Offering discounts is one of the most effective strategies to attract clients to a business. This tried-and-true strategy will always generate traffic, whether your firm is brand new or a multimillion-dollar enterprise with a decade of experience. On the other hand, small businesses cannot always afford to give large discounts on their products or services in the hopes of attracting new clients; instead, they must be strategic and innovative in their approach.
To assist, members of the Young Entrepreneur Council (YEC) answered the following question:
“Because small businesses may not be able to afford large discounts to entice customers, what else can they provide as an incentive to shop to increase sales and gain new customers?”
Here are a few suggestions they have for getting customers to shop.
1. Access to Free Educational Resources
“People don’t only desire cheaper pricing when they shop for items and services. To use your products, people require excellent customer service and training. Include a free online course as a bonus for purchasing from you on your pricing page. Offering value in the form of a year of free customer service or educational materials is frequently enough to generate sales.” WPBeginner Syed Balkhi
2. A Referral Scheme
“Creating a referral programme is another option for small businesses to provide value to grow sales and gain new consumers. When a new customer purchases from your firm, build ties with them and offer little rewards to both the individual being referred and the referrer.” Uassist.Alfredo ME’s Atanacio
3. Access to Special Benefits
“Other incentives, like access to exclusive promotions for new customers or the option to preview new items, can help drive sales and attract new customers.” The objective is to make potential customers feel important and special.” Marquet Media, LLC, Kimberly Marquet
4. Novelty
“When it comes to attracting new clients, originality generally outperforms deep discounts.” A Charlotte, North Carolina restaurant, Stoke, serves a one-pound doughnut dessert. “Pizza as big as your head” can be found at Benny Marconi’s in Roanoke, Virginia. I became a customer of these eateries because of word-of-mouth marketing powered by novelty. Which kind of consumer would you prefer?” Blue Corona, Ben Landers
5. Online Contests
“If you can’t afford to give every new visitor a substantial discount, consider having an online giveaway.” You may attract many new consumers with this method without having to give away a lot of free items. With only one giveaway, you may get hundreds of leads for less than the cost of one product.” MonsterInsights’ Chris Christoff
6. Purchase Bonus Items
“A gift with purchase is a terrific incentive to offer to clients. You don’t have to give something extravagant. It may be a digital download or even a tiny version of one of your products. People enjoy receiving gifts. As a result, by giving them one, you can persuade them to buy from you more frequently.” OptinMonster’s Thomas Griffin
7. Partnerships for Complementary Products
“By working with small firms that target similar client profiles and sell complementary products, you can expand what you offer to your customers.” That way, you’ll be able to offer more entrance points for potential clients to learn about your company and for current clients to stay longer – all while staying on budget.” Wunderdogs’ Daria Gonzalez
8. Loyalty Programs
“A loyalty programme is one inducement. It will include discounts, but not deep ones, and they will be spread out over time. It’s a terrific method to establish loyalty, which may frequently outweigh a customer’s desire to go somewhere else for a better deal.” Money Crashers Personal Finance’s Andrew Schrage
9. Free Entertainment or Events
“Small businesses can use live or online events to attract customers. A skilled speaker or entertainment might attract customers to a physical location. You can also hold online instructional activities like webinars. These high-pressure sales events should be avoided. Use them to draw people to your store or website, and if they find value, some will become customers.” Kalin Kassabov, ProTexting
10. A Donation of a Portion of Profits
“Support the important causes to you (and your consumers).” Giving a portion of your revenues to charity organisations is a wonderful way to give back (however tiny). Still, it also demonstrates to your customers that you care about more than just the bottom line. Above all, be sure your decisions are genuine. If you don’t, your customers will notice, and you can do more harm than good.” Casely, Inc.’s Mark Stallings
Image: Depositphotos
