Many business owners may wonder if running a sale could make their products look cheap. Our answer: Yes, and in a good way.
Is Running a Sale a Marketing Trick?
Typically, your product’s sale price tells your customer, “it’s worth $X, not $Y”. Some people may feel that their premium price is a “trick,” but that’s actually not the case. To avoid a pricing dilemma, you want to evaluate the margin between the premium and the sale price and choose what best suits the market.
The best way to make sure your product is competitively-priced is to compare it with your competitors.
How often you running a sale will also determine your products’ pricing. If you run a sale frequently like every month, people will get used to the sale price, and they will be expecting almost the same pricing on Black Friday/ Cyber Monday.
If, on the other hand, you run sales infrequently, it’s less likely that people will come to predict the sale price. Your customers will then probably go with the offer price. We found that if running sales regularly bumps your revenue, go for it; if not, change the strategy.
Using the strikethrough pricing system can help attract the attention of your customers. It reminds them that they aren’t paying the full price, which would most likely influence their buying behaviour.
Options to Target the Right Audience
If you don’t want your existing customers to see the sale, our Sitewide Sales (SWS) plugin has this option for your convenience. There’s also the option to apply the discount code only to the people who’ve visited the landing page. This means people who see your marketing efforts on social media or email campaigns are the only ones to get the discount.
Those who check out normally will pay the full price. The benefit of using this strategy is that full-price sales will happen alongside discounted deals. This can then lead to boosting profits at the end of the day.
For prospects already in your sales funnel, you can target them directly without necessarily using banners or other social marketing campaigns.