The Price is Right: 3 Guidelines for Discounting Your Next Campaign
Let's make a deal.
Everyone loves a bargain. We scavenge the clearance racks at our favorite retailers, count the seconds down until a sample sale starts, and scour thousands of deal sites searching for the seller with the lowest price. It’s common knowledge that consumers are more likely to spend money when they’re also saving money, so how can you create and present your savings in a way that makes your target audience see the value in what you’re offering? Follow these simple guidelines and let the deals begin.
Find a Happy Medium
When discounting your services, consider the most important factor - will the reduced price still cover the costs of what you’re offering? Keeping this in mind, FetchRev suggests that you offer at least a 20% discount on your campaigns—anything less, and recipients are likely to scroll right by your email. Similarly, we always recommend keeping the price point of your offering(s) under $100, as deal-seekers are more likely to make an impulse purchase at a lower dollar amount. If this price cut feels too steep, think outside the box to prove value. Bundling your services into a package deal can be equally appealing to recipients.
Make the Choice Easy
It’s always advisable to keep your campaigns as concise and to-the-point as possible, and the moment you provide your customers with too many options, they can become overwhelmed. The most successful FetchRev campaigns include one or two options, at the maximum. Your customers crave deals that are tailored to them, so try segmenting your email list and creating separate campaigns with targeted services, rather than presenting every service in a single Buy Now offer.
Keep it 100
The greatest deal in the world can still sound like nothing special depending on how you communicate it, and choosing the right words isn’t always intuitive. When writing subject lines and landing page headers on behalf of our clients, we like to keep the Rule of 100 in the back of our minds—it’s a bit of basic psychology that explains when to emphasize the percent off, and when to focus on the dollar amount saved. For deals at a price point under $100, use the percent off (i.e. 55% off a $65 bowling lane rental for four people). If your price point is above $100, emphasize the dollar amount saved (i.e. $50 off a $150 ultra-hydration facial).
With a few rules to play by, and a bit of trial and error, you’re on your way to optimizing your offer for best results.
Vanessa Demske & Devin Pangaro FetchRev Digital Marketing Team