10% has always been businesses favourite offer!
It doesn’t cut their profit too much, but supposedly gets customer to buy.
The thing is, sites like Groupon have come along and **** all over 10% off! They offer 60,70, even 80% off!
10% off no longer seems like a big figure. It doesn’t feel like much of a saving. And it certainly doesn’t excite customers to act now!
So, if you’re running 10% off offers, think again!
The best type of offers are those that add value to the customer. For example, giving away something additional to the product/service they purchase, if they make that purchase before a specific date. If you find your average customer spends £87, then give an offer of something free if they spend over £100. You won’t lose out because you’ll be pushing up your customer average spend!
Or alternatively, price products and services above what you were planning to, then discount to the price you originally had in mind. That way you’ve essentially not lost profit.
And make sure every one of your offers has a deadline! If first time customers get £20 off, I could get that whenever I become a customer, so there’s no immediacy for me to buy. Make it so I have to buy before the end of the week, and I will!
Offers are the number 1 way to do your selling on social media, if they are compelling and have a deadline attached.
So, ditch the 10% off. It just don’t work!