Discounts, vouchers, coupons & deals. These are essential marketing methods in today’s high competing eCommerce business. Every online seller will have to someday use these marketing tactics and make a decision as to what offers to be given when to run these offers and how much should it be worth. By applying these, sellers can drive more sales and increase customer’s loyalty.
Offer a good deal and you can get customers flooding into your online store, but always be careful and make sure to have good planning so you don’t end up having a loss or damaging your business.
There are always pros and cons to any action we take. Here are some to take note on.
|Increased customer loyalty||Possible brand damage|
|Increased conversions||Higher chance of driving non-loyal shoppers|
|Increased customer acquisition||Lower sales during NON SALE period|
|Easy to keep track||Decreased margins and profitability|
|Easy to implement campaign||Customers might tend to always wait for SALES|
So now that we have listed and taken note of the above pros and cons, you would want to carefully plan your offer or promotion campaigns.
Running an online business will generally involve a lot of trial and error to understand what works best for your business, as every business is different and unique. The best approach is to choose a goal for every campaign and offer you give, start with a small offer first and measure the results to see if it works. It’s important to consider your overall brand strategy before you begin offering discounts. Especially if you are positioning yourself as a higher end brand or if you have slimmer margins, you would want to consider sticking to “customer loyalty” type of offers as opposed to “weekly sales”. As for daily or weekly offers or sales, it would be advisable for those with healthy margins. Ultimately, you need to consider if discounts, vouchers, coupons & deals is even a right strategy for your brand.
Here are 7 ideas of discounts, vouchers, coupons & deals you can try out.
1.Free Shipping – By offering free shipping, you can lessen shopping cart abandonment issues and increase conversions. Use Free Shipping discounts in conjunction with a minimum purchase requirement to increase your average order value.
2.Voucher Giveaway – Giving away vouchers can be a great way to provide additional value to customers. If used strategically, it can also be used to increase average order size. For an example: Spend RM50 and get an RM2 voucher, spend RM150 get an RM15 voucher.
3.Discounts on Future Purchases – Driving future revenue involves making sure your customers keep coming back. Run special promotions now and then where your customers get something like a 20% discount on their next purchase or free shipping.
4.Free Gift – Everyone loves a surprise now and then. A free gift with a purchase can be a great way to draw back repeat customers and provide additional value to customers. Using this method strategically, can increase average order size and get rid of products that are not selling off.
5.Subscription only discounts – This is a method you would wanna use for lead generation. For an example, your campaign CTA or website CTA can provide 20% discount on their first purchase when they subscribe to your newsletter. Make this exclusive for first-time buyers only.
6.Percentage Discount – The most popular way to offer discounts is percentage based discounts. You may want to have big discounts for items that are moving slow or not at all – giving a discount from 50% onwards to clear off those stocks. As for other items you can go from 5% to 20% off to drive in more traffic. AVANA has a feature that allows you to run discounts or promotion.
7.Review And Get Rewarded – This is a good way to solicit testimonials. When you offer a reward for an unbiased review, you’re letting your customers know that you truly do value their opinion whether it’s bad or good. But make sure to resolve any bad issues that prompted the bad review. You can either offer a discount on a purchase or a voucher for leaving a review.
For running promotions or discounts on AVANA just go to CONFIGURATION > PROMOTION and make the necessary changes.
If you have not signup, try now > http://bit.ly/AVANA_DiscountsTags: attractcustomers, boost sales, businesstips, discounts, E-commerce, ecommerce, online seller, onlinebusinesstips, onlineselling, promotion, sell on facebook, sell online, voucher
This post was written by Rina Chandra Kumar