Acquiring new customer at a break-even or slight loss and making substantial profit from future purchasing is one of the most overlooked and under-utilized methods of customer growth available to you as a business owner everywhere in the world. You can exponentially increase your clients/customers and profit merely by shifting your focus from trying to make a huge profit on the acquisition of a new client to making your real profit on all the repeat purchases that result from those new clients. The advent of online shopping deal portal only makes this even easier.
If your business or practice is one that has a high probability of customers coming back, again and again, to repurchase from you the same or different product or service, then you need to employ this business building tactic to get customers into the buying stream as quickly and easily as you possibly can.
In the client’s opinion, they always expect to purchase good but cheap products/goods. Groupon or deals website has become the great solution to resolve this common obstacle of advertising; and developed to a very high stage like today. These days office women and housewives search online deals of various types to buy, from home & gadget items to hi end technology items. In case they found out good deals; they would surely share them to friends or their own social networks.For this, online shopping deals website has gained great real audiences to share with business owners. Therefore business owners should take action now to build an appropriate discount campaign as an advertising activities to attract targeted prospects. The more good deals that are displaying on the deal websites everyday out there, the more effective this advertising channel appears.
HOW IT WORKS
To use a deals website to connect with thousands of people that shop online, all you need to do is run a deal on the online shopping deals website. Then do the following:
1. Decide on what percentage discount you will give (The higher the percentage discount, the better).
2. Decide on how many units of product (or service as the case may be) you are able and willing to offer at a discount.
3. Create a FREE merchant account on online shopping deals website or alternatively, contact directly to the deal website management for free consultation.
AN EXAMPLE
Let us say you are an optometrist and you have one of the most modern optometry center. You ordinarily charge N2000 for eye test but for a deal on an online shopping deals website, you decide to give a 75% discount on the test and charge N500 instead.
Mr. John sees your deal on the deal website for N500 and buys it. Now, your examination of Mr. John’s eye reveals a tiny reddish stuff in his left eye and to treat this, you readily recommend an eye medication of N1200 which he promptly buys from you. Furthermore, Mr. John’s original reason for buying the eye test deal is his worsening long sightedness which is confirmed by the test. Your prescription is a corrective glasses which of course is available in your office for N7000. It is very likely that he will buy the glasses from you and because of your excellent service, he keeps coming back every two years for new glasses!
This strategy is equally suitable if you sell physical products. You can use it to:
– Introduce a new product into the market
– clear old inventory
– sell-off slow moving products.
Remember, the goal is not to just cut the price off the first purchase. Rather, it is to make that first purchase so much more appealing that people find it harder to say “no”.