Small businesses are always looking for new and innovative ways to discount their products in order to attract more customers. They can be creative in the way they discount their items, but it is important to make sure that the discounts are attractive enough to bring in new business while still making a profit.
There are many different types of sales promotions that small businesses can use, and this article will explore the best ones for its readers.
1. Price Or Percentage Discount
Price or percentage discounts are fundamental for small businesses to promote their business and get more customers. A few examples of discount promotions are sales, coupons, and discounts for loyal customers.
For example, a furniture store could offer a 10% discount on all sales during the first week of December. Similarly, a clothing store might offer a 20% discount on all sales over $100 during the summer months.
Also, many businesses offer discounts to loyal customers as a way to thank them for their business. For instance, a coffee shop might offer a 10% discount to any customer who has made 10 purchases within the last month.
By offering these types of discounts, small businesses can promote their products and services and attract new customers.
2. Coupons
Discount coupons are a great sales promotion tool for small businesses. They can help to generate repeat business and promote brand awareness. They provide an incentive for customers to buy your products or services, and they can help you attract new customers.
Coupons can be used to offer discounts on your products or services, or they can be used to offer free shipping or a gift with a purchase. You can also use coupons to offer discounts on your website or you can print them out and distribute them in your local community.
Some examples of discount coupons include percentage-off coupons, buy-one-get-one-free coupons, and free shipping coupons.
3. Rebates
Rebates are a sales promotion technique that can provide benefits to both consumers and businesses. A rebate is a refund of a portion of the purchase price of an item, typically given when the buyer purchases a product above a certain amount
They are often offered by manufacturers as sales promotion ideas to encourage buyers to purchase their products. Many companies offer rebate programs that require the customer to mail in a form with proof of purchase.
Some rebates are offered as coupons that can be redeemed at the time of purchase. Others are offered as reward points that can be used toward future purchases. Rebates can also be given as cash back, which is typically received within a few weeks after the purchase is made.
They can also be used to clear out inventory, as businesses can offer rebates on older products to make room for new inventory.
4. Discount Vouchers
Discount vouchers can be used to thank loyal customers or to attract new business. By offering a discount on products or services, businesses can encourage customers to visit their stores or website.
Additionally, discounts can help to build brand loyalty and increase word-of-mouth marketing
For example, a business might offer a 10% discount voucher to customers who spend over $100 at their store. Or, a business might offer a free trial of their service to new customers.
5. Cashback
Cashback is a great sales promotion idea for small businesses. It is a simple concept - customers get money back when they make a purchase. This encourages them to buy more, which benefits the business.
There are a few different ways to offer cashback. For example, businesses can give a certain percentage of the purchase price back to the customer, or they can give a fixed amount of money back for every purchase.
Additionally, cashback promotions can be used to target specific customers or demographics. For example, a business could offer a higher cash-back percentage to new customers to encourage them to try the business out. Or, a business could offer a higher cash-back percentage for purchases made during certain times of the day or week, such as weekends or evenings.
6. Free Samples And Product Testing
Free samples and product testing are effective sales promotion ideas that can help businesses achieve their sales goals.
Free samples allow potential customers to try a product before they buy it, which can help increase sales by convincing them of the product's quality. Product testing, on the other hand, helps businesses gather feedback about their products from real users. This feedback can be used to improve the product, making it more likely to succeed in the market.
Additionally, it can help create word-of-mouth marketing for your business by getting people talking about your product.
7. Bundle Offers
Offering a bundle of products or services at a discounted price is an effective sales promotion technique that can benefit your small businesses in several ways. By bundling together several items or services, businesses can offer a discount that encourages customers to buy more.
Bundle offers can also encourage people to try new products or services that they might not have otherwise considered.
Bundle Promotions can help businesses to move older inventory that is taking up space. By packaging it together with other items, businesses can make it more appealing to customers and clear out some much-needed space.
This can also be an effective sales promotion tool, especially during slow periods when businesses are looking to boost sales.
8. Buy Now, Pay Later
"Buy now, pay later" is a technique that can be extremely beneficial for attracting customers. By allowing them to purchase items now and pay later, businesses can encourage sales, especially in B2B when customers may be hesitant to make a large purchase all at once.
Here are a few examples of how small businesses can use "buy now, pay later" promotions to their advantage:
Offering a "buy now, pay later" option on high-ticket items can help businesses to increase sales.
