Many sellers avoid offering discount coupons and codes. They either assume that it devalues their product or they lose their money that can be made with such sales. If you use discounts right, you are not going to lose money at all. Sometimes offering discounts can be the difference between making sale and not making any sale at all. Discounts create the feeling of urgency and offer great incentive for buyers. Visit instant likes for more.
Human Psychology Behind Upselling and Discounts – How to Get More Sales?
So you have got your potential customers but don’t know if they like to buy from you or not. They want to buy your product but not 100% convinced to buy. How would you push them to buy from you? It’s up to you how would you give that nudge to them. You need to add value to what they are going to buy. Make sure they are getting most of their money that they are paying you. You have to sweeten the deal. Test different kinds of discounts and keep an eye on the ones used more. Be sure not to offer a lot of discounts or your customers will be trained not to pay full price to you.
How would you know how much is too much? Well, it is up to your audience. Well, offering discount once a week is too much. But doing it once a month is okay! Watch for patterns and you will find out what works best for your business.
Type of Discounts to Attract Sales
Not all discounts are made similar. Sometimes you are not completely sure what type of discount you want to offer any why would you pick one over the other. You don’t even have to brainstorm it. But sometimes, your “Free shipping” coupon does more than ‘20% off’ coupon. It is all about planning what to use when. To strategize, you have to find out what each type of discount works for value. Here are the discount options as well as their value and when to use them.
Percentage off
It is a basic coupon. According to how much you are going to offer, it can be ideal for large sales (around events or holidays) or for smaller items to push sales.
Amount Discounted from Total Cost
According to how much you are going to offer, it can be ideal for big sales in events or holidays. Sometimes customers give more preference to them over percentage off as they know the exact amount they are saving.
Free Shipping
You can use this coupon anytime. Apply it to add more value to your orders which cost more in shipping. You can also add minimum purchase requirement. For example, free shipping available on orders above $50.
Offer an Item Free with Purchase of Other
When you don’t like to discount your product, you can throw in free bonus item to improve the value for money of your buyers.
Coupons on Membership
To build bond with previous customers, it can help you to make your customers returning by offering incentive to sign up for newsletter.