How to Leverage Discounts as a Marketing Strategy?

BY JONATHAN LIEBENBERG

Discount marketing is one of the effective marketing strategies!

Companies utilise different marketing strategies to reach customers and increase conversions. Discount marketing is one of the simplest, most effective, and most popular ways to gain and retain customers. It holds a particular spot among paid, digital, and social marketing, among others.

Having discount strategies is effective year-round. While customers make excessive purchases on special occasions irrespective of discounts, deals and coupons can increase sales for retailers and online brands by a huge margin. Therefore, companies must know the proper techniques to wield price cuts as a marketing strategy.

What Is Discount Marketing?

Discount marketing uses sales, discounted prices, vouchers or coupons to attract people and convert them into customers. Discount marketing is carried out for a limited time, as selling low-priced products is not beneficial in the long term. The most common and popular types of discount marketing approaches include: 

  • Holiday sales
  • Flash sales
  • Discount vouchers
  • Sign-up/membership discount offers
  • Buy one get one free offer

Most companies provide discounts based on percentages. The aim of smaller deals (5-15% off) is to entice customers into making their first or second purchase. Meanwhile, more significant discounts (up to or flat 50% off) are given on clearance products. Companies frequently use discount strategies due to their incredible impact on customer retention, conversion, and profits. By expertly leveraging discounts, brands can increase sales profits by more than 70%.

How to Use Discounts as a Marketing Tactic?

It is difficult to convince customers to click the “buy now” button and complete a purchase. However, discounts provide the final push hesitating customers may need from time to time. These discount marketing tactics show how businesses can leverage different deals to observe effective results.

Click here to read more https://www.leaderonomics.com/articles/business/discounts-marketing-strategy

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