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More Profits – This is how you do it

November 11, 2008
What happens in San Francisco, stays in San Fr...
Image by Darwin Bell via Flickr

During this staggering economy, businesses are brainstorming for ideas that will result in sales. They are looking for ways that will help their business grow instead of head in the direction of failure. A business idea to help head in the path of success is to offer incentives to your current clients or incentives to lure new ones in. These ideas that will help increase your profits include offering coupons, referral rewards and points to use toward future purchases.

The first way you can encourage consumers to spend more within your company is to offer coupons. Buyers are looking for the best deals they can spend their money on. Coupons can be distributed to current clients through an email and can be used to draw people in to make purchases. A great way to promote these coupons to entice people to spend is to advertise them through means of social networks. Posting a link to your website with a coupon code offers exclusivity to those who are part of that network. This also drives traffic to your website which is generally good for brand exposure and profit.

Another inexpensive practice is to allow your current consumers to assist with your company’s marketing with referral rewards. An award of $10 for any person someone refers who spends $50 or more can result in high profits. This will persuade your current shoppers to outsource to their networks to build these referral rewards so they can receive the discount off their next purchase. This keeps the current consumer spending their money as well as the people who they have told your business about.

Handing out a compensation of points to a buyer makes them feel like they are getting a deal for what they have purchased. Different point levels for store discounts will encourage clients to purchase more to gain the excitement of working towards something that will be discounted. This also gives them the feeling of reassurance that their money is being well spent. Just think of popular points programs like Air Miles; many people will shop where they know these are offered.

These three types of incentives are inexpensive ways to get the buyers of today to start and continue spending money with your company. They will also help you stay competitive, while running a successful online business.

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