It is very common to see that an offer for a product or service that is advertised is discount based i.e. 10% off and that is something that really effects your profit, essentially you are giving away your cash.
There are some other types of offer to consider as you choose strategies to keep customers/clients or to acquire new ones, so these may be worth considering
These types of offer are aimed at taking the risk out of the buying decision. The better the guarantee the more of an uptake you will get.
These work very well for a new customer or client to get them into your fold, however they must be genuine and true they then help your existing client base by building loyalty; so they really extend the frequency of transactions, the value of what they spend and the lifelong value of a customer/client.
The Package Offer
Package products and services together to create a marketable and perceived more valuable offer and even consider buying is products or services that can enhance the appeal, perhaps something from a strategic alliance. An example might be computer hardware and software subscription for 1st year is free. If you are only a services business, then productise your service into packages.
Discounts versus Bonus Offers
Rather than discounting as mentioned above make it a bonus offer i.e. tenth purchase free, or when you spend £100 we’ll give you £20 off you next purchase. If you are a business with stock that you wish to turn, you could have a two for the price of one or cheapest one free or cheapest one 50% off, though be careful that you understand your margins before you do this. When we turn stock, we don’t want to give offers on out staple products but only on stock that is going to be out of date and we then would lose our stock investment money so it’s better to move it at cost than loose the investment.
If you are giving a free item, then do make sure you value it in the advertisement. An example is ‘Call us now for a complimentary session valued at £150’. This position your time, service or product much more than a simple giveaway that isn’t then appreciated.
Time Limited Offers
Always ensure that the offer is time limited as and these create urgency and it dramatically increases the response Examples are ‘Call before [date],’, ‘For a short time only’, ‘Valid until [ date].
The BCMT Centre will be running Marketing Planning and Campaign workshop in April/May and if you would like a complimentary session (worth £250) then so make contact on 01473 359248 or email Barbarabrennan@bcmtcentre.co.uk and we’ll book you in with a coach.
Offer valid for the duration of this edition CB8 only.
We also have our free Quick Steps to Building YOUR Business Seminar on 4th May – see HERE