Tips on how to market your deals and get people to buy more from your business.
Money Is Tight, People Shop the Sales
In today’s economy, a lot of people view themselves as struggling. Even people who have big paychecks and tons of spending money are being more thrifty. This might be because it costs more for the newer generations to do anything than previous generations.
Because of this, consumers are on a constant hunt for sales. Many will turn away from a product they really want if there is no discount attached to it. If there is a variety of products that all accomplish similar things, but there are more expensive options for extra features, they’ll typically go for the cheapest option.
So, if your target audience falls in a demographic that wants those sales (like most consumers) you will need to include deals as part of your ongoing marketing strategy.
The Illusion of Savings
In the world of B2C marketing, savings are essential. People need to see and feel like they are saving money, even if they aren’t. The illusion of savings is one way to still get a good profit but keep consumers happy. In fact, many consumers demand that illusion of savings over simply a lower normal price.
For example, JCPenney once tried to get rid of their illusion of savings. The experiment was to get rid of coupons and instead provide constant low prices. Basically, they got rid of the illusion of savings and instead said “We will give you low prices instead of marking up products and then putting them on sale.” The result was that people stopped shopping at JCPenney because they didn’t feel like they were getting a deal.
Even if you feel like you can’t give a real deal to your customer, the illusion of savings is a necessary evil. Even a tiny amount of “illusory” savings can make a difference between consumers flocking to your business versus a competitor.
Creating Urgency With a Timed Deal
One particularly effective pull with a deal is that people don’t want to miss out on saving money, even if they buy something they aren’t positive they need. It’s why stores have clearance weekends, coupons have expiration dates, and deals rarely last longer than a week.
If deals were to last a long time, people would put off making purchases, and potentially forget about the deal. Having a firm deadline, or not having the exact knowledge of when a deal will end but knowing it will soon, forces consumers to act. Either they have to make the conscious effort to decide not to make a purchase or they have to go out quickly and take advantage of the deal.
If you are wanting to get a burst of sales, consider doing a larger, limited-time sale. This can give potential customers the push they need in order to drop the money necessary to buy a specific product.
Discounting to Make the Sale
A small discount could make the difference between getting a sale and not. Even a 10 percent decrease can be the tiny push between a customer leaving your store/website and making the purchase.
If a consumer has gone through your marketing funnel and gotten to the point where they are about to buy your product, but decides at the last minute not to, there are things you can do to make them reconsider. If you have their information and they put your product in a cart, only to leave it there, you can offer a small discount, or free shipping, to pull them back. If a potential customer is about to exit a product page, utilize a pop up that offers a small discount if they complete the purchase
Capitalizing on a Money Saving Culture
Being able to save tons of money is quickly becoming a subculture by itself. Savvy shoppers look for ways to stack savings anytime they go shopping. While most people don’t go to the extremes to get a hundreds of dollars in savings every month, average people will look for relevant coupons and savings.
If you have a lot of repeat customers, providing coupons can encourage further purchasing from them, but they might also share that deal with others. There are entire businesses and websites dedicated to spreading information about savings and getting one of your deals shared on them can bring in a ton of business. Especially if you sell products that appeal to a large, general market, getting people to share your deals online and through word of mouth can be very powerful.
Your business needs to offer discounts and deals regularly, especially if you are in the B2C market. It’ll help you stand out against competitors and can make potential customers view your products more favorably. Even if you have to use the illusion of sales, make your customers feel like they are getting a deal.