How to Incorporate Deals Into Your Marketing Strategy
Working out which strategy is the most effective form of marketing for your business is difficult, so if you’ve gotten as far as deciding that deals are the way to go, then congratulations! The hard bit is over. The next stage is working out exactly how to incorporate deals into your marketing to ensure that you get the maximum results from your efforts. Whether you’re opting for price-slashing sales, something-for-nothing promotions, or a competitive referral scheme, we’ve got tips to ensure that your deals provide the best return on investment possible. Get your notepad and pen at the ready because these tips will transform your marketing plan into something to be truly excited about.
The Something For Nothing Approach
Giving away something for free is a great way to attract new customers. One of the sectors where this is particularly popular is the online gaming and betting sector; so much so that sites like OddsChecker compile lists of free bets that are currently available. These kinds of offers work particularly well for this sector because it doesn’t always cost the business anything to give things away. If someone takes up the offer and loses, then the offer costs them nothing and they may have gained a new customer. If the customer does win then the offer has cost them something, but they still have a new customer. If your business can work in a similar way then all you need to decide is how much you’d be willing to pay to acquire a new customer and that is the amount of stock or service that you can afford to give away.
This method also works brilliantly for those branching out into the food or drink business. This sector is ultra-competitive, so standing out is essential. We’ve all seen people standing in town centers and supermarkets giving out free samples of ice cream or fruit smoothies, and the reason we’ve all seen it is because it works. Giving people a free taste of your product, assuming your product is delicious, is the best way of attracting new customers. Also, because you’re rarely giving out a full-sized sample this method of marketing can be really cost-effective.
Referral Schemes
One of the best ways to raise awareness of your business when you’re starting out is by offering a referral scheme early on. Your scheme could take the form of a loyalty card, where customers collect a point or a stamp whenever they refer someone to you. After a certain number of referrals, they win a free item or service. Your referral scheme could encourage people to bring a friend and for them both to receive a discount. You could even create progressively larger rewards the more new customers you refer. The sky is the limit with this one and it’s a really effective marketing technique because people trust their friends to be honest about their experiences. Word of mouth recommendations are worth their weight in gold, so use this to your advantage.
Members Only Sales
Sales are a great way of generating money quickly, but if you keep them open to everyone then you are at risk of selling too much stock for less than it’s really worth. Instead of having enormous sales that are open to all, focus on creating special sales just for your valued customers. This kind of pull marketing is really effective because people love to feel like they’re part of an exclusive club. You could encourage people to sign up to a mailing list to be kept in the loop about your member’s only sales. When the day of the sale rolls around, make it feel like a proper occasion. Get a little champagne ready for your customers on arrival, set the mood with some music, and arrange your stock to make it feel exclusive. Before long your members-only sales will have a reputation all of their own and people will be clamoring to sign up to your mailing list, which will enable you to do some brilliant marketing using other formats.
This article has been published in accordance with Socialnomics’ disclosure policy.
