In daily shopping complexes in our country or for a specific product we hear announcements about discounts and if the product is good enough then customers and general people get attracted to buy it in lieu of saving some sort of money or getting the product at a cheap cost.This is termed as discount addiction.Discounts are given normally or specific time schedules for the discount to finish are usually adopted for the people to get eager about the product.From the viewpoint of marketing, discounts can be clarified as an effective strategy and leveraging discounts ultimately boosts the business.This blog is about the discount leverage and why this discount is an impressive product marketing strategy.
The reason behind discount being an impressive strategy are discussed below.
Very much successful in growing customer eagerness!!
Discount is a very successful technique no doubt in this aspect. Those customers or people who didn’t think to buy the product at its normal price ,these people will take a decision to taste the use of the product by buying it at the nominal price available at the discount price.
So, by using the product if the customers who didn’t think to buy the product find the product good enough, he then turns into a regular customer, which is a good sign for the company.
A drastic rise in sales via discounts
The customers who are very much pleased in using the product available at discount, it can cause a rapid increase in the sales bank. Besides, satisfied customers after using the product tell other people to buy the product and have a taste of it. It thereby generates word of mouth phenomenon and thereby the product gets more and more sold out with the discount deadline.
Old products of company gets clear rather than stacked
There remains no storage of the products which get unsold due to the discount strategy and by this means those products get sold out .No stacking of products remain here and thereby the manufacturers get more interest in selling fresh and up to date goods and thereby the customers get fresh products.
Understanding customer instincts!!
Discount strategy helps companies to understand and have a look about the psychology of the customers. To avail discounts very often customers need to give information about the quality of products and their outlook about whether the product is good or not. This builds a good foundation of database about the customer instincts and the company can approach further for enhancing the product quality.
Very unique strategy to survive competitions!!
The product manufacturers or companies always remain in a competition with other product manufacturers. So, discount more or less creates scope for the companies to survive in this competitive age. This creates an opportunity for making more profit for a company even in this competitive market.
So, discounts are very good ways to increase sales. But it is to say that the companies should remain careful so that the company’s customer base are not only discount dependent rather they should proceed in such a way that these discount attracted customers become regular customers of the company. Infact, the discount should be used lawfully by the companies and it should be kept in mind by the companies that it does not get subjected to cheating. This strategy of discounting needs to be used more and more by the companies for a successful business revolution.
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Writer,
Amir Uddin Ahmed
Intern
Content Writing Department,
YSSE