Do you know a brand can implement discounts as part of their b2b reward programs? And do you also know that discounts can take different forms?
If you were like me, what probably comes to your mind when you hear discount is so and so percentage off the original price.
Well, there is more to that and here, I will reveal types of discounts you never knew existed.
- Early payment discounts
- Overstock sales
- Buy one, get one free.
- Seasonal discounts
- Free Delivery or Shipping
- Referral discounts
- Newsletter subscription discounts
- Percentage sales
- Price-Break Discount
Early payment discounts
This type of discount is used to incentivize buyers to make payments for their invoices earlier than they ordinarily would. It could also be a psychological trick to ensure buyers do not miss out on their invoices on the scheduled date.
A brand can offer a discount on goods that have stayed for too long as inventory. This is to cut losses that might result if the inventories pass their expiry date under the possession of the brand.
Buy one, get one free
This is one of the most commonly seen discount offers. It motivates buyers to get more of an item since they get a gift that may necessarily not be the same as the product they are paying for. This discounting technique has stood the test of time because of its effectiveness.
Businesses conduct discount sales for seasonal items. The promise of getting the items at a lower price motivates buyers to stock up on the product even though they do not currently need it. For instance, a business could offer discounts on Christmas products in the first half of a new year.
Free Delivery or Shipping
People love the word FREE! Many times, people get discouraged from making purchases because of the ridiculously high shipping fee. To make it worth the while of the business, you can avail free shipping on orders that reach a minimum order you think is best for your business.
Do you want your existing customers or even lovers of your brand to become loyal brand advocates? Implement a referral discount package that works for both the advocate and the new customer coming into your business via the funnel.
Referral discounts usually encourage new customers to buy from a business.
Newsletter subscription discounts
If you want more people to join your email list or newsletter, give them a discount on any of your products to incentive them into joining. Of course, you must be strategic and offer them quality content via email lest they unsubscribe.
A percentage sale discounts an item based on a percentage of its value. Here, customers a certain percentage as a discount if they fulfill the requirement set by the company. For instance, 10% off for buying 5 pieces of a particular item.
Many online marketers use this discounting strategy to increase the sales of their offerings. It involves the combination of various offers that are related and packaging them as one package and then offering them at a lower value than it would be worth combined.