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Five effective discount strategies businesses can use

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How a company prices its products can impact consumer demand and customer relationships. Businesses can offer deals on their goods and services that give them a competitive edge over similar brands and encourage more consumers to try their products. Here are five discounts stores may use in their marketing strategies.

Buy one, get one deals

A buy one, get one deal, or BOGO, is when customers can purchase an item at full price to receive a second item for free or at a reduced cost. Consumers are attracted to the perceived value of this discount, and this deal can push inventory from your business.

Percentage discounts

Companies can reduce their product prices by certain percentages to make their goods more enticing to consumers. Different percentages may be available for members of loyalty programs to encourage them to sign up.

Seasonal discounts

Stores with inventory that changes throughout the year can use seasonal discounts to help move products that are about to go out of season. The discount also allows businesses to stand out to customers at certain times of the year, like Black Friday deals or back to school specials.

Free shipping discounts

Businesses interested in improving their online traffic can offer free shipping to their customers. This discount also helps companies appeal to consumers outside their local area and make their products more desirable.

New customer discounts

People might be hesitant to try a new product from a business they aren’t familiar with, so offering them a financial motive to use your brand can attract them to your store.

Discounts are great for companies that want to be competitive in their industry and seen as more valuable to consumers. Crisafulli Business Coaching can teach you other value-building strategies. I’m a professional Boston business coach who can help improve your organization.

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