How to Sustain a Discount Strategy for Your Small Business

As the economic roller coaster takes its course, digging into that old change pocket has become less comfortable for customers in all industries.  Many business owners have resorted to marketing strategies that include daily discounts, special product offers and package deals, otherwise offering cheaper prices for particular services or products in order to attract more customers.  With economic numbers looking more promising than ever, weaning your customers off the discounts while still seeing them walk through that front door is very crucial to your businesses success. Here are some tips on how to sustain a discount strategy for your small business.

Whether your small business is a bar, restaurant, retail shop or café, it’s important to maintain a steady customer base.  Once you begin to receive frequent customers and foot traffic to your business, your deals will be the bait that keeps them coming in.

Evaluating Your Industry

It really comes down to the type of small business you own, because each industry and niche has different promotions and deals that allows business to run smoothly even throughout the slower seasons. Your business will feature trends and some seasons will become more successful than others. The seasons where you see a decline in business is where you need to jump at the option of offering exciting promotions.

Though discounting products and services may seem like a quality business turn-around, it’s important to understand the role discounting plays in the overall success of your business to make sure you’re maintaining a steady revenue and frequent customer base.

At first sight, the most recent recession drove sales down in numerous industries all over the country. This unsightly turn of events left companies deeply discounting goods and services to avoid the nightmare of sales flat-lining.  Though numbers may be the tell-tale sign of success, it is important not to let discounting overshadow the marketing aspects of your business. Being in tune with changes in your target market is crucial to your business strategy and marketing efforts.

Coupling Discounts with Giveaways and Promotions

If you find your traditional marketing efforts aren't working to bring more customers into your business, then couple those efforts with giveaways and promotions. No matter what industry you’re in, people love saving money. If you can appeal to your customer base while providing them a cheaper service or product, then you will be able to sustain your business through this economic roller coaster ride.

Bringing in New Customers

There may come a time when your core customers have realized they don’t need your product or service any longer. If you find this happening or a competitor taking your business, it is your job to re-market and attract new customers. If you feel confident in your product or service, you must create a promotion or deal that will get people excited about what you’re offering, even if it is as minuscule as a free Pepsi with a slice of pizza or half off all purchases over $50. Reassessing your audience and appealing to a changing target market can be scary, but adjusting with the changes is what makes running a small business so exciting.

Exploring Other Discount Possibilities

Take a look at what kind of discounts and extended deals will work for your business. Offering long term rewards like discount punch cards or free shipping every other purchase rewards is great for your customers and will help increase sales and attract new patrons.   Generate discounts and offers that will appeal to your customers by meeting with your marketing team and seeing what aspects of your business need to be improved. It may be one line of service or a specific product; if that is the case then you must focus your promotions and marketing efforts on that specific aspect of your business without taking away from the bigger picture in your business plan. It is very important to engage with your customer; see what gets them excited and what will keep them walking through your door again and again.

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