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There's no way around it: customers love sale shopping. Whether you maintain consistently low prices or offer free shipping from time to time, there's nothing an average shopper loves more than feeling like they got a good deal.
Not all promotional strategies and sales are right for your business. Before sending discount codes in emails or providing physical coupons, take the time to evaluate what your business needs to succeed, and what's the best way to get there.
Here's are some tips to keep in mind when weighing your promotional options.
BOGO Codes
BOGO, or buy one get one, codes are a great way to move merchandise and inspire customers to buy several items at once. BOGOs can be used on the same item, items of the same variety, or even your entire inventory. BOGOs can be buy one, get one free, or simply buy one, get one at a discount.
Unless you're focused on moving inventory and are planning to include desired products, BOGOs aren't necessarily the best strategy. If items aren't compelling, no one will buy them, no matter how many extra products are available for free with purchase.
Coupon Codes
Coupon codes are among the best possible sales options for small businesses because they are fast and easy for shoppers use and save big. While using codes is an effective tactic - provided they are properly advertised - they should only be used when you have a good strategy.
When using coupon codes, target high-sales times like payday and the first of the month. Be sure codes are easy to remember and apply, and keep discounts moderate so you don't lose money. Coupon codes can also be extremely beneficial in abandoned cart cases, so don't be afraid to take advantage of savings to keep customers coming back.
Free Shipping
Free shipping can be an amazing tool for attracting customers, driving sales, and increasing customer loyalty. However, for most retailers, offering free shipping at all times isn't necessarily prudent or affordable, particularly when average purchase prices tend to be low.
When implementing free shipping, make sure you aren't doing so at the risk of your profits. Stick to a threshold before offering freebies, but make sure it isn't so high customers won't be tempted. Consider combining free shipping with other promotions; the more customers are inclined to spend, the less that shipping costs will affect your bottom line.
Referral Programs
For companies just starting out or looking to expand, referral programs can be a great way to spread the word. By rewarding current customers for bringing in more business, you can broaden your reach and build loyalty, effectively killing two birds with one stone.
When launching a referral program, make sure to give it the proper time and attention. A program that doesn't adequately reward customers for their efforts won't be worth your time or theirs, but one that's too generous could affect your profits.
Promotional programs can be a great way to attract attention to your business, but only when used properly and in accordance with the law. Running the wrong promotion can hurt you as much as it helps, costing you money without attracting the right audience. Creating an effective strategy and playing your cards right, you can use tactics like coupon codes and BOGOs to get ahead.
Not all promotional strategies and sales are right for your business. Before sending discount codes in emails or providing physical coupons, take the time to evaluate what your business needs to succeed, and what's the best way to get there.
Here's are some tips to keep in mind when weighing your promotional options.
BOGO Codes
BOGO, or buy one get one, codes are a great way to move merchandise and inspire customers to buy several items at once. BOGOs can be used on the same item, items of the same variety, or even your entire inventory. BOGOs can be buy one, get one free, or simply buy one, get one at a discount.
Unless you're focused on moving inventory and are planning to include desired products, BOGOs aren't necessarily the best strategy. If items aren't compelling, no one will buy them, no matter how many extra products are available for free with purchase.
Coupon Codes
Coupon codes are among the best possible sales options for small businesses because they are fast and easy for shoppers use and save big. While using codes is an effective tactic - provided they are properly advertised - they should only be used when you have a good strategy.
When using coupon codes, target high-sales times like payday and the first of the month. Be sure codes are easy to remember and apply, and keep discounts moderate so you don't lose money. Coupon codes can also be extremely beneficial in abandoned cart cases, so don't be afraid to take advantage of savings to keep customers coming back.
Free Shipping
Free shipping can be an amazing tool for attracting customers, driving sales, and increasing customer loyalty. However, for most retailers, offering free shipping at all times isn't necessarily prudent or affordable, particularly when average purchase prices tend to be low.
When implementing free shipping, make sure you aren't doing so at the risk of your profits. Stick to a threshold before offering freebies, but make sure it isn't so high customers won't be tempted. Consider combining free shipping with other promotions; the more customers are inclined to spend, the less that shipping costs will affect your bottom line.
Referral Programs
For companies just starting out or looking to expand, referral programs can be a great way to spread the word. By rewarding current customers for bringing in more business, you can broaden your reach and build loyalty, effectively killing two birds with one stone.
When launching a referral program, make sure to give it the proper time and attention. A program that doesn't adequately reward customers for their efforts won't be worth your time or theirs, but one that's too generous could affect your profits.
Promotional programs can be a great way to attract attention to your business, but only when used properly and in accordance with the law. Running the wrong promotion can hurt you as much as it helps, costing you money without attracting the right audience. Creating an effective strategy and playing your cards right, you can use tactics like coupon codes and BOGOs to get ahead.