Using "buy now, pay later" promotions as part of a loyalty program can help businesses to build customer loyalty and repeat business.
Offering a "buy now, pay later" option on recurring purchases can help businesses to reduce customer churn and grow sales over time.
There are a few ways that small businesses can implement "buy now, pay later" promotions. For example, you could offer customers the option to pay for their purchase over time with interest-free monthly payments. Or, you could allow customers to delay payment for a set period, such as 60 or 90 days.
9. Buy One Get One (BOGO)
Buy one get one sale, also known as BOGO offers, are a popular type of sales promotion. With a BOGO offer, customers can buy one item and get another item for free. This can be a great way to increase sales of slower-moving items or to introduce new products to customers.
Here are a few ideas for BOGO sales that can help your business:
Buy one, get one free: This is the classic BOGO sale, and it's a great way to move inventory quickly. Just make sure that the second item is of equal or lesser value than the first.
Buy one, get one half off: This variation on the BOGO sale can be used to move higher-priced items. For example, if you sell a $100 item, you could offer a second one for $50.
Buy two, get one free: This is a great option if you have multiple items that you want to move. For example, you could offer two items for the price of one, or three items for the price of two.
Get X% off your purchase: This is a classic sales technique that can be used in conjunction with a BOGO sale. For example, you could offer customers 20% off their purchase when they buy one item and 50% off when they buy two items.
10. Create A Sense Of Urgency
Don't delay, act fast! This is a common statement used in advertising and it is particularly effective in small businesses. By creating a sense of urgency, businesses can encourage customers to make purchases before it's too late.
This type of promotion can be used in a variety of ways, such as limited-time offers, special discounts, and flash sales. For example, a small business might offer a 20% discount for customers who purchase within the next hour. This type of promotion not only creates urgency but also motivates customers to take action.
Another example is a flash sale, where businesses offer deep discounts on products for a limited period. This type of sale is often used to clear out inventory, but it can also be an effective way to elevate sales. By using these types of promotions, small businesses can create urgency and incite purchases in customers.
11. Exclusive Offer
By definition, exclusive offers are only available to a select group of people, which creates a sense of urgency and exclusivity that can prompt customers to take action.
For example, you might offer a discount to the first 10 customers who purchase a product or give a gift with purchase to those who spend a certain amount of money in your store.
Exclusive offers can also be used to build loyalty among your customer base, by offering special deals and perks to your most loyal clients. Whatever approach you take, leveraging exclusive offers is a great way to promote your products and services.
12. Flash Sales
A flash sale is a short-term promotion where businesses offer customers steep discounts on merchandise. This is an effective way to generate a buzz and attract customers.
By offering significant discounts, businesses can attract attention and prompt customers to make impulse purchases. Additionally, flash sales can help to clear inventory quickly, freeing up space for new products. And because they are typically time-limited, flash sales create a sense of urgency that encourages customers to act now.
For these reasons, flash sales can be an effective marketing tool for small businesses. A few examples of businesses that have successfully used flash sales include fashion retailers, electronics stores, and home goods companies.
13. Recurring Sales
You can use recurring sales to target new customers or retain loyal customers. For Instance, by offering a promotional price for every first-time customer, you can attract new business and get customers in the door.
Annual or bi-annual sales are another way to keep your customer returning again and again. Also, offering discounts on your brand anniversary is also a great way to keep your customers loyal and bring them to your website and store without putting a lot into the marketing effort.
In sum, recurring sales can be a powerful tool for promoting small businesses.
14. Seasonal Sales
By offering a discount or special promotion, you can encourage customers to take advantage of their products or services before the season ends.
Many businesses offer holiday-themed sales, such as Black Friday and Boxing Day discounts. This can be a great way to attract shoppers who are looking for bargains.
You can also offer seasonal discounts to clear out old stock. This can be an effective way to make room for new products and generate additional income. For example, a business might offer a discount on summer gear in the spring or a winter coat in the fall.
15. Abandoned Cart Promotions
Abandoned cart promotions encourage customers to complete their purchases by offering a discount on the items they left behind in their shopping carts.
There are a few different ways to go about setting up an abandoned cart promotion.
One common method is to offer a discount code that can be applied to the items in the cart.
Another option is to offer no shipping charge for orders that are placed using the abandoned cart discount.
Whatever discount you choose to offer, make sure it is significant enough to encourage customers to act now. Otherwise, they may simply leave the items in their cart and never come back to complete the purchase.
