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Original Content- Business Upside
Running discounts can be a great way of stimulating cash flow for your retailer. However, there’s always the worry that discounts will come at the cost of hurting your sales and damaging your business. Below, we explore how you can continue discounts while keeping sales balanced.
Why?
But why are discounts useful in the first place? For a start, they can help attract new customers or re-engage lost customers – a bargain might be all it takes to reel them in. On top of this, it can help you shift old stock and boost your cash flow. Plus, if you offer discounts to certain groups of people – an NHS volunteer discount, for instance – it can boost the reputation of your business.
How?
Identify Objectives
Discounts should be part of a coherent strategy to boost the company. If you’re putting up discounts without much thought, they can easily be negative. Instead, you should work out the purpose of your discount. Are you trying to attract new customers, or are you trying to clear space for new stock? Each situation requires a slightly different approach to make it work.
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