You can really make a difference to your conversion rate if you offer prospects discounts, and the reason is simple.
People like to feel as if they’ve had a good deal. They like to “win” a good deal.
The decision on whether or not to buy a product is not usually made logically; it is, rather, a somewhat emotional process. Prospects like to get a good deal when they buy something; it’s one of the factors that makes them feel good about a purchase.
Discounts are everywhere. You don’t have to look far before you come across them. Look in the local supermarket; you will find buy-one-get-one-free offers; discounts (e.g. was £1.50, now £1.00), and so forth.
Sometimes the discounts are limited to a certain number of sales or to a specific period. It all helps capture those sales!
If I offer you product A which I’m selling for £25, you might buy it. However, if I offer you a discount on product A which I’ve previously sold for £35 but I’m now selling for £25, you’ll be more likely to buy it, simply because it’s a discount – even though the price is the same. See how it works?
Note that laws apply to selling to make the system fairer. For example, in the UK, you can’t just offer a product for five minutes at £50 and then offer it at your £25 “sale” price. The product has to have been offered at the higher price for at least 28 days during the past six months. Other jurisdictions will have their own, similar laws, which as a reputable trader you will not want to disregard.
This is one of several factors that you can use to improve conversion rates. They are all common-sense approaches; you’ve seen them all used before; but unless you think about using them, you won’t necessarily do so.
So think about how you can add a discount to the next product you offer. It may make a huge difference to your bottom line!