The word value is often associated with reduced prices or great deals. While that is one aspect, value is not synonymous with discounts.
Some brands rely heavily on deep discounts, but there are just as many who offer value in other ways. 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.
If you need some tips for writing effective copy, check out our Instagram Page. Still stuck? Let <imajery> help you!
2. Offer Free Shipping
There’s nothing worse than heading to checkout only to be disappointed by astronomical shipping fees.
Free shipping can be a great incentive for customers to shop with you over your competitors. There are different ways that this can be implemented. We’ve seen brands drive strong success with minimum free shipping thresholds. Brands’ average order value (AOV) goes up and customers get a value-add. It’s a win-win situation!
3. A Great Return Policy
It can be difficult to know exactly what you’re getting when you shop online, so a generous return window and a simple process is a huge value prop. Free return shipping is also a great way to instill trust with your customers.
A flexible return policy will result in a stronger conversion rate, greater customer loyalty and will drive new customers to try your brand since there’s no risk.
Similar to the return policy, a satisfaction guarantee or warranty gives your customers confidence to make a purchase.
4. Buy Now, Pay Later
Payment plan or pay later options can be used for both large ticket and lower ticket items. The flexibility that comes with these options can persuade a customer to purchase right away.
According to the Government of Canada, buy now pay later services drive a higher number of impulse sales. It also helps economically-stressed customers make affordable purchases and avoid high credit card fees.
5. BOGOs & Gift with Purchase
Yes, this one does involve a discount, but with a little 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.
Bonus - Offer a Charitable Donation for Each Purchase
Consumers have higher expectations and are looking for brands to make a more real impact these days. By donating a small percentage of your sales to charities, you gain customer loyalty, increased brand awareness, and a philanthropic reputation. Just make sure to pick a charity that resonates with your brand and customer base.
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 marketing strategy and mix things up with these value-driven tactics. If you need a hand with implementation, reach out to us! We’d love to work together.
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