5 Reasons Every Small Business Should Offer Deals and Promos

Everyone loves a good deal. Whether it’s a discount, a sale, coupons, membership or punch cards, customers love saving money. But, as a small business owner, can you really afford to offer big discounts and half-price sales? When done correctly, not only can you afford it but offering promos might actually increase business and revenue. And here’s why.


1. Increased Traffic

Sales and promos peak a customer’s natural curiosity. When they hear that you’re offering products at discounted rates, even if they don’t plan to make a purchase, many people will still visit your store to see what the sale entails. If you really want to boost traffic, offer the sale for a limited time. This draws people in faster. But be sure to staff your store accordingly. Customer service is another key element to successful business ownership. If you draw customers in but don’t have adequate staff to offer assistance, you may lose potential return customers. And don’t forget to advertise your sale or promo. This is easily done through your website and social media outlets, as well as through more traditional advertising methods like flyers, signs on your doors and counter, and direct mailers.


2. Improved Customer Relationships

Customer service isn’t the only way to create strong client relationships. First, you need to get them in the door. Sales and promos are a great way to attract new customers or intice one time buyers to return. But once you have these customers in your store, you need to provide quality service and products at a fair price. When customers see that you’re offering quality at a discounted rate, they’ll begin to trust you and your business. Trust is another key element in fostering a relationship with customers and guaranteeing their return. Because this dynamic is so important, don’t try cheating customers by offering poor quality items or services during your deals and promos. This isn’t what offering a discount is about. You must uphold the same standards of service and quality but offer it at a good value. This is what boosts sales and may lead to recommendations and referrals for new and return customers.


3. Move Inventory

So how can you get away with offering your same, quality products and services at such a discounted rate? One perk to doing this is moving old inventory. Are there products you no longer plan to sell or ones that are no longer popular? Getting half price for these items is a lot better than getting no money at all. So why not offer these items at a discounted rate and cut your losses? Moving out old inventory makes room for new products that are more in demand. Many small business present these items near the front counter or where they’re clearly visible. There’s something to be said about customer’s tendency to impulse buy. If they see a great deal at the checkout counter, they may just add a few half-price items to their order. Remind staff to mention the sale and point out the discounted products to customers as they check out.


4. Meet Your Sales Targets

Most small business have sales targets they’d like to meet. Whether they’re monthly, weekly, or quarterly, offering discounts and promos can help your business meet its goals. All businesses incur small fees when customers pay using a debit or credit card. Offer additional discounts to those customers paying with cash. This means you’re getting paid directly, minus the fees, and customers are getting additional savings. It might also be in your best interest to offer these promos during slower sales seasons. These are the times when your business may miss its monthly or quarterly sales target. Many businesses are impacted by the weather. If winter is your slow season, offer promos during these months. It may seem counterproductive to advertise a sale when business is already slow, but the opposite is true. These sales will give customers more incentive to visit your establishment and make a purchase, helping you hit your marks.


5. Increased Sales

Every business wants to increase sales and offering amazing deals and promos is the perfect way to do this. There’s no denying that offering sales and promos bring customers in the door. But the added benefit is that most customers will purchase something in addition to the discounted item. Just getting people to your store is more than half the battle. Once they’re there, it’s your job to help them find what they need and maybe some things they didn’t know they needed. Customers may also be more apt to purchase regularly-priced items when they’re saving money on discounted products.


So, don’t be afraid of offering sales, discounts or promos at your store. In fact, there are a lot of benefits to doing this. From increased traffic and sales to moving products and creating a positive reputation within the community. Make your sales attractive and staff your store in preparation for incoming customers. You’ll be surprised at how much traffic and additional revenue you see during a promotional event.


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