Give out discounts and make money

We love our incredible customers. Try it for free. Two of the best ways to make money from home is to help people save money or time. But, used haphazardly, you can do significant damage to your brand or, worse, become unprofitable. Create profiles outlining the price sensitivity and shopping habits of different customers and use them as tools to determine the kinds of discounts to offer each shopper type. By Leslie Truex.

Discount culture creates a weak sales force (and a weak brand)

A discount is a reduction to the standard price of a particular product or service. Discounts have an old and quite strategic place in market history, and as with every strategy, they can work either for or against your business. Their success depends on several factors, such as the developmental stage of your business newly founded, growing, long-standing presence. Depending on your business strategydiscounts can either bring great returns or create misconceptions that put your work in danger. Here are some suggestions to help you decide whether discounts would work well for certain projects.

Who are offers, coupons, and discounts right for?

There was an error subscribing. Try refreshing the page and submitting again. Back to Blog. Just like snowflakes, no two discounts are alike. Or are they?

The pros and cons of online store offers

A discount is a reduction to the standard price of a particular product or service. Discounts have an old and quite strategic place in market history, and as with every strategy, they can work either for or against your business.

Their success depends on several factors, such as the developmental stage of your business newly founded, growing, long-standing presence. Depending on your give out discounts and make money strategydiscounts can either bring great returns or create misconceptions that put your work in danger. Here are some suggestions to help you decide whether discounts would work well for certain projects. Before you start applying discounts, think well about your reasons for the tactic.

Are you considering offering discounts because some clients demand it? Have some clients left you for a cheaper service provider? These sorts of reasons can greatly undervalue your skills, time and effort.

For starters, customers should never feel comfortable enough to demand a discount: if it comes to this, you may have spoiled them, or they may just be far from the ideal customer. Avoid such customers or set them straight from the start; otherwise, they may become quite a bit of trouble later. Depending on the market culture of your area, some clients might feel comfortable politely suggesting a discount if they have stuck with your services for a very long time and have been cooperative and punctual with payment.

In some countries and cultures, giving discounts to long-standing customers is common and expected practice. Such clients might even expect or suggest it at some point, without being aggressive. If your budget can sustain a discount and a client of yours is actually that valuable, then consider offering one.

Never chase customers or plead with them to stay by lowering the value of your own work. Announcing a general discount plan can be risky. Once done, bouncing back to your normal prices could be difficult if the discount period was limited for example, a holiday discount or you change your mind on the strategy because your income is not sufficient.

Variable pricing can be tricky, and when prices are lower because of a discount, customers could get the impression that you are able to produce the same quality of work for less money. If a current or potential customer thinks this, then convincing them to pay the full price will be hard.

Apply the tactic only if you have a firm base of customers and can risk losing income; some large companies, for example, use this plan fearlessly. If the market has stagnated, and the normal marketing benefits of having a website no long suffice, then you may need to adopt drastic measures to convince clients of the value of your services. Web developers might come to this when the market is seriously underperforming, and profits are too low for companies to consider proactive web strategies.

Aside from such cases, consider giving discounts only to a few select customers who comply with mutually set standards. These standards could include:. As mentioned earlier, implementing a discount strategy is not safe until you have established enough loyal customers to cover your monthly revenue goals.

If all else fails, and a discount is the only option left to boost your new venture, then go for small discounts on long-term projects. The same strategy could apply to growing businesses that have a few solid customers but are unable to draw in more than one or two new clients per year, even when its quality of work is high. As always, though, be careful about which clients you apply the discount to, and beware of applying it generally. Having a sustainable number of loyal customers makes it easier to integrate a discount strategy into a broader appreciation plan.

Using discounts as one among several methods of expressing appreciation and only for a select group of customers helps you envision the traits of your perfect client and trains new clients to follow this behavior, thus enabling you to gain the most from your collaboration.

Depending on your goal, there are ways to announce it that would create the right effect and prevent misconceptions about your pricing and the value of your work. You could either announce discounts publicly on a website or discuss options with select clients.

Make a public announcement to target a predefined group of clients, such as return customers or those who have used your services for a certain period of time.

Such announcements would attract new customers and remind old clients that if they choose you again, they could gain something in addition to the wonderful work you already provide. However, emphasize the aspect of appreciation and not the reduction in price. Alternatively, you could post an inviting, informative announcement on your home page.

Such clients might be long-standing, ideal customers with whom you have a good working relationship, or even relatives or close friends. You could also use it for clients who are excellent communicators and are understanding and punctual, but who are new and have a small budget. For example, you could discuss a small discount for a future project, or propose a small discount to someone with a small family-owned business but who shows promise as a client.

You could show your appreciation to clients by offering a discount on its own or in combination with other elements of a strategy. You could opt to offer extra little services to favorite clients or select groups, as long as they hold some value for the clients. Some ideas are:. With a little imagination, such perks can go a long way to improving customer satisfaction. If you are set on offering a discount, you could reduce the percentage and add one of the above features.

Last but not least, remember not to offer more than your business can sustain for the sake of attracting or spoiling customers. Be measured in your approachand take action only after thoroughly analyzing market conditions. Consider your lineup of clients and your balance sheet first before pursuing a new pricing strategy.

Play it safe in order to safeguard your reputation, work ethic and income. Have you ever tried using discounts in your business? What were the effects on sales and customer loyalty? For what reasons would you avoid discounts with web work? We’ve driven over 4 million leads for clients in the last five years.

Share this article: Return to top. Use Discounts to Show Appreciation, Not to Retain Customers Before you start applying discounts, think well about your reasons for the tactic. These standards could include: loyalty payment punctuality quality of collaboration good communication, timely submission of materials, openness to ideas, professionalism.

Offer Discounts Once You Have a Stable Foundation of Clients As mentioned earlier, implementing a discount strategy is not safe until you have established enough loyal customers to cover your monthly revenue goals. Some ideas are: a new banner a stylish new call-to-action buttons a few refreshed details for an old project of a loyal customer a nice advertising brochure to accompany the website of a new client an attractive newsletter a new image gallery registration of their domain name for a year free maintenance for a period of time if the website is mostly static extra holiday design features With a little imagination, such perks can go a long way to improving customer satisfaction.

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No fluff. Fortunately, retailers can rest assured that any coupons issued may still attract loyal, lifelong customers. The right discount method will vary, depending on your business, products, and customers. Our customer management software makes it easy to build give out discounts and make money manage customer lists, so you can view, sort, and group shoppers according to factors like purchase history, balance, and location. You may also like. A free gift disounts a purchase discountts be a great way to provide additional value to customers. Vend Tip Are you a Vend user? This reminds and incentivizes first-time visitors to come back and complete their purchase. All this adds up to smoother experience for your customers, and potentially higher conversion rates discouunts you. You also okt their email, providing you with the opportunity to build a relationship, foster customer loyalty, and market to them in the future. Disccounts filters. When was the last time you purchased something new from an unfamiliar brand without a coupon? To encourage people to convert after seeing the posts on social media, BarkBox provides influencers with a unique offer code to share with their specific audience. InCoca-Cola distributed the first-ever coupon. It’s important to understand your customers and what offers they will be attracted to. If you’re ready to make money helping others save money, here’s how to get started with a coupon and daily deal site.