Black Friday Cyber Monday- the name we all have been hearing for weeks now and the thrill is escalating every passing day.
Not only the retailers are devising plans to boost up their sales, but the shoppers are also carefully considering to buy more products, as Christmas will be in a month from Black Friday and it’s a neat time for them to shop. How about we grab this opportunity and encourage bulk buying?
One of the most admired discount marketing strategies is the “BUY ONE GET ONE” option, where customers either receive a discount on the second purchase or get it for free. This augments customer loyalty and halts your customers from visiting your contenders to satisfy their needs.
To multiply sales, consider offering discounts on your higher-ticket items and more expensive products. One study found that families who don’t clip coupons spend an average of $0.51 on a particular product. However, when a coupon was offered, they spent an average of $0.66. This might not seem like much, but that’s a 30% increase in sales. This is why companies on Groupon often offer multiple options. More customers are likely to choose expensive or luxury options to apply their coupons because of the perceived savings and value.
Cross-selling can be a good tool as it offers suggestions that go along with the item someone is purchasing. Would you like batteries to go along with that electronic toy? Oppositely, Upselling is about convincing people to buy something bigger and better than what they were originally going to purchase. When a customer is primed to buy, the additional price doesn’t always seem so high.
With a time offer, the customer feels pressure to make a quick decision about a purchase. Even if the offer is something they hadn’t considered, though, the pressure of missing out on a good deal could prompt them to buy the product.
You can be limited also to increase sales by increasing the amount of percent off when the person spends more. For instance, you might offer 10% for those who spend amount X and 20% for those who spend amount Y. Getting 20% off is a better deal, and many people will choose to buy more to save more. This technique can work at a variety of price points.
Another methodology can be by enticing shoppers with volume discounts. Buy 2, Get 5%, Buy 3 – Get 10% – you get the idea. Create combo packs and bundles to help improve the order value.
With that, it’s time to rocket your sales with these strategies by making your customers buy more.
