When it comes to running a deal there are many factors that come into play.
So what is it that determines which way a deal will go?
We’ve reviewed thousands of deals and received feedback from hundreds of merchants. Along the way we’ve come to understand a few best practices that have consistently proven to be highly effective when it comes to creating successful deals.
Here are some things to think about when you’re creating a deal:
1. Offer a quality deal
The most common criteria is a discount on something a customer already buys or wants to buy, something that appeals to a wide audience, and is hard to pass up. Remember that satisfied and engaged customers are far more profitable in terms of loyalty, sharing deals, and genuine word-of-mouth endorsements.
2. Remember your existing customers
Keep in mind that, according to ForeSee Daily Deal Commentary 2012, 70% of people who take advantage of deals are existing customers. So, target existing customers and make the deal compelling enough that they want to tell their family and friends about it. This way, you’re more likely to drive sales through word-of-mouth as opposed to mass marketing to unknown deal seekers.
3. Make it worthwhile for customers to share
When you create a deal that is “share worthy,” you’re more likely to attract new customers that feel incredibly similar to your existing ones, because they share common interests, locations, and shopping habits. When you include an incentive for customers to share, you’re reaching new customers while rewarding existing customers for their loyalty and endorsement. Everyone wins!
On your way to deals that work
With the right strategy in place, deals are a valuable and profitable new tool to add to your marketing arsenal.
If you want to learn more about using deals to grow your business, be sure to grab a copy of our free guide, “The Dirty Dozen: Dos and Don’ts of Delivering a Daily Deal.”
Find out the best ways to promote and encourage customers to share your deal so you can bring in new customers. Register for our free webinar: “Getting Started with SaveLocal.”