In this week’s training video, we discuss how to offer discounts that can explode your profits. Discount cards are a great option to consider when attempting to add value to your business. This is a very simple way to reward your loyal clients, ensuring repeat business and generating word of mouth. If your competitors aren’t offering a discount, but you are this is another great way to differentiate your business. By offering a ‘10% off’ discount card to your loyal clients, your business will take a 10% hit on revenues, but you’re generating tremendous reciprocity and goodwill for your business. Since your best customers are usually your most profitable customers, this goodwill generates more business at the margin and increases overall profits.
Types of Discounts:
-Buy Ten, Get One Free – A lot of people will use you if you reward their loyalty when others don’t. When offering this type of discount, consider giving each new customer credit for their 1st 2 purchases. Research shows that this motivates your customers to complete the 10 purchases.
-Happy Birthday – If you have a way to capture the birthdate of your prospects, send them a free birthday discount.
-Fishbowl Discount – When your customer comes in after their 10th purchase to claim their freebie. Have a fishbowl by the register loaded with folded pieces of paper, all of which have 25% off written on them. Also, have an award sheet loaded with various products/services that have a high-profit margin. Tell them that with their freebie they have also won the chance to draw from the VIP discount. They will be more inclined to buy after receiving a freebie and will want to receive something else.
-VIP Programs – This recognizes and rewards your best clients. Combines a discount of 10-15% off all non-sale items. It can come with extended warranties and guarantees, free home delivery, various prizes and interest-free financing.
In this week’s training video, you can design a step-by-step approach that your business needs to properly execute this dynamic revenue generating strategy. Once you learn how and when to use effective discounting you will be able to increase your profits from 30-100%. This strategy can skyrocket your revenue and profits, with little to no additional cost to you or your business.
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