Every brand is bound to offer discount to their customers. Whether it is in the form of coupon codes or a free shipping offer, it can be anything. But now the thing is common discount offers can’t excite the masses. Therefore, the brands need to offer discounts smartly.
The idea is to entice people to shop and also meet the sales target. So, here we’ve got a list of way in which you can provide offers and discounts to the customers, so they definitely make a purchase.
See whom to attract and whom to ignore
The generation of millennials are less interested in discount. Whereas the generation X is much more into it. Millennials are more into discounts on home décor, home appliances, furniture and electronics.
Trying to attract more customers from the millennials can do much better for your business and rapidly increase your profit. Also, you will be able to create a base of customers who purchasing power is going to grow stronger as they grow old.
Focus on quality not on quantity
If you provide sales only a few times during the year, your sales will be celebrated as a big event among the customers. On the contrary, many medium size stores have numerous sales throughout the year with 40 to 60% off deals, but people don’t get enticed with them as they feel that these deals will keep coming every now and then, and there is nothing new about them.
Keep your marketing game strong
It’s all about great marketing tricks. The type of marketing you do for your product is what your customers see when you convey the value of your product. Try to be smart enough!
Even if you know the price of your product is not the lowest, just convey your message in such a way that it shows the true value of your product and justify the price that the customer has to pay.
Some products need discount
Many brand’s products are sold only when they are on sale. And it’s not always because they are not quality product, but it is because they are unbelievably expensive.
So you can try to put discount on some branded products that you are selling and excite customers to make a purchase. That’s how you don’t have to put other products on discount and can sell them at MRP.
Put on your analyst hat
There are countless predictive tools to help and assist you to manage your inventory in a way that you mark and arrange the product accordingly. This will ease your job predicting which product to put on discount and which one to keep out of that list of discounted ones.
In this way, you will be able to offer discount to your customer and also make enough profit margin by selling other products on usual price.
