Getting new clients and customers is getting harder, not easier. At the same time some of the best marketing strategies are also old ones: giveaways and promotional products. Here’s how to capitalize on forgotten moneymakers.
A New Twist On Loyalty Rewards Cards
Loyalty rewards cards have been done to death, but you can revive this oldie by rolling it up into a POS system. New electronic POS systems sometimes use customer profiles. These profiles are part of the software, but they’re not always used by businesses – use them.
Sure, it might take a little extra time at the checkout to set up a profile for a customer, but each time that person comes in, it won’t take much to enter in how much that customer spent. You can tag your customers’ credit card to their name indirectly if they’re willing to download an app.
Each time they make a purchase, their spending history is tracked and you can reward them when they spend a certain amount of money with you.
Offering Free Gifts
Free gifts is a straight-up generosity play. You give away free gifts as “loss leaders” hoping that customers will return the favor by buying something from you. The gift could be anything from custom playing cards to free samples of your product.
Switching Your Pricing, Increase Value
There are a few ways to switch up pricing that makes it easier for your customer to buy from you. The first, and easiest, tactic is to break up your pricing into smaller “bites” so that customers can pay for your product.
Let’s say you currently charge a yearly membership fee for some service. Or, what if you’re selling a big ticket item?
Can you break that up into smaller, “bite-sized” portions for your customers? What if you charged a monthly or quarterly membership fee instead of an annual one? A $300 a year fee, might not seem like that much to you, but $25 a month is a smaller dollar amount to work with for your clients.
If you already charge a monthly fee, you may not be able to charge people’s credit card daily, but you can show the daily price. Charity organizations have been doing this for decades. Think about how many times you’ve heard that you can feed a starving child in some third world country for just pennies a day or a cup of coffee a day.
Pennies a day doesn’t sound like much money, because it’s not.
You’re not changing prices, just pricing strategy.
Another way to alter the perception of your price is to create the illusion that it is cheap. How do you do this? By increasing its value. If you sell a big ticket item, try putting it next to an even more expensive item. Show prices in terms of relative value.
When your product is half as much as the next most expensive product (even if it’s not your own product line), your product looks like a steal.
Darrell Gonzalez has held numerous management positions in marketing. He enjoys the challenge of developing new strategies and imparting his wisdom online. You can find other articles by him on a number of different B2B sites.