16. Gift Cards
Another effective way you can promote your business is by offering free gift cards to customers. This type of discount can help to attract new customers and build loyalty among existing ones.
Additionally, it can be used as an incentive for customers to refer their friends and family members to the business. Free gift cards can also be used as a way to say thank you to customers for their business. By showing appreciation for their patronage, businesses can build strong relationships with their customers that will last for years to come.
17. Free Shipping And Return
Offering free shipping can encourage customers to purchase items without worrying about the shipping cost. Free returns also give customers peace of mind knowing that they can return an item if they are not satisfied with it.
Such promotions can be especially beneficial during the holiday season when customers are more likely to be making purchases online. By offering free shipping and returns, small businesses can make it easy for customers to shop with them and create a comfortable shopping experience for them.
18. Co-Branding
Co-Branding can help you to reach a larger audience by teaming up with another business that has complementary products or services. Additionally, it can help businesses to build trust and credibility with potential customers, which can lead to repeat customers and positive word-of-mouth.
For example, you could offer a discount to customers who use a certain credit card or purchase products from both businesses. You could also cross-promote each other's products or services in your marketing materials.
By working together, small businesses can reap the benefits of joint marketing and co-branding.
19. Contests
Running contests can be an effective way for small businesses to promote their products or services. By offering a discount or prize to participants, businesses can incentivize customers to take action. Additionally, contests can generate excitement and buzz around a business, driving word-of-mouth marketing.
There are a few key things to keep in mind when running a contest:
First, the prize should be relevant to the business and its target audience.
Second, the rules of the contest should be clear and easy to follow.
Finally, it's important to promote the contest through multiple channels, such as social media, email, and website banners.
20. Giveaways
One popular and effective sales and discount strategy is to offer giveaways. Giveaways can generate goodwill and create a buzz around a business.
There are a few things to keep in mind when planning giveaways.
First, it's important to choose products or services that align with the business's goals. For example, if a business is trying to increase awareness of its brand, it might give away branded items like T-shirts or pens.
Second, it's important to set a budget for the giveaway. Giving away too much can cut into profits, while giving away too little may not be enough to attract attention.
21. Charitable Causes & Donations
Discounting merchandise or services to donate a portion of proceeds are some ideas on how small businesses can give back to charitable causes and still promote their business.
For example, you could also host an event and donate a portion of the proceeds to a charity. This not only helps the chosen charity but also gets people interested in your brand and what it has to offer.
Furthermore, by aligning yourself with a cause that is important to your employees or customers, you can create a deeper sense of connection and loyalty.
22. Branded Gifts
By handing out promotional gifts with your company's name and logo on them, you're increasing the visibility of your brand and giving potential customers a tangible way to remember your business.
But what kind of branded gifts should you give out? The sky's the limit, but some discount ideas for small businesses include giving away reusable water bottles, tote bags, or even t-shirts. If you're looking for a way to promote your business without breaking the bank, branded gifts are a great option.
23. Referal Discounts
By offering a discount to customers who refer new customers, businesses can encourage existing customers to spread the word about their business. This can be a great way to generate new leads and boost sales.
Additionally, referral discounts can help businesses build relationships with their customers. By offering a discount, businesses are showing their appreciation for their customers' loyalty and referrals.
There are many different ways that small businesses can offer referral discounts. Some ideas include:
A percentage off the purchase price for each new customer that is referred.
A free product or service for each new customer that is referred.
A discount or a gift card for each customer that refers a certain number of new customers.
24. Affiliate Programs
Affiliate Programs are used by businesses to expand their customer reach. By providing discounts and other incentives to affiliates, businesses can encourage them to promote their products and services. Here are a few ideas for Affiliate Programs that you can offer to boost sales:
Offer a discount to affiliates for every sale they generate.
Provide affiliates with exclusive access to special sales and promotions.
Give affiliates a commission on all sales generated from their referrals.
Offer a bonus or contest for the affiliate who generates the most sales.
By offering these incentives, businesses can encourage affiliates to promote their products and services, resulting in increased sales.
Conclusion
If you run a small business, there are always opportunities to increase profits. By utilizing the discount ideas that we've outlined in this blog post, you can boost your sales and expand the bottom line.
If you need help with implementing any of these ideas, contact us. We're always happy to chat and offer our assistance.