How do you turn a social deal from good to great? Surprisingly, everyone might not think the deal you are offering is fantastic. You recognize the value (cost) of 20% off your offering, but does your clientele? After two years of consulting a blended retail and service company, driving the number of transactions up by 300% per month, here are some best practices for deals:
1. Target a Need
Do you need more customers? Greater brand awareness? To launch a new product or service? To penetrate a new market, or gain greater market share in a specific segment? Don’t create a deal without knowing what you want to get out of it as a company – and don’t let your underlying precept be additional revenue. Everyone wants that! Start backwards from a goal.
Sometimes we get roped into the trap of believing we can be all things to all people. Or that we can meet every demand. There is a reason that Coca Cola had a secret recipe and a great product before growing – and there is a reason why Coca Cola is one of the most recognizable brands on the planet! Rather than making a number of offers and seeing what sticks, make a single great offer. Don’t offer this or this, or this or this — offer That. And make That good! Coke good.
3. Give it Teeth
What do you think when you are offered a 10% off coupon? Maybe, just maybe if you were going to that store anyway you tuck that coupon away, but it certainly isn’t changing patterns. Groupon and LivingSocial have made a business of requiring 50% off. They take 50% of the revenue generated through their websites and have still developed a great following amongst businesses and consumers. Every deal does not have to be about money, but any deal that is offered needs to be good. When you make these offers, keep in mind the Customer Lifetime Value and don’t get caught up in the here and now.
4. Make it Tangible
The best deal is one that provides more sensory cues. Tactile is one of the best ways of generating lasting memories. If at all possible, give your customers something they can touch, hold, smell, and love. Give them something that they can take home to remember long after the experience has passed. Capitalize on every sense you can to make your business unforgettable. If what you are selling is not tactile, get a run of postcards made to hand out to new customers. It doesn’t have to be fancy or expensive, it just has to serve as a reminder of their experience.
5. Make the Experience Sticky
It’s not just for honey anymore. Sticky is the new buzzword in retail, and digital spaces. If you are spending time, effort, and money to generate new leads, customers, and opportunities, you want them to last. You want your deal to drive a customer through your door once, and you want to create an experience that makes them come back again. Think through not just how to get them to visit, but once you have them in your loving clutches, to have them come back again and again and again. And tell their friends!