Wednesday, March 11, 2009

Innovative Discounts

From offering buy one car, get another for a dollar to offering free travel companion tickets, various industries are offering innovate discounts to increase sales.

On a local level, I’ve enjoyed two strategies local restaurants are using to increase business. The first restaurant offers a 22% discount for all entrees to celebrate 22 years of loyal customers. At the second restaurant, the manager personally presents a 25% coupon off your next dinning experience.

Both strategies help build relationships for the long-term, because the emphasis is on the customer NOT on the discount.

Too frequently, companies and stores are eager to slash prices to increase promotions. Yes, a 50% discount can increase business in the short-term. However, what message is the deep discount saying to your customer for the long-term?

…That you are struggling to move inventory?

…Or worse, that you are possibly going out of business?

If your goal is to survive this recession and positively move forward, focus on creating campaigns that reward the customer.

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