We’re all about the great outdoors here at Wildspark, but we also love a good marketing strategy. Today, we’re diving into the world of discount marketing. If you’re not already using this tool in your marketing arsenal, you’re missing out on a big catch. So, let’s dive in!

The Great Outdoors of Discount Marketing

Discount marketing isn’t just about slashing prices and hoping for the best. It’s a strategic tool that can increase revenue, drive conversions, and even boost your email newsletter sign-ups. It’s like finding the perfect fishing spot — once you’ve found it, you’ll keep coming back for more.

The Psychology of Discounts: More Than Just a Bargain

Just like the thrill of reeling in a big catch or reaching the summit of a challenging hike, discounts tap into some deep psychological factors. Fear of Missing Out (FoMO) is a big one. It’s that feeling you get when you see a limited-time offer on that tent you’ve been eyeing, and you just have to grab it before it’s gone.

But it’s not just about FoMO. Discounts can also make consumers happier, even if only for long enough to place an order. It’s like the rush of endorphins you get when you finally reach the peak of that mountain. Plus, discounts can impact how customers perceive the value of your product, which can be a game-changer in the competitive outdoor industry.

The Different Trails of Discounts

There are as many types of discounts as there are trails to explore. You’ve got your classic “buy one, get one free” offer, percentage discounts, dollar discounts, tiered discounts, bulk discounts, free shipping, and even rebates.

Remember the Rule of 100 when deciding on your discount strategy. This rule suggests that a percentage discount is more appealing if the item is under $100, and a dollar discount is more appealing if the item is over $100. It’s like choosing the right gear for your adventure — you need to pick the right tool for the job.

What Our Data Shows Us About Discount Marketing

We did a bit of surveying, and the results were as clear as a mountain stream. Consumers who don’t typically purchase on the first visit would do so for a discount. Those who abandoned their cart would convert if offered a discount. And consumers will take additional steps (like signing up for newsletters or adding more items to their cart) to receive a discount.

How to Use Discounts in Your Marketing Strategy

Just like planning an outdoor adventure, you need to know why you’re offering discounts. Are you trying to increase your Average Order Value (AOV)? Improve your conversion rate? Once you know your why, you can work out your how.

Let’s say you want to tackle abandoned carts or boost email signups. You might need to adjust your pricing to accommodate regular discounts. You’ll also need to test out various discount types to see which ones your customers respond to most positively. It’s like finding the best trail — you need to explore a bit to find the best route.

Conclusion

When implemented purposefully, discount marketing can be a boon to your business. Whether that’s through increased revenue, a higher AOV, