Mastering the Psychology of Discounts to Make More Sales

What is the right strategy when it comes to discount marketing: presenting strong visuals, mystery offers, or the word “free” in your print ads?

Everyone is attracted to a deal, no matter the size. By using coupons or discounts, you appeal to shoppers in a unique way.

Incentives Prompt Action

When shoppers feel like they’re getting a good deal, they are excited and more willing to purchase.

Incentives also create urgency, build goodwill with clients, and dissuade people from looking for other offers.

Want to move more products? Experiment with discount tactics like these:

1. Dollar o

r Percentage Off

This discount type is the most widely used, simply offering a reduction on the original price, such as $50 savings or 40% off.

Discounts can be placed on specific products or applied to an entire order.

2. BOGO

Short for, “Buy One, Get One,” this discount type prompts customers to purchase additional items.

Examples of BOGO include, “Buy One, Get One Free” or “Buy One, Get 50% Off the Next Item.”

3. Quantity Discounts

Quantity discounts encourage shoppers to increase their order value to receive a discount.

For example, “Purchase two items and get the third free,” or, “Receive 30% off your $100 purchase.”

4. Rebates

A rebate is an amount that’s returned or refunded to customers after their initial purchase.

Often used for large-ticket items, the most common is a mail-in rebate. One example? Listing a price as, “$499 after rebate.”

5. Free Shipping

Increasingly popular among online business owners, this removes the shipping cost associated with any order.

Many merchants offer free shipping for a specific order amount, such as “Free shipping when you spend $25 or more.”

Test Discount Variations to Find A Formula for Success

Since there are so many ways to frame discounts, it can be helpful to test multiple variations of a discount to see which are most impactful.

For example, you could offer a segment of your VIP customers a percentage discount and another segment a dollar-off discount to test which discount best appeals to core customers. Or you can experiment with varying communication channels, length of promotions, or discount “add-ons” (like free shipping or store credit for a future purchase).

Here are some examples to consider:

Catherine’s Women’s Clothing: Private Offer

In an ad pitching swimwear specials, Catherine’s framed a gleaming yellow swim ring afloat a dreamy blue pool.

The overlaid text offered one of two choices: a “Buy 1 Get 1 Free Clearance Item,” or “Private Offer Up To $100 Off.” Catherine’s used imagery that transports viewers to a place they want to be, evoking an emotional fondness for swimwear. The bright floaty draws eyes to the deal, and the company wisely gave two sale options to accommodate the price points of individual customers.

J. Crew: Flash Sale

In a spread featuring outdoor apparel, J Crew positioned a yellow sailboat cruising the waves of a dark blue backdrop, using this pitch: “Smooth seas and clear skies – perfect conditions for a flash sale. Extra 30% Off & Free Shipping, Use Code: SetSale.”

For this flash sale, J. Crew took advantage of good sailing weather to create urgency and nostalgia that tied to real life. Because this ad catered to unique preferences and behaviors of a particular market segment, the piece moved beyond a sale into the emotional story of its readers. This, combined with a compelling offer (and clever coupon code), brings a winning combination.

Once you have a better understanding of your most effective offers, you’ll be a great position to mix up your campaigns and boost customer engagement.

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Increase Sales Through Authentic Marketing

Authenticity is a hot word in business.

Today’s consumers don’t want to be told how to think or what to do. Instead, they want businesses that inspire them, and customers are demanding greater purity and consistency in the products, messages, and values a company represents.

What is Authenticity?

Some define authenticity as being consistent in word and deed or having a fundamental character that doesn’t change based on circumstance.

Inauthentic companies may come across as artificial, timid, fake, or gimmicky, while words associated with professional authenticity might include transparent, original, boldly unapologetic, legitimate, or truthful.

Authentic brands are those that stay true to who they are, what they do, and who they serve. This means that, in an age of unprecedented consumer empowerment, understanding your customers and what they expect from you is critical.

But in crafting authenticity in marketing, entrepreneurs should understand that the meaning of the word authenticity can vary based on customer expectations.

Authenticity Translated: Two Interpretations

Consider the restaurant industry in New York.

Two fan favorites in this scene include DiFara’s Pizza in Brooklyn and Blue Hill in Greenwich Village. Both are lauded as “authentic.” DiFara’s reviewers rave that this pizzeria is as “authentic as they come,” while Blue Hill at Stone Barn is hailed as “an authentic Hudson Valley culinary experience.”

What does this actually mean?

Translation 1: In this genre of authentic companies, a product or brand perfectly conforms to the original.

DiFara’s matches the expectations a customer might have for a “classic” Italian pizzeria experience. The pizzaiolo at DiFara’s, Domenic DeMarco, immigrated to the U.S. from a small town near Naples and has been making traditional thin-crust pizzas in Brooklyn since 1964.

Translation 2: Blue Hill offers farm-to-table ingredients with a focus on creating sustainable food systems.

Here authenticity is assigned to a company that offers products or experiences that adhere to the core beliefs or values of the customer served, whether the value is for transparent leadership, unpolluted products, or a desire for excellence. (Think the Honest Company, Apple, or Yeti, for example.)

Which Strategy Should You Pursue?

According to four studies reported by the Harvard Business Review, authentically conforming to a category (see Translation 1) might lead to higher social evaluations (like 5-star ratings) but might not increase a consumer’s willingness to pay more.

This can bring tangible benefits: research shows that even a 1-star increase in Yelp reviews may bring a 5-9% increase in revenues.

On the other hand, authenticity adhering to customer core beliefs (see Translation 2) might persuade consumers to pay more for those products.

