Product Offers That Customers Love

PRODUCT OFFERS THAT CUSTOMERS LOVE

Customers are lazy.

Don’t believe me, then explain cup holders or tablet stands.  Some of the best selling products on the market today were designed exclusively around eliminating chores or making people’s lives easier.

And this doesn’t stop at products; customers also love EASY TO UNDERSTAND OFFERS.

Let’s go through some of my favourite product offers that customers love that have proven to convert into sales.

THE BEST RETAIL OFFERS

Customers don’t want to do math or have to perform complex tasks to get something in return.

If a customer doesn’t immediately understand exactly what they are going to get, or how much it will cost them, they will go elsewhere, even if they were willing to spend their money with you.

Which is why the below offers are beloved by many retailers.

LIMITED EDITION

Loved by high end brands, the Limited Edition product or packaging is a huge revenue maker.  Customers understand this concept very clearly these days.  It is very trendy to have short runs of products that once sold out are never seen again.  Yeezy Sneakers have built their brand around this concept with some of their limited sneakers reselling for thousands of dollars months or years later. 

How to execute:

This will need to be communicated widely to ensure your customers are all aware of the nature of the offer.  Limited Edition is usually executed in a short, sharp promotion.  So announce well ahead of time to get your customers excited before you start taking sales.  Once the date arrives, launch and always end on time.  

BUNDLES

Usually complemented with a price saving, bundles of products are a great way to increase sales, AND total spend.  Customers are looking for like products, so having them sold ‘Pre-Bundled’ at a fixed total cost will more likely result in a sale versus selling the products individually.

It is an offer as old as time itself, so customers know in advance how this works, which is why it generally converts. 

How to execute:

This is a great one to use both as a staple or seasonal offer.  Make sure it is clear in your listing or description exactly what is in the bundle of products AND the saving the customer will make by buying this bundled versus single.  Everyone loves a deal, so make sure it is clear they are getting great value by purchasing.

Buy One Get One Free (BOGOF) / Two For One Offers

Seen across most every retail store and chain in the world, the BOGOF (Buy One Get One Free) Offer is a classic. 

Similar to a bundle, this allows customers to buy two or more of a similar priced / or like product of their choosing, for a discounted rate.  Designed to increase stock turn on usually lower priced or impulse products.

Why is it so popular?  Because it is easy to understand.  And statistics have proven that customers will choose this offer over a discounted price or dollar saving of equal value simply because they didn’t have to do the math in working it out.  It converts, which is why it is so widely used.

How To Execute:

If this applies to a specific range of products, then be really clear about which products are included in the deal so customers don’t get confused or even disappointed should they choose the wrong ones. 

Best used for lower priced items for quick sales or impulse additions to checkouts.

PERCENTAGE OFF

Not as popular as the BOGOF (Buy One Get One Free) Offer, but still a nice easy offer for customers to understand.

The success of this offer can often depend on the percentage off that is being applied.  Anything 20% or higher is seen as lucrative.  And the 50% off offer will have every one sniffing around your store to see what kind of bargain they can get. 

Something that is very interesting to note, is that this offer is not often taken up on lower priced items, ($10 or under).  Customers more commonly see this applied against higher priced items, so maybe use this for your higher priced lines only.

How to Execute:

The percentage off is an everyday kind of offer that needs little explanation to customers.  Works great to incentivise previous shoppers to your store.  Offering 10% or 20% off their next purchase can work well to maintain store loyalty.

GIFT WITH PURCHASE

The beauty and cosmetic industry has made a living off The Gift With Purchase.  Commonly seen around Christmas Time as luxury fragrance retailers entice their customers to choose them by offering a gift with a single purchase.

Often this gift is a limited item and only available during this time of year, making the offer even more desirable.

Customers love this offer as as they are essentially buying TWO gifts for one. 

With the Gift With Purchase being re-gifted to a non-essential recipient, (ie extended family member, teacher, acquaintance).  When customers are already in a gift buying frame of mind, offering them an additional gift makes this offer very advantageous.

How To Execute:

This is a great one to roll out for Seasonal Promotions or Gift Giving times of year.  When customers are already in a gift buying frame of mind, offering them an additional gift makes this offer very advantageous.

Be clear about what is on offer and how the customer can redeem their gift.  Do they have to spend a particular amount?  Or buy a particular product?  And make sure you let them know if this will be added to their checkout or if they have to add it themselves. 

Keep it simple and this will be a winner.

FLASH SALES

Black Friday, Cyber Monday, Boxing Day and Singles Day are some of the most eventful sales driven dates of the Retail Calendar.  And why is that?  Because of the urgency and scarcity related to the promotion.

Customers know they will get a great deal, but only during a specific period of time. 

As a business you can hold a Flash Sale anytime during the year.  Customers love the urgency and theatre of a great bargain.

The benefits of tying in with one of the existing Retail Flash Sale dates is that customers are usually warmed up to spend.  The downside is that you will be competing with a lot of other retailers to be seen.  So be prepared to make your offer amazing.

How To Execute:

Communicate your intention well in advance to your customers, particularly if you are wanting to align your sale with one of the high profile FLASH SALE dates like Black Friday.  You might even want to spice up your deal by doing multiple promotional methods at once.  For example, you could offer a percentage off, but also release a Limited Edition item.  Or offer bundled products, that come with a Gift With Purchase.  So long as it is not too complicated, you should see a mighty return on your FLASH SALE.

Take the time to review your product offers before and after you execute.  Keeping them really simple for your customers will in all likelihood convert to more sales.

So what are you waiting for?

Get out there are start spreading the word on your next product offer.

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