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Using Offers to Win Business

Monday, July 09, 2012   By Mike Reddy

 



One of the most important factors to consider when trying to appeal to the consumer is the "What's In It - For Me?" (WIIFM) element.

It is the main driving force behind almost any buying decision so a similar thought process occurs when consumers read or hear an advertisement.


By simply including an offer that increases the 'What's In It - For Me?' factor, you can dramatically influence the customer's decision-making process.

Offers don't necessarily (and shouldn't) mean price reductions. You should instead look to provide offers that add value. You'll find you will generally get a better result.

If you aren't sure about the likely impact of each strategy ask us to model it for you. We have a tool that can demonstrate the likely outcomes on your profit and that can certainly improve your marketing decisions for the future.

When adding value you could put out a booklet that gives customers valuable knowledge and tips that you have picked up in your business. 'How-to' booklets or in-house demonstrations are ideal.

You can add a description of the benefits of dealing with your business in the back of the booklet or during the demonstration. You can also include testimonials from your customers and details of special guarantees that you offer.

A free item with purchase offer is another example of adding value. Gifting something to a customer for making an enquiry or for buying your product is one of the most commonly used incentives; and one of the most effective, providing the gift suits your target market.

Increase an offer's perceived value by introducing limitations that increase the urgency for a response. After all, offers are designed to make people act 'now'. They must include calls to action.

For example you can make a 'while stocks last' or an 'Early bird' offer that has some type of time sensitive limitation. And people are more likely to buy if the offer has a deadline, a limit or an end to the offer incorporated into the promotion.

Good offers have a direct influence on the bottom line. They can not only increase your number of customers but also the number of times each customer buys from you.

Including an offer in your marketing campaign that appeals specifically to the people you want as new customers can generate a far greater return on your marketing dollars.


Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.