Source: Pexels
In the fiercely competitive world of business, companies fight for customers like hungry sharks snapping frantically at a school of fish. This method usually results in a decent meal but may still not be the most strategically superior option. A fisherman casting a net usually yields a much better return and can steal most of the prey away from the hungry predators. Businesses can reduce their efforts drawing customers in by casting nets into the wide expanse of the online world. In the consumer world, nets come in the form of tantalizing offers and promotions.
Offers and discounts online are so ubiquitous that a lot of customers don’t put much thought into them and take them for granted. For instance, the online casino industry is awash with promotions, and knowledgeable players have sourced where the best deals are from review sites. Most sites have deposit match and free spins bonuses, but it depends on the stature of the online casino as to how generous these are. Well established shopping sites can give huge discounts in a similar way, and companies like Amazon and Walmart have lucrative loyalty schemes. These companies and industries wouldn’t be as successful as they are if they didn’t have promotions.
When it comes to starting a company, business people are suddenly confronted with the fact that they need to work out how to provide promotions for their customers. The big quandary is how to create an offer which is going to bring in customers without costing the company too much in the process. New, independent businesses with little collateral certainly can’t afford to give away too many free items or provide cashback schemes from the outset. They need to be cleverer with what they offer.
Competitions are a handy idea to help with customer engagement and new customer attraction for fledgling companies that are trying to get off the ground. Using the power of social media platforms such as Facebook, businesses can ask the public to like and share information about products or services in exchange for being entered into a prize draw. The lucky winner could receive a free gift or a voucher to spend in-store. This is a small price to pay for spreading the word and helping more people discover the business.
Partnering with another company to provide offers could also be a wise move. Both businesses would help each other by running promotions that are inclusive. For instance, if you buy a shirt from Company A, you can get a 10 percent discount at Company B. This helps to promote both businesses. Points-based loyalty systems are also recommended, as they are simple and encourage repeat custom. Points can be equal to cash, and when customers accrue a certain number, they can use their points to buy items and services.
New companies need to bring customers in, but should do so in a sustainable way. Promotions that aren’t going to break the bank, but cause some excitement for the customer are the best option. These offers need to be designed in a way which will make people aware of your business and encourage repeat custom.
