Offering Discounts to Generate Leads and Increase Sales

Providing discounts on purchases is an excellent way to attract and retain customers. Discounts are effective in driving short-term sales, building customer loyalty, and building long-term brand awareness. There are many ways to offer discounts, but in this article, we will focus on four types of discounts that are effective for nearly all business types.

#1 Holiday/Event Discounts

Many businesses around the world use a simple discount strategy of offering discounts for holidays and/or important events. This could include holiday sales such as Boxing Day or Black Friday, as well as specific events like a sale to commemorate your company's anniversary. Identifying the times of year when customers are more likely to purchase the type of product/service that you provide can help you determine how large of a sale you should implement at these various times.

For example, if you own a retail business, discounting outerwear for Boxing Day would be an effective strategy (as the weather during December is cooler). When you decrease the price of an in-demand product or service, you increase sales. Simply conduct a Google search to find a comprehensive list of holidays and begin planning.

#2 Bundle Discounts

One effective way to increase sales is to offer discounts on products and services purchased in bundles. When compared to purchasing the two products/services separately, this provides a higher perceived value.

For example, suppose you have two services priced at $50 each. By simply offering a $90 total bundle discount when both services are purchased together, you increase the likelihood of a customer purchasing from your company. A customer may have intended to purchase only one of the two services, but after seeing the bundle discount, may decide to purchase both. Offers such as 'buy one, get one half off' or 'buy two, get one free' could even be offered as bundle discounts.

#3 Referral Discounts

Referral discounts are another excellent way to acquire and retain customers. Customers who are referred to you are 4 times more likely to purchase and 18% more likely to stick with you over time. Referral discounts not only spread the word about your company, but they also foster a sense of loyalty among current customers.

You can use referral discounts to give discounts to both the customer who referred another person and to the person who was referred. Another effective marketing strategy is to start a loyalty programme with referral discounts. This could be as simple as providing a larger discount or monetary credit each time a customer refers another person. For example, you could give a $5 credit toward a future purchase for the first referral, followed by a $10 credit for a second referral, and so on.

#4 Sign Up for Newsletter Discounts

Another excellent tactic is to provide a discount in exchange for someone subscribing to your newsletter. You can inform those who subscribe to your newsletter about upcoming events, sales, and other business information. This discount can be applied to either the customer's current or upcoming purchase. Customers are more likely to subscribe to your newsletter if you give them the choice to do so when making their current purchase because they will immediately receive the discount.

However, there are also advantages to providing this discount for future purchases. Customers are more likely to return and make another purchase if you ask them to sign up for your newsletter in exchange for a discount on their subsequent purchase.



Overall, discounts are a fantastic marketing strategy to boost your sales. If you’re looking for more ways to grow, check out our free training on How To Grow & Scale a Six Figure+ Writing or Coaching business here.

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