5 Tips on How to Run Discounts for Future Holidays
We’re already deep into the holiday season but your online store is still not reaping enough profit. What could you be doing wrong?
It is popularly believed that Black Friday was aptly called because this is the time when most retail companies stop being in the red so to speak. No matter which website you visit, every single one is screaming sale, sale, sale! That’s why it can be quite upsetting for the stores when they don’t earn enough even while people are splurging left and right. If this is currently happening to you, we are here to offer a few tips that you can experiment on when the next sale season comes swinging by.
1) Know What You Can Afford
Before anything, find out how much profit you are willing to pass up. Sales are all about giving major discounts. When the promotion is big enough, the greater the chance that customers will flock to you like bees do with honey. Based on what you might ascertain, you can then decide on the best marketing approach for your promotion.
2) Try Loyalty Marketing
Depending on the size of your customer base, you might have an existing rewards scheme already in place. If not, start considering if this is a viable strategy for you to start in the upcoming year. During the holidays, you can offer special discounts exclusive to devoted shoppers and this gives them further incentive to remain appreciative of your business. This can also convince other customers to sign up as new members to your loyalty program.
3) Distribute Targeted Coupons
You can evaluate your couponing strategy and decide which avenues have been working for you. You can also search for new ways of disseminating your discount codes so that they catch the attention of your target market. Try typing up Best Buy coupons in a search box and see where they market their promotional codes. Maybe it’s not enough for you to leave it to newsletters and it’s time to wade in new waters. You can experiment with social media influencers, cashback programs, Google ads, and more.
4) Minimum Totals Discount
Maybe you find out that you can only afford to offer discounts once a certain profit margin has been met. That’s perfectly alright! It means that you still can afford to give discounts. Instead of giving an outright 25 percent off, you can say that you’ll give a $25 discount if their purchase before shipping is worth at least a hundred bucks. This is still an attractive deal to most shoppers and it also works for you by keeping the profit you need intact.
5) Offer Free Shipping
The people have spoken, shipping fees are just annoying. When all else fails, don’t knock this strategy because compared to the deep discounts that you might not be able to afford at the moment, free shipping is still a significant deal for online customers. Some businesses even manage to keep this promotion all year-round. Add this to any other ideas you might think of and you already have a winning combination!