Randye Spina, Affordable Marketing Solutions, LLC
Marketers are under more pressure than ever to discount prices, as many in the travel and related businesses know. But, don’t let it diminish your brand.
Here are some helpful tips how to discount wisely:
- Focus on retention marketing – Concentrate on marketing around your existing customers. Because acquisition can be up to 10 times more expensive than retention you’ll want to focus on retention marketing.For instance, if a cruise line needs to sell excess inventory for a last-minute sailing, an email announcing the lower price to existing passengers as their first-line audience, may help sell the inventory without having to publicly announce a discount on price comparison travel sites. The end result: a more stable brand image.
- Strategically offer promotions – Avoid “for new customers only” promotions. Why? If I’ve been a loyal customer of yours then why aren’t you rewarding ME? Instead, consider a rewards program or create a communication plan to stay in touch with your existing customers.
- Deliver Killer Service – Become the preferred supplier. Offer great customer service policies, hire friendly employees, train them well, and be flexible. You’ll build brand loyalty and repeat customers.
So, keep these tips in mind when you think that discounting is your only option.
Randye Spina has held senior level marketing and communications positions in corporate America for almost two decades and since 2007 runs Affordable Marketing Solutions, LLC – a small business marketing consultancy. She has authored the book, Affordable Marketing Solutions: Proven Techniques to Profitably Market Your Small Business.