Why Free Offers?
Free offers come in the form of many things, the most common being in the form of coupons. What this does is that it gives customers the chance to get a product at a better value. For businesses it gives the chance to drive more sales, allowing for more cashflow to be generated.
These free offers also help keep customers loyal to the business and allow for new customers to get a taste of what the company offers. With the best outcome, those new customers become loyal and this shows that the free offer did much more than that single sale.
Types of Free Offers
- Percentage Discount
- You’re most familiar with black friday sales having most things being 50% off
- Dollars Off
- An example of this is simply 5 dollars off when you spend over a certain amount.
- Buy one get one free.
- Buy two or more and get something in return.
- This means buying items and saving money on other items in the store.
- Free Shipping
- This eliminates the delivery fee, and a good example of this is Amazon’s free 2 day shipping for Prime members.
- Try Before You Buy
- This is commonly seen in furniture stores, and gives you a chance to try the merchandise before you purchase it.
Ideas on Offering Discounts
When it comes to offering discounts, there are different ways to offer and go about these discounts that will benefit both you and consumers. Some of these include:
- Offer fewer but bigger discounts
- Reserve lower prices for special events
- Know what to markdown and when for the best results
- Provide loyalty programs to continue the satisfaction of loyal customers
- Use predictive analytics to figure prices that attract customers the most