for product promotion. At this time you can make offers for the participants of the event so that they will shop to take advantage of this offer which can increase your sales.
Milestone
discount
Customers are given a purchase target, and if they meet that target, the customer will be able to accept discount offers.
Again on the occasion of customers' birthday or wedding anniversary a brand offers to customize them if the customer mentions the date of his birthday or wedding anniversary.
These offers are provided for a specified period or subject to meeting specific targets.
Finally
It is not at all correct to say that customers will buy more if they offer discounts or coupons. You need to know the things that motivate customers to accept an offer. In this case, it is important to make the right offer.
Now you have a lot of offer ideas. Find out which offers are effective for your customers right now and increase the profit margin by giving the right offer to the right customer.
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