Dec 04, 2020 09:58 AM EST
A robust promotional strategy needs to be implemented as consumers accustomed to benefiting from discounts, coupons, and other promotions.
A business could have advantages and disadvantages when offering discounts, creating promotional marketing strategies, or introducing a loyalty program. According to BigCommerce, a business' strategy should focus on gaining and retaining loyalty to its customers.
Whether it be on social media or an eCommerce store, many businesses are providing limited-time percentage discounts to encourage customers to purchase and find innovative ways to offer value to the audiences. These ways are compelling and sympathetic to the overall customer experience.
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Here are some of the reasons why online stores should offer customer discounts, as per the BigCommerce:
With a promotional offer, you can highlight a new product or service by offering a gift with every purchase. You can also upsell promotional opportunity offers to tailor your paid and organic content to communicate the message.
A discount allows a business to make engaging marketing content that will speak for your brand while adding in a layer of urgency and excitement with the customers' promotions.
Consumers indulge in being rewarded. When you offer promotions of exclusive discounts to your customer base, they will feel excited as well as being valued. To tap into your existing customers' commerce experience, you can add promo codes that customers can enter through the shopping cart or checkout.
Try these exclusive coupon codes by sharing them with your email subscribers in the next email marketing campaign.
Promotions also can increase your sales while it is a cost to your business. A discount period is one way to add a layer of time sensitivity to your client's shopping journey. In return, your business will have an influx of purchases during the period of your offer.
Discounted items lower your cart abandonment rate. Just make sure that your offers are accessible on your eCommerce store.
If you plan to implement a promotional strategy, your eCommerce site should be prepared for increased traffic. When promoting new offers and customers spreading the word, it is more likely bringing more visitors to your site. Take note that many of these visitors might be new, so you should prepare intact service on catering good customer experience to win their trust. Discount codes may sweeten the deal. However, your marketing and user experience will be the one to bring in conversions.
Researchers found that coupon recipients who received a $10 voucher had a 30% rise in oxytocin levels and were 11% happier than those who didn't receive a coupon, according to a study implemented in 2012.
The discovery seemed to be right across different generations. In another study of Bizrate Insights, average consumers deemed coupons and discounts to be essential during their online purchasing decisions. Also, younger consumers notably find discounts and coupons more valuable than older generations.
Even if there is a lot of positive data that confirm the value of a strong promotional strategy, your business must take the necessary steps in protecting your bottom line when building a strategy to offer more value to your consumer base, no matter the size of your business.
If you're a brick and mortar store but most of your sales and best deals are available online, it's crucial you get your message across in-store with engaging digital signage designs that can show the biggest and most strategic discounts.
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