The holiday shopping season is an exciting time for both consumers and businesses. It's a time when people are eager to find the perfect gifts for their loved ones and, as a result, are on the lookout for great deals and promotions.
While discounts have traditionally been the go-to strategy for attracting shoppers during this period, there's much more to delivering value than simply slashing prices.
Before you can create a strong marketing strategy, you must know your brand identity and bottom line. If you want to offer additional value without cutting too deeply into your profit margins, here are 5 ways your brand can appeal to customers without discounting.
1. Give Your Customers Value
Let's say a customer is shopping for new pots and pans, they come across 2 possible sets:
The first brand is known for its restaurant-quality reputation, its lifetime guarantee and simple return policy, and the set is dishwasher-safe. This set is $400.
The second set is from a lesser-known brand of visibly lower quality but is discounted to $99.
Which set is more appealing will depend on your target market, but demonstrating the quality and value your customers get from your product is often all they need to make a purchase.
Before you start highlighting the value of your products, it is important to have clear value propositions. Is your brand known for its long-standing reputation? Do you offer features or innovation that can't be found in other products? Communicate these unique selling propositions consistently and effectively across your website, social media, and ad copy.
2. Offer Free Shipping
There's nothing worse than heading to checkout only to be disappointed by astronomical shipping fees. A study from the Baymard Institute, compiling 49 different studies, has found that almost 70% of shopping baskets are abandoned online.
Shipping costs can often deter shoppers, but when you remove that barrier, you instantly make your products more appealing. Highlight this offer prominently in your marketing campaigns, and make sure to say to the world you're offering "free shipping" to capture attention. This way, customers not only save on their purchases but also enjoy the convenience of having their items delivered to their doorstep without additional fees.
3. Bundle Products for Savings
Rather than just lowering prices, consider bundling complementary products together at a special price point. For instance, if you're selling skin care, offer a bundle that includes a cleanser, moisturizer, and a serum at a discounted rate.
This not only gives shoppers the perception of added value but also encourages them to purchase multiple items in one go, increasing your average order value.
4. BOGOs & Gift with Purchase (GWP)
Yes, this one does involve a discount, but with some consumer psychology. If you run a BOGO 25% off sale, your customers receive a 12.5% (or less) total discount, and you get a higher purchase price.
A free gift with purchase is also a great incentive. Plus, you can clear up space by giving away last season's stock or the overflow of samples you have lying around. It's the perfect opportunity to liquidate those lower-value items and add value to your customer's order.
5. Leverage Social Responsibility Initiatives
Corporate Responsibility influences consumer buying decisions. Show that your brand cares about more than just profits by aligning your promotions with social responsibility initiatives.
For instance, pledge to donate a percentage of each holiday sale to a charitable cause. Highlighting your commitment to making a positive impact can resonate deeply with consumers and encourage them to choose your brand over competitors.
In conclusion, while discounts can be effective, they are not the only way to provide value to your customers during holiday shopping periods. By offering free shipping, bundling products, creating exclusive experiences, and supporting social responsibility initiatives, you can differentiate your brand and attract more customers.
Remember, value is about meeting your customers' needs and exceeding their expectations, and these strategies can help you do just that.
If you're still thinking inside the box, it's time to venture out. Value goes way beyond just monetary discounts, so show your customers all your brand has to offer. Take a look at your strategy and mix things up with these value-driven tactics from our digital marketing specialists. If you need a hand with implementation, reach out to us! We'd love to work together.
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