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Consider Various Types of Discounts
from: Deb St. George - MastermindMarketingTeam.comOnce you settle on the regular price of your product, you can still offer incentives for customers to buy. Many customers will purchase something at a discount that they wouldn’t purchase at full price so use discounts as another way to build your revenue. In the following paragraphs, we’ll look at some of the various types of discounts you might want to offer.
Quantity Discounts
Many marketers, whether brick and mortar or online, will offer discounts when a certain quantity of a product is purchased. Often referred to as bulk discounts, this benefits both the customer and the seller and should be considered a valuable marketing tool. While it is easy to think of selling physical products in bulk, many Internet marketers don’t stop to think that many digital products can also be sold in bulk or that services can also be discounted for quantity. However, many online writers, who are marketers as well, often give discounts for quantity when selling a large number of articles.
Preferred Customer Discounts
Many brick and mortar retailers, as well as Internet marketers, offer special discounts to preferred customers. These are usually regular customers who receive a discount for being loyal customers. This is an excellent marketing strategy to help retain customers who have already purchased from you. People love to get discounts and offering this type of discount could mean the difference between retaining a loyal customer and losing one that isn’t so loyal to the competition.
Seasonal or Holiday Discounts
Every single holiday, even the ones that may not be very well known, brings a throng of sales events to retail establishments. That’s because they know their customers love a sale and will use any excuse to buy something at a discount. You, too, can capitalize on seasonal and holiday sales events to boost your profits. Some Internet marketers even offer special discounts to their customers on their own birthdays.
Start now to notice the kinds of discounts other Internet marketers are offering to their customers. Also, take a close look at the products and services you are offering to see where you might be able to incorporate discounts that will tempt your customers yet still allow you to make a profit. You might consider offering discounts for products or services that aren’t selling as well as you had hoped at their current prices or if you have a bestseller you might consider discounting that instead.
Visit Internet marketer forums and message boards to learn how your fellow marketers offer discounts and where they have found success. Remember, too, that no matter how much you discount some products, if they don’t offer real value to customers then they probably still won’t sell. As with many other aspects of Internet marketing, this is an area where trial and error may be the only way to truly gauge how beneficial offering discounts is to your business.
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