It’s fine to celebrate success but it is more important to heed the lessons of failure.BILL GATES
When it comes to business, most companies are laser-focused on one thing: making a profit. And while there’s nothing wrong with that, it’s important to remember that there’s more to business than just making money. Businesses that focus on creating value for their customers are the ones that are most successful in the long run. But then, which high-converting strategies can you use to create value for your small business customers?
Creating value for your customers doesn’t just make them happy – it also leads to increased sales, higher customer retention rates, and improved brand loyalty. In other words, it’s a win-win for both you and your customers!
There are several ways to create value for your customers. But in this article, we’re going to focus on two high-converting strategies: providing valuable offers and price discounts. Before diving into the subject matter, let’s simply define what “value” means for easier understanding.
WHAT IS VALUE?
Value can be defined as the benefit a customer receives from using your product or service. It’s what sets you apart from your competitors and makes your customers loyal to you.
Living and doing business in a local community can be daunting. It takes stamina and business foresight to sustain your small business in a less populated and economic trodden area of business operation. If not systematically handled, it may lead to the demise of your small business.
Value is built and nurtured. Whether your small business is focused on product or service, understanding the customers’ behaviour, their constant problems and needs, and how to make and keep realistic promises on service, quality and delivery. This will give you more credibility with your customers and increase profit over time.
However, how can you make the most out of the least to create sustainable business value for your small business? Or simply put – how (can you) create value for customers with two high-converting strategies that work like magic? Here are two powerful tactics you should start using:
1. SPECIAL OFFERS
According to Oxford English Dictionary, it defines “offer” is a reduction in the normal price of something, usually for a short period. In marketing terms, an offer is any free product, service or content given to a customer or client or online (website) visitor in exchange for them to perform a specific action. This means that when your small business is giving an incentive in exchange for more patronage, you are strategically creating value through special offers.
Special offers are one of the high-converting strategies you can use to create outstanding value. Utilising this marketing strategy can get target customers attracted to your promotions or discounts when searching for a business in local communities. And this is the kind of difference your small business needs.
Ever wondered how your major business contenders or competitors can build their customer base and increase profit margin? The magic is that they know how to stimulate the mind of customers with special offers and incentives. Do not think that the same strategy won’t work for you concerning your geographical business location. For example, if you live in Nigeria, you’d agree that GlobaCom uses several offers and discounts to grab the attention of) both existing and new sets of local customers. You can do likewise. How can you, therefore, start building a high-converting offer?
5 KEYS TO BUILDING A HIGH-CONVERTING OFFER
- Be clear about your products or services.
- Offer great value beyond lucid imagination.
- Deliver a big discount or a premium that converts.
- Explain the offer and include a strong call to action.
- Provide a bulletproof guarantee.
Meanwhile, note that there are several offer ideas which can help engage your customers and improve your small business value in your local community. These; free delivery, gift vouchers, buy one and get one free, competitions, 10% off discount, free trials, and so on.
How do these special offers work? If your business has a feature for delivery service, you can tease your customers to patronise you and get products or services delivered straight to their doorstep. As such, proximity is no longer a problem when your customers know that it will be handled without doing anything.
Also, gifting vouchers to entice customers can help reintegrate your small business value and promise. Discounting on some products or premium services is another veritable way too. Most likely, you can go out of your usual business way to offer “cash back” as an incentive for customers. This shows your commitment to creating high-standard quality services and value for your small business.
Interestingly, no matter what methods of offers you are willing to try out, understanding their relevance to your business niche is key.
Make sure to promote your business offers to your target customers for awareness’ sake. You can use both offline and online promotional means to achieve this feat. In the case of the online method, using; your Business Profile on Google, social media (e.g. Facebook, Twitter, Instagram, LinkedIn, WhatsApp, etc.), or Google Ads, are a powerful avenue to promote your small business offers.
Discount pricing is a promotional strategy in which there is a reduction in the original price for a product or service to increase traffic, move inventory, and drive sales. Prices draw the attention of customers to your small business. This approach evokes the feeling of importance on consumers in the marketing bargain.
Discounts are helpful for multi-purpose business nature. It is useful to increase sales in a short period. Or roll out over-due stocks with a close-rand expiring date. Some businesses use it to reward loyal and valuable customers.
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Nonetheless, using discounts as a marketing strategy can help build your overall business value and foster close relationships with your target customers. The rule of thumb is to match the actual value with the price paid for the sake of future business purposes. Overdoing this may hurt your profit and business growth.
The unique thing about offering more for less (discount) is that it attracts customers to your small business. This, will create moments of appreciation, and value and build brand loyalty.
Businesses, whether small or big, are daily maximising this high-converting marketing strategy to drive revenue and customer loyalty. Learning how to effectively use these tactics can boost your value too.
Business statistics shows that 81% of consumers are more and more likely to engage with small business if it offers an incentive, then ths proven statistic is a win-win for you
Moreover, offers and discounts are key when it comes to giving your small business a new lift. Through this method, you can get various customer insights. It helps in the aspect of brand awareness and increases sales. Lest the question now is – what are you willing to give as “offers or discounts” to attract customers (new and existing) to your small business today?
Let’s know in the comment section the steps and strategies you are taking to create value for your small business.