It does not matter how rich a person is because when it comes to bargaining a nice deal, everyone loves to do it. Women will bargain for clothes they love and men will bargain for vehicles they love because after all everyone loves to save the money. Even in business world, bargaining over projects pricing and discount offer is a very common thing nowadays. Price discounting is also considered to be a great tool for marketing but you need to be sure to use this tool at the right time. Businessmen should be intelligent enough to know when to offer discounts and how much it should be. Offering way too many regular discounts can obviously make your clients think that your regular prices are very high and that is something no businessmen would want.
In business, every businessman should closely monitor their discount pricing strategy so that there is no room for mistakes. It has been observed that sometimes, in order to grow business, businessman offer a lot of discounts which gives good results in the beginning but in the long run, it is not going to be fruitful. You have to be intelligent and clever enough to offer cleaver discounts to your clients so that you do not end up diminishing your brand and actual prices.
Following are a few ways to offer your clients some attractive discounts without having to affect your actual prices or your brand.
Discount to Get Items off the Floor
Something is better than nothing. The reason behind quoting this quote here is to make all businessmen understand that there is no point of keeping old things on your shelves. It is better to put them for sale on discounted price because it is always better to generate some revenue from them rather than not generating any revenue at all. By putting them on a discounted sale, you will be selling items that are no longer of your use and it is always good to sell such items before they become useless and unsellable. Also, people will be happy about the fact that you do offer discounts.
You should not be putting products on sale from the previous year or the products that are no longer in fashion. We all know that trends change really quickly these days to it is better to get rid of any leftovers with the seasonal sales and discounts. Come up with a strategy that will help you in selling old products along with increasing your seasonal sales. Once you are done with old products, you will have plenty of time and space for new products.
For instance, during holiday seasons like Christmas, Halloween or Thanksgiving, a number of printers offer special discounts on their greeting card and business cards printing, because in these special days greeting cards and postcards sell like hot cakes are considered to be the main commodity in book stores and super markets.
Go for Big Orders
Sometimes people do buy things in bulk because they know it will help them in saving money. If you are a part of any industry that deals with business to business sales, you will learn that it is in your favor if you offer discounts on bulk purchase because customers always try to buy things in bulk to save money and yes, it surely helps in saving. Offer discounts on bulk purchases so that you can make your customers happy. It will not only keep customers loyal to you but it won’t affect your regular prices as well.
Offering discounts for different age groups is a great idea to lure your clients. You can always offer exclusive discounts for youngsters, old age people or middle aged clientele. This will not only attract more clients towards your business but it is also a good way to market your business and get noticed. If someone likes your discount, he will obviously inform others and word of mouth referrals can do wonders for your business. Discounts are a great reason to bring back your client to your shop for more. By doing this, you are offering discounts without diminishing your project and at the same time, you are doing some good marketing for yourself.
It is always good to offer store-wide promotions and discounts instead of offering discount on one of your products. This way you are allowing consumer to save money across all retail offerings and clients love such deals. Offering store-wide promotions will increase your sales, build your brand value and increase your loyal customer base as well. Such discounts will attract customers without trying really hard so always opt for good discounting ways that are beneficial for both, you and clients.
Say No to Sliding-scale Promotions
Lowering down your rates by a little percentage is not a very good idea to attract customers. Instead of lowering down your prices, try to offer some additional incentives with your product. There are hundreds and thousands ways to add incentives into your products. Give one free on buying two or go for any other way that suits your business style.
Give clients a Reason to Continue the Relationship
Finding loyal and true to your brand customers is a difficult thing. You should always give your clients a reason to come back to you. You can always offer on savings on upgrades or you should be offering new products introduced by you. You can always distribute samples for your products along with your old products. This is a great way to increase clientele and at the same time customers will love to continue business with you.
Appreciation or Retention?
The discounts should be given but not just for the sake of it. Before you work on giving discounts, have a good reason to offer them. Also, discounts should be offered to strengthen relationship with client and to appreciate them for their loyalty. Retaining clients should not be the reason.
Offering to Limited Clients
Now this is something that totally depends on the kind of business you run. Try to offer discounts to only loyal customers if you are in graphic designing business however, if you run a store, offering discount to selected clients is not at all a good idea. As mentioned earlier, discounts are supposed to keep customers happy but it should not be done on the stake of your business’s reputation.
Announcing discounts in a right manner is also very important because if it does not serve the purpose, it is of no use. In order to avoid any confusion, try to make a public announcement of the discounts being offered. Proper public announcement is important so that there is no room left for any misunderstanding regarding the promotion of discounts.
A little bit of effort and intelligent thinking can take you a long way in business world. All you need to do is be at the right time at the right place. Playing it safe is very important because offering discounts just to seek attention will do no good to your business. It might work initially but it is not at all a good idea if you plan to run a long term business. Whatever discount you plan to offer, it should have that wow-factor with it. However, these discounts should never affect your actual pricing. If you have been offering discounts on old methods, it is high time that you revise your strategies.