In this digital world, nothing comes easy. So, don’t get disappointed when your company is hitting the conversion rate as expected. The products or services of your company might have relevancy and quality, however there are other factors as well that can have a direct impact on turning web traffic into potential customers.
In some cases, a simple push or a small change in the marketing strategy can work in your favour. However, one of the well-known strategies to turn web traffic into customers is discount offers. Yes, you have heard it right; lowering the prices will help you to attract customers. So, in this article, let us discuss how you can use discount offers to escalate the conversion rate.
Applying the appropriate discount strategy will ensure its success. So, before anything, you should know how to apply it in order to achieve the desired results. Now, you may ask what exactly do we mean by applying the strategy appropriately? See, the main idea behind providing discounts is that the customers should think they are getting high-quality products and services at an affordable rate.
Remember, the word “cheap” is dangerous in the business world. Most people associate cheap with low-quality products. So, you don’t want people to get an idea that you are selling cheap products. Before providing discount offers to the customers, you should have a proper reason behind it. However, the following are the three types of discount strategies that you can apply for business.
Offering low prices to your loyal customers is probably one of the most famous and oldest discount strategies out there. Here, your discount strategy is entirely based on the number of products that a customer buys from the company within a month or a year.
For instance, if a customer buys five items from your company within a month, you can provide the customer with a free product or a discount offer.
This type of discount strategy is a bit difficult to execute correctly. But if you manage to apply it correctly, the overall revenue of your company will also increase. With this strategy, you don’t have to always sell products in pairs.
For better impact, you can also bundle up three or four items that are popular among the customers. You can offer a bundle for example: a razor and shaving gel together and apply a discount offer. This will encourage people to buy the bundle even though they had the intention of buying only one item.
Newsletters are a very important part of advertising and marketing. If you know about e-Commerce, the chances are you already know this. But are you using newsletters to generate more sales? Well, if not, you are missing out big time. See, to lure people to subscribe to your newsletter, offer them a discount. After this, provide promo codes and gift coupons to your subscribers at regular intervals.
Discount offers are an effective method to generate more sales for your company. The results may not impress at first. But eventually, it will pick up the pace. So, if you are planning to design your discount strategy to boost your conversion rate, take note of the above points.