Mastering the Art of Discounts: Strategies for Lasting Impressions

Introduction:

In the bustling market of local souvenirs in Lhasa, a friend specializing in Tibetan memorabilia faced a common challenge—a potential customer lingering over a ceremonial Tibetan knife for 59 seconds without making a decision. Recognizing the urgency highlighted in the previous lesson on decision time, the friend took a bold step to personally engage the customer. However, despite fervently extolling the virtues of the blade, the customer left without making a purchase.

The Challenge:

The essence of the problem lies in the critical moment before a purchase when the buyer hesitates. Every effort made by the seller, from providing clear action commands to reducing information interference, aims at one goal—pressing the “purchase button” in the customer’s mind. However, what if, despite all efforts, the user is on the verge of leaving?

Concept: Discount Promotion

Introducing the concept of discount promotions, a potent tool often deployed in the final moments to boost conversion rates. As consumers approach the “purchase decision” juncture, a well-timed discount can serve as the decisive blow. The art of offering discounts smartly helps to effortlessly press the “purchase button” in the consumer’s mind without undermining the perceived value of the product.

The Power of Discount Promotion:

Discount promotions are exceptionally effective in lowering the consumer’s “decision threshold.” A discount, strategically employed at the right moment, can instantaneously alter the perception of the product’s value, compelling the consumer to make the purchase.

Application:

While discount promotions are a powerful tool, their application demands finesse to avoid diminishing the perceived value of the product. Here are five advanced discount strategies:

1.Low Price, High Value:
Highlight the value proposition: “For just $149, you can acquire a $200 product.”
Emphasize the perceived worth to make the consumer feel they are getting a high-value item at a lower cost.
2.Recharge and Redeem:
Introduce a scheme where recharging a certain amount results in a full or partial waiver of the current bill.
Leverage the psychology of full reimbursement to encourage additional spending.
3.One Dollar Purchase:
Offer items at a significantly reduced price during a promotional period.
Encourage bulk buying by incorporating a shipping fee, ensuring users feel they’ve capitalized on the opportunity.
4.Gifts without Discounts:
Provide complimentary gifts or additional benefits without reducing the product’s price.
Enhance the perceived value by gifting samples, discount vouchers, or increased quantity.
5.Layered Discounts:
Gradually unveil discounts based on specific criteria like birthdays, blood types, or social media activities.
Create an aura of exclusivity and excitement, ultimately offering a discount that exceeds the initial expectations.

Conclusion:

Discount promotions, when executed masterfully, can serve as the final, decisive blow to elevate conversion rates. Careful application of these strategies ensures that the purchase decision is influenced positively without compromising the product’s perceived value.