How does this affect your business? Researchers said this:

“Managers should consider these patterns as they attempt to appeal to customers. Rather than assuming that any mention of authenticity leads to a better reputation or more revenue (or both), managers might do well to think carefully about what kind of authenticity their organization expresses. For organizations that convey authenticity because they exemplify a specific category or genre, they might focus on generating value by winning higher star ratings – which can increase sales traffic – rather than attempting to charge more for products or services . . . Organizations that evoke authenticity by adhering to their core beliefs might benefit more from charging a premium for products and services to a more selective set of customers.”

Want to win at authenticity? You will be wise to choose the best way to meet customer expectations, ensuring each message you send is genuine and in line with your brand principles.

Don’t just claim to be authentic, choose a strategy to pursue it. Then live up to this vision by giving your very best!

It doesn’t matter what strategy you use, we in PrintItPlus are always happy to make graphic and printing for you to help you increase the sales.

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How to Grow When Sales are Slow

Nothing was going right at the plate for Dave Concepcion, the shortstop for the Cincinnati Reds.

About a month into the 1976 season, he was suffering a hitting slump, a plague of physical and mental anguish that had frittered away his batting average to around .150. The Reds were in Chicago, where the Cubs had a large industrial gas-operated clothes dryer in the stadium. Feeling goofy, Concepcion hopped in the dryer and called to his teammates. “Hey! Maybe this will help me get hot.”

Going along with the gag, Pat Zachry, the pitcher, hit the side of the switch, pretending to turn on the machine. With a puff of smoke, sparks flew, the machine whirred and began to rotate with Concepcion inside.

”I’ll never forget it,” said Zachry. ”Davey started spinning, and I froze with my eyes bugging out. Oh, it was terrible. Then I banged the side of the switch again. And the machine stopped.

”Davey went out that day and got four for five,” said Zachry. “And for weeks it was almost impossible to get him out. I tell him now that I made him the player he is today.”

Fast-Track Productivity in Unconventional Ways

No one in baseball or business is certain how slumps happen, but it’s helpful to know how to react when they do. Especially if you see trends that repeat each year.

Here are four creative options to fast track productivity if your momentum is slow this summer:

1. Engage in pro bono opportunities that enhance your products, services, and relationships.

In slowdown seasons, invest company time in something that will pay off.

Who are your target customers or VIP account holders? Approach these contributors and offer to host a free training event or professional engagement that will put your products and people in the limelight. Another alternative is to select core clients and offer to enhance your services for them for no cost.

2. Do non-profit work for your best customer’s charity of choice.

Slow periods are an ideal time to invest people equity in causes that matter.

During your down times, partner with agencies that your clients value and offer volunteer hours, free professional services, or mentoring that can make these organizations stronger.

3. Stretch your team’s skills.

When activity wanes, morale often follows.

Invigorate employees by offering on-going education opportunities, professional mentoring within your team, or innovation labs that mobilize groups to tackle some of your most ambitious goals.

Take time to refresh decor, business cards, or your website, and involve your team in designing these pieces. Here you’ll strengthen your products, catalyze creative thinking, or upgrade inefficient systems.

4. Network or collaborate with other professionals.

Finally, as your business weathers change, remember that other entrepreneurs may be in the same boat.

Find like-minded friends and cook up a multi-site promotion to bring people back. Network and learn from people in your community or industry while you have extra time. Or trade services and train one another in ways that are mutually beneficial.

Want to make the most of each day? By reaching out, stretching your team, or collaborating with others, you’ll sharpen your skills and fortify your very best relationships.

Summer is a slow time in Florida, but we can help you to be ready for the season! In PrintItPlus we are always can help you with printing.

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Tips for Nurturing Existing Sales Leads

sales

While bringing new leads into your business is always important, sometimes it’s not the “be all, end all” solution to your bottom line. Remember that according to most statistics, an incredible 90% of new prospects are merely in the “browsing” stage of their relationship with your company – meaning that they’re not quite ready to buy. Out of every new lead you bring into your business, only 5% are ready to pull the trigger – if that. While you may think this means you have to work harder to bring in a higher volume of leads (this is a numbers game, after all), try a different approach. Don’t forget about the leads you already have.

If you want to get better at nurturing your existing sales leads to get them ready for that ever-important purchase, you’ll want to keep a few key things in mind.

You Are an Authority. Don’t Forget This

When people think about nurturing leads, one of the qualities required for a solid relationship is one of trust. Never forget that you’re not just selling a product or service – you’re also selling yourself. People are a lot more willing to spend money with your company if they trust that you know what you’re talking about.

Don’t JUST hit your prospects with sales materials over and over again; this isn’t lead nurturing, this is badgering. Instead, try sending helpful, well-researched content in their direction as well. You need to be focused on establishing that you know what you’re talking about. People aren’t just going to take your word for it. When you spend time positioning yourself as an authority and focusing on the other qualities of lead nurturing as well, people will begin to see you as the solution to their problem when they do feel comfortable enough to buy.

Don’t Just Make Contact When You Have Something to Sell

One of the biggest mistakes that a businessperson can make involves only remembering that a lead exists when you need to increase your sales numbers for a particular quarter. Nurturing leads requires you to keep in mind that you’re talking about more than just line items on a balance sheet – prospects are living, breathing people who don’t like to feel used.

As a result, make an effort to reach out to a few of your potentially higher quality leads even if you’re not pushing a new product or service. Thanks to the power of social media, this is easier than ever. Even a quick Facebook message on a birthday or at Christmas will go a long way towards strengthening (and increasing the ultimate value of) your relationship.
These are just a few of the many reasons why it is so important to nurture your existing sales leads. None of this is to say that you should stop focusing on bringing in new leads and turn 100% of your attention on existing ones. As always, success requires you to strike a delicate balance between the two. But if you let the majority of your existing leads lay dormant for too long, you’re burning a lot more than just potentially important relationships. You’re leaving a lot of money on the table at the same time.


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