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How To Apply Discount Strategies To Increase Sales

How To Apply Discount Strategies To Increase Sales

Who doesn’t like to get offers? Exactly, everyone! And your clients are no exception. That’s why discount codes and crossed-out prices are so effective in getting new visitors to buy or in encouraging current customers to buy mmc 996 again. However, when it comes to lowering prices, how can you offer tantalizing discounts without hurting your bottom line?

In this guide, we show you when and how often you should apply discounts and to which customer segment you can offer them so you can get the most out of your discount strategy!

Discounts, promotions and offers: what are my options?

The discount options or offers you apply will depend on the visitors you intend to attract, the position in your industry, and the objectives of your company. For example, if your company is at the top of the market, then a loyalty program with regular offers like the Tommy Hilfiger “Hilfiger Club” could work very well for you. If you have wider profit margins, then you will be able to offer rebates more often.

Another possibility is that your company combines both. Take the test to find out what works best for your brand and remember to choose a target for each campaign or offer. Then evaluate the results.

Percentage of discounts

Do you need to make room for the new collection, or do you want to get rid of old products that have an expiration date (like food or makeup)? Motivate your customers to obtain them with a percentage discount on the total price, such as 10% or 50% less.

If you are concerned about products with expiration dates that may be left over, you can plan your discounts in advance. Just create a discount and select the dates for your offer, and they will be activated automatically. Thus, you will avoid staying with products that have expired (or much worse, that have gone out of style).

When your customers need extra motivation, you can limit the number of times a discount is used. This serves to create a sense of urgency: make it clear to your customers that if they don’t act fast, they may miss your offer.

Strikethrough prices

The crossed-out prices serve to make your sales more attractive, showing your clients the exact amount of money they are saving.

As a matter of transparency, we recommend that you include the reason you are adding a strikethrough price in your product description. For example, “All knitted items now 50% off to make room for the Spring Collection.”