Special offers provide an excellent way of starting a business or growing the customer base once you’re up and running. There are various ways of doing this, but which of them are going to work in your industry?
A Cashback Deal – for Bank Cards and Casinos
Cashback offers can be useful when you want to give the customer a reason to come back and use your services again in the future. Some bank cards offer this feature, giving users a cashback percentage on each purchase they make. This works as a way of giving you the sense of picking up on an instant reward and is particularly satisfying if it’s a purchase that the cardholder was going to make anyway.
An alternative approach can be seen in the world of online casinos, where cashback can be used to soften the blow of not winning on a particular game. This means that the player gets a second attempt to win, or recovers part of their stake. You can see an example of how it works if you play Money Back Roulette by Red Tiger. The cashback offer kicks in on those spins where the player makes an even money bet but the ball lands on zero, meaning they get half their stake back rather than losing it all.
Buy One Get One Free – for Holidays Seasons and High-Volume Retail Sales
Buy one get one free offers are popular with customers, who tend to enjoy the feeling of getting something for nothing and making their money stretch further. Tests show that people prefer getting another product free rather than receiving a 50% discount on the same product, although technically both types of deals would give them the same amount of benefit. You can check out Uniqodo’s post for more information about this.
The appeal of getting something for free is powerful, but when should businesses use this specific tactic? It’s widely used during special times of year such as the Christmas holidays or the summer holiday season, when people are more likely to be spending heavily. It’s also a smart idea when you have a lot of stock to sell in a short period of time, which explains why you see a lot of food offers in this category.
Earn Points in a Loyalty Scheme – for Retail Businesses That Need Lots of Returning Customers
Loyalty schemes help to strengthen the bond between a brand and its users. Numerous elements can be added to the program, from the collection of points for each purchase to early access to new products and special member-only services like faster shipping. While this brings varied benefits for the customers, it also allows the business to collect a lot of useful data on their users and their preferences.
Loyalty schemes are most common in industries that rely on a large volume of repeat business, often for relatively low amounts each time. This is why you’ll see loyalty programs offered in supermarkets like Lidl and Sainsbury as well as low-cost fashion chains such as H&M and New Look. They don’t cost a lot to run, with some companies outsourcing their rewards program to a specialist who sets up the software and manages it. You can read We Are Fiber’s article to learn more about how this works.
All of these ideas can work exceptionally well in different types of industries, although the examples we’ve given let you see why some types of offers are more common in certain sectors than in others.