How to Use Discounts and Freebies to Attract and Retain Customers

Customers are everything for a business. Without them you simply don’t exist. So the toughest challenge for any venture is acquiring new customers.

Customer retention is equally important. While it is easier to retain an existing customer than attract a new one, no business succeeds as a one-hit wonder.

So how do you attract new customers and make them love you enough to keep on coming back?

Of course you need to start with an excellent product and service – no amount of marketing can paper over a subpar offering for long. But on its own product or service excellence amounts to little if your marketing does not entice those customers in.

A great marketing strategy will certainly raise awareness of your offer, but for new or novel items customers very often need a final nudge to get them over the buying line. That’s where discounts and freebies come in. Here are out top tips for implementing those tried and tested methods today:

Use promo codes to acquire new customers

Getting people to try your products is tough, particularly if they have been loyal to some other brand for years. Swaying them is hard but not impossible if you have an amazing product and an exciting offer as well.

Two of the best methods for enticing that first time use are the promo code or freebie. Those simple but highly-effective methods have been shown to boost sales manifold. If you can entice potential new customers to try your product or service you have succeeded in breaking the ‘don’t know, don’t care’ barrier. Now they you have a relationship. If you’ve managed the scheme well they will feel good about your company and the product and there is a massively greater chance of them making a purchase.

Referral bonus gives you the double benefit

Another great idea is to offer a referral bonus. There is a double advantage in this approach. These offers reward existing customers for bringing in new ones. It means that you get new customers, and at the same time, reward the existing ones and consolidate your relationship with them as well. It’s a win-win situation that gets your sales reaching peak, cements customer loyalty from the beginning and keeps customers coming back for more.

Online coupons are a great idea

You can go one step ahead to attract and retain more customers for your business by selling coupons online. Consider the examples of PC World and Currys offers that provide coupons that buyers can pick online and redeem in stores. Everyone loves a bargain and coupons remain hugely popular among consumers. In fact the number of digital coupons redeemed has almost doubled in the last 5 years to almost 31 billion eCoupons worldwide.

Use expiration dates to create urgency

Don’t forget to use an expiration date for your promo codes and coupons because they create a sense of urgency. Buyers are most likely to buy on impulse when you convey that the offer is available just for a limited period.

Get personalised with your offers

Treating every customer as a unique individual makes them feel even more connected to your brand. You can achieve this by getting personalised with your offers. The idea is to build a buyer persona and segment the customer on the basis of demographics, shopping history, and preferences. Send across targeted marketing messages, promo codes and offers that they are most likely to grab. Sending the promo codes at the right time is equally important. For example, sending one on their birthday or wedding anniversary is a great idea.

Promo codes and offers can be a great way to get new and repeat customers flooding in. But to make sure it is the right strategy for your business, test out some approaches first and analyse and learn from the results. Keep testing, learning and adjusting as you scale up your customer capture strategy and keep growing you business.

Author Bio:- Betty Morrison is a fun-loving shopaholic and balances her work life along with bringing up two beautiful kids. She is the lead content marketer at Outreach Monks. With a keen eye for best deals and value for money shopping, she has been featured in many leading magazines.