Deals and offers can form the launchpad for any business (new or old) to help it really take off or progress to the next growth stage and with the widespread reach of social media, they can be a great strategy in order to boost your customer base.
Everyone likes to feel special and being made to feel this way by a business does take a lot of thinking on the business’s part. Understanding exactly what it is that makes a potential customer tick and then presenting this in some form of offer or deal where they really are getting something of value is the key when it comes to this.
Even sacrificing potential profit in the short term to win in the long term, with an increase in customers can have a significant impact for a business. Especially when considering the lifetime value of a possible new customer and average order amount as well!
Let’s take a look at four ways that deals and offers can help to have a positive impact on a business!
Increased Brand Image based on thought perception
For a business, reputation is everything and the way they are perceived by their existing and target customers and to achieve this, businesses try a number of ways, such as by organising charitable events or doing things in their community.
However, deals and offers are a great way to help boost your brand image among your audience which can only help to drive new business in the term. What people think and say about your brand is everything and with news of great deals and offers, word soon starts to spread!
You could even tie in a promotion with something charitable, such as ‘30% off all purchases over £30 and a further 10% will be donated to charity’. This two pronged strategy might affect your short term profit, however, in the long term it can work wonders for your reputation.
People are also more inclined to buy something as well (in this case – take up an offer), when it is for a good cause as it appeals directly to their emotions.
New Customer Acquisition
Ultimately, customers are the lifeblood of businesses, which wouldn’t exist otherwise. As such, deals and offers can prove to be an essential method driving new custom to a business’s door, whether this be online or a physical premises.
However, it is not just a case of saying “we’re going to put this offer/deal out there to attract new customers” – especially if you want to get it right. No, that would be too simple.
It is a matter of understanding who your customers are and why. What are their interests, demographics, consumer behaviour? Why would they want to do business with you long term as well as be interested in your offer?
These are all questions that you need to ask yourself before you even come with an offer/deal, otherwise your efforts may just prove fruitless.
Synergistic Corporate Alliances
One way that deals and offers can help to significantly grow your business is by potentially partnering with another business in a different niche and combining your efforts and resources to reach more potential customers and share in each other’s success.
These can prove to be very effective and because they are a rare occurrence, they also get a lot of media attention, which is even better for your brand in the long term. It can be the platform that propels your business into the stratosphere, especially if the business you partner with leads to further commercial opportunities.
Increased Long Term Profit
The reason any business tries anything is frankly for this. They are looking for any effective way that they can to increase their profit, definitely over the long term, but also sometimes in the short term as well.
Deals and offers can be the springboard that start the process, with this being the end result and if executed properly and tactically, they can lead to a big payoff.
Don’t look as deals and offers as a means to survive; look at them as a unique way of beginning the customer acquisition process and building a funnel. Once you have hooked them, it is up to you to keep them interested.
Easy to execute
While this perhaps sounds quite a hard process, the easy-to-use platform that Snizl provides helps you to quickly create your own offer, allowing you to share it to a vast network of already interested and pre-qualified buyers who are signed up because they like deals.
Try for Free with a 30-day, non-obligatory trial and see for yourself how effective this can be for your business!