As the economy is in recession and customer wallets narrow, competition shrinks as well. And then, there are several entrepreneurs who feel that lowering the price of their products and services is the only choice they have to survive.
Let us tell you that you are wrong if you feel identified and you think that is the approach. What you really need is to think, not just to protect your market share, but to expand it through more proactive and innovative sales tactics. Conflict situations are also those with huge opportunities.
The aim is to strengthen your brand's image, bring new clients and win their interest through successful sales strategies, and that does not entail a big marketing and advertising budget either. And we're explaining to you today what they are.
Product offers at cost price
In order to draw buyers to the point of sale or e-commerce site, to increase the exposure of a brand, and to boost the purchasing of the majority of the stock, extreme discounts on some products or services are quite successful. That's what supermarkets and grocery stores usually do, that are actively marketing, and often for a short period of time, "hook" deals and exclusive promotions.
Monthly payments without interest
In these times of economic instability, the alternative of monthly payments without interest is more valued by consumers than major discounts. Since it is much more necessary than ever before to have investments, and so they do not want to undercapitalize. For high-priced products that have to do with the customer's standard of living, including such appliances, computers and smartphones, this approach works quite well.
This technique is very beneficial at a time when the cost of production is increasing, and so that your clients can keep on buying your goods or services without having to decrease the profit margin of the business. For instance, you could slightly reduce the size of your servings if you deliver food to one's home. Or, you can opt for smaller containers if you sell personal cleaning goods or cosmetics.
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Offers 2 x 1
This is a positive choice for increasing the value of the ticket price and not undermining the value of the brand with aggressive discounts, as in the previous case. The problem with selling goods at 70% less than their regular cost is that it might contribute to skepticism of their value or quality, and later re-installing the usual price list can also be difficult. This method fits well for consumer products that are widely used and that do not have such a high valuation in homes or companies.
Limited Stock Promotion
Nothing like a scarcity or exclusivity claim to promote a purchase. This is a technique frequently used on marketplaces like amazon or Mercado Libre for online shopping, where the amount of items available for immediate distribution is often illustrated. And obviously, if we've been searching for a book for a long time , for instance, and we are seeing that there's only one in existence, if we really want to have it, the safest thing is that at that exact moment we make the purchase.