Saved Money Is Spending Money‏

by Chris Crum

As if you haven't heard enough about the economy and gas prices, I'm going to attempt to put a slightly different spin on the subject.

The fact remains that people want to save money. This holds true no matter how the economy is, but right now, it is becoming a higher priority for many consumers. It is of course a priority for businesses as well, but saving your customers money could in turn, bring you more business and make you more money. In other words, you've got to spend money to make money...or something like that.

I'm talking about discounts for your customers. Tell us what you think.

Coupons

Whether you are strictly a brick and mortar business, an online business, or a combination of the two, coupons are big. In an era where people are putting gas in their vehicles at nearly $4 per gallon, they are looking to cut costs wherever they can. This means, the more money you can save them, the more likely you are to get their business.

Make your coupons worth their time. Sometimes, it takes more than 10 cents off of an item to spark enough interest to buy.

Sales

General sales apply with basically the same concept, and perhaps are even more effective, especially with brick and mortars. With offering items at sale prices, you are encouraging customers that might not have your coupons to buy from you also.

Offering good sales is a good way to get them to come back. If you build a reputation in the customers' minds as a place that has good sales, they are more likely to revisit your store just to see what you have.

Promotional Giveaways

Every once in a while, give something away for free. This is also a reason for your customers to come back. This could be in the form of a contest, or simply giving a random customer an unexpected bonus prize upon checkout.

It's another great reputation booster and could inspire future sales. You can really be creative with this kind of thing and make it fun for shoppers. Think Shoe Carnival. They actually make a game out of it. They have a wheel that customers can spin and trivia questions that they can answer to win prizes and discounts. Wouldn't you love to shop at a store where there is a chance you could win something every time you shop there?

When all is said and done though, be smart with your discounts. Profit is still the goal obviously, but you may have to give a little more to get more in an era where half of people's paychecks are going to their gas tanks. What ways are you saving your customers money? Are they effective for your business?