When small businesses are trying to drum up business, they usually come up with several ideas for special offers. There are an infinite number of possibilities for specials, discounts, packages and coupons. But one crucial element is the offer’s effectiveness. You need to make a special offer that gets results without costing you too much money or cutting into your business. Here are some ways to make an effective special offer.
Customers who try your special offer are not likely to remember the numerical details or terms and conditions. They are going to remember the value of the deal. Your offer needs to reach them emotionally. For example, a restaurant that offers a limited-time coupon that draws in new business needs to give the diners a memorable, pleasant experience. If the diners are happy, they will come back, and that’s when the restaurant starts making money. The customers will remember the emotional elements of the offer (such as tasty food, good atmosphere, great service) more than exactly how the deal worked. The value for some of these diners will be trying out a new restaurant for the first time — and loving it!
Look into what your customers believe to be valuable. It’s not just about helping your customer save money or giving them a special package. It’s about discovering what your customers find to be valuable.
Focus on Your Goal
Define what would be a successful offer. Use numbers. How much revenue from the offer would mean “success” in your mind? You need to measure how much additional revenue your offer generates. Try to track customers’ behavior and profile when they take the offer. Are they new customers or returning? How many new customers do you want from this offer? How much do they spend? After the offer ends, do they come back? Do they tell their friends or interact on social media afterwards?
Understand Who You Want
Yes, of course, you want more customers. But who? Most of the time, you will be looking for new customers who have similar profiles to your most coveted existing customers.
Ask yourself what your best customers need or want. In the past, what kinds of offers have worked on these customers? What makes your business special to them? Why would they recommend you to their friends? Understand this and you can set up a magnet to attract other great customers.
Know the Value of Your Company to Your Customers
What do you offer that improves your customers’ lives? That is the value you need focus on, rather than fixating on a discount. Your customers usually have choices about where to spend their money. Think about why they should spend it on your company. Look at an important value your company can offer to potential customers and make an offer based on it.
Make an Offer They Can’t Refuse
Based on the work you have already put into your offer, it should be easy to create an effective offer. An offer does not necessarily have to be a discount — it could be a premium, exclusive content, exclusive access, or a special package available only by redeeming the offer. Ask yourself what would motivate someone to take you up on the offer. A good offer helps boost business and keep the money circulating.