Regardless of how large or small the purchase, everyone likes a good deal. Everyone would rather save a few bucks on a deal than pay full-price. As a result, appealing to the minds of customers with occasional discounts is to employ one of the most influential online business practices.
Visual Impact of Discounts
Shoppers would rather focus on the particular figures in a discount promotion—say, 50% off, 2 for 1, or Save $20—than to do the math. Research has shown that the display of a discounted item or service can greatly influence the eventual purchasing decision of the customer.
Trust in Discounts
Consumers also tend to believe that a discount offered is a bona fide reduction from the original price of a product or service. Even though the merchant could have raised the price by 20% and later discounted it by 20%, customers rarely consider it as a possibility. In fact, trust in the discount may go so far as to create a sense of excitement regarding the “new” price.
Online Shopping Competition
Studies show that the mere offer of a discount or coupon can dissuade a shopper from searching online for offers elsewhere. The reason is that the discount offer generates a sense of urgency to buy now rather than later, thereby distracting the shopper from pursuing other options. This influence on consumer behavior is especially important in online business practices ruled by comparison shopping.
Limited-Time Offers Spur Decisions to Buy
Limited-time offers are among the most powerful online business practices in social media. Limited-time offers stir interest, seize a customer’s attention, and keep it. Limited-time offers are not limited to products, either. Auto dealerships offer 0% APR on new cars and discounts on trade-ins. Retailers brandish back-to-school sales. Some companies have had to learn the hard way that the constant availability of discounted merchandise is no match for the swirl of a “get-it-now-or-else” promotion. Indeed, limited-time exposure is often a proving ground for the longer-term viability of a product or service.
Understanding the Basics of a “Good Deal”
A deal that is good for both merchants and customers is the only way to conduct business that endures. According to a Forbes magazine article entitled Deal-Making 101: The Basics Explained, “The goal is to give what is less important to you, but more important to them, and to get what is less important to them, but more important to you.” So when it comes to online business practices, think creatively about how to satisfy the other party. And, keep it simple. Rarely is a complicated deal a good deal, because complication creates confusion—and eventually, hard feelings. Need some expert advice on marketing a deal or promotion through online advertising or social media promotion? Reach out to BCI Media Services. We’re ready to help at any time.