As an ecommerce business, one of the quickest and
easiest ways to drive more revenue and make money online is by offering sales
and discounts, but does it hurt your business?
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The short answer is yes. When you offer a lot of sales and discounts, some people get used to it, and they won't buy in the future unless there's a sale or discount. But that's okay, 'cause not everyone's like that. The long answer is, by offering sales and discounts, even though it could hurt you a bit and it usually does, your total revenue and your total profit is typically larger, assuming your sale and your discount isn't putting you in the negative, right? If your margin on your product is 10 bucks, but you're only $3 for the product, of course you're gonna lose money because your sale and discount is too heavy.
In general, when you're doing sales and discounts, you want to time to holidays and events. For example, it could the Father's Day or Mother's Day or Christmas or Thanksgiving or Halloween. You pick the occasion. It could be on your own yearly anniversary for your business. You pick when you wanna offer the sales and discounts and it will drive more online sales.
One company who does an amazing job of doing sales and discounts is Legion Athletics. Legion Athletics sells protein powder supplements for fitness people, right? If you wanna get buff, lose weight, whatever it may be. They typically do a sale or a promotion once a month. This drives a lot of additional revenue. They reached over $10 million sales because of sales and discounts. If it wasn't for that, their numbers would be drastically lower. When they have months that have sales and discounts, 'cause for a moment they're like, "Hm, we think is hurting us. Let's stop offering them," their revenue was substantially less, typically by over 20%.
So, if you wanna keep growing, offer sales and discounts but don't offer it on your main product items. So don't let someone just buy one product for 50% off. Instead, do what Legion does. They say, "Hey, we do sales and discounts when you buy bundles." So they may do a bundle package every month where they're combining their most popular items and saying, "Hey, if you buy these all together, we'll give a 20% or 30% discount." When you start doing that, that's when your sales drastically increase. Or they'll have an offer saying if you buy $100 worth of product or more, we'll give you $10 off plus free shipping.
So the key is to incentivize people with your sales and discounts. Don't just take your normal products and say, "Hey, if you buy them now during this sale period, you get 40% off." It has to be a special offer where you're bundling, packaging together, products, so then that way you won't tick off your existing, older customers and it encourages people to spend more money with you.
If you're ready to master your online marketing, then offering discounts can certainly help. Just be smart about your discount price and how you offer these sales.
www.besteducationpage.comFind me on Facebook: https://www.facebook.com/neilkpatel/
Read more on my blog: www.besteducationpage.com
The short answer is yes. When you offer a lot of sales and discounts, some people get used to it, and they won't buy in the future unless there's a sale or discount. But that's okay, 'cause not everyone's like that. The long answer is, by offering sales and discounts, even though it could hurt you a bit and it usually does, your total revenue and your total profit is typically larger, assuming your sale and your discount isn't putting you in the negative, right? If your margin on your product is 10 bucks, but you're only $3 for the product, of course you're gonna lose money because your sale and discount is too heavy.
In general, when you're doing sales and discounts, you want to time to holidays and events. For example, it could the Father's Day or Mother's Day or Christmas or Thanksgiving or Halloween. You pick the occasion. It could be on your own yearly anniversary for your business. You pick when you wanna offer the sales and discounts and it will drive more online sales.
One company who does an amazing job of doing sales and discounts is Legion Athletics. Legion Athletics sells protein powder supplements for fitness people, right? If you wanna get buff, lose weight, whatever it may be. They typically do a sale or a promotion once a month. This drives a lot of additional revenue. They reached over $10 million sales because of sales and discounts. If it wasn't for that, their numbers would be drastically lower. When they have months that have sales and discounts, 'cause for a moment they're like, "Hm, we think is hurting us. Let's stop offering them," their revenue was substantially less, typically by over 20%.
So, if you wanna keep growing, offer sales and discounts but don't offer it on your main product items. So don't let someone just buy one product for 50% off. Instead, do what Legion does. They say, "Hey, we do sales and discounts when you buy bundles." So they may do a bundle package every month where they're combining their most popular items and saying, "Hey, if you buy these all together, we'll give a 20% or 30% discount." When you start doing that, that's when your sales drastically increase. Or they'll have an offer saying if you buy $100 worth of product or more, we'll give you $10 off plus free shipping.
So the key is to incentivize people with your sales and discounts. Don't just take your normal products and say, "Hey, if you buy them now during this sale period, you get 40% off." It has to be a special offer where you're bundling, packaging together, products, so then that way you won't tick off your existing, older customers and it encourages people to spend more money with you.
If you're ready to master your online marketing, then offering discounts can certainly help. Just be smart about your discount price and how you offer these sales.
as an e-commerce business one of the
quickest and easiest ways to drive more
revenue is my offering sales and
discounts but does it hurt your business
hey everyone I'm Md Hridoy Hossain
and today I'm gonna explain and share
with you if sales and discounts hurt
your business short answer is yes when
you offer a lot of sales and discounts
some people get used to it and they
won't buy in the future unless there's a
sale or discount but that's okay cuz not
everyone's like that the long answer is
by offering sales and discounts even
though it could hurt you a bit and it
usually does your total revenue and your
total profit is typically larger
assuming your sale and your discount
isn't putting you in the negative right
if your margin on your product is ten
bucks where you're only charging three
dollars for the product of course you're
gonna lose money because your sale and
discount is too heavy in general when
you're doing sales and discounts you
want a time two holidays and events for
example could be Father's Day or
Mother's Day or Christmas or
Thanksgiving or Halloween you pick the
occasion it could be on your own
yearly anniversary for your business you
pick when you want to offer the sales
and discounts one company who does an
amazing job of doing sales and discounts
is Legion athletics Legion athletics
sells protein powder supplements for
fitness people right if you want to get
buff lose weight whatever it may be they
typically do a sale or a promotion once
a month this drives a lot of additional
revenue they reach over 10 million in
yearly sales because of sales and
discounts if it wasn't for that their
numbers would be drastically lower when
they have months that have sales and
discounts because for a moment they're
like hmm we think this is hurting us
let's stop offering them their revenue
is substantially less typically by over
20% so if you want to keep growing offer
sales and discounts but don't offer it
on your main product items so don't let
someone just buy one product for 50% off
instead do it Legion does they say hey
we do sales and discounts when you buy
bundles so they may do a bundle package
every month where they're combining
their most popular items and saying hey
if you buy these all together we'll give
you a twenty or thirty percent discount
when you start doing that
that's when your sales drastically
increase or they'll have a offer saying
if you buy $100 worth of product or more
we'll give you $10 off plus free
shipping so the kiyose is incentivize
people with your sales and discounts
don't just take your normal products and
say hey if you buy them now during the
sale period you get 40% off it has to be
a special offer where you're bundling
packaging together products so then that
way you won't take off your existing
older customers and encourages people to
spend more money with you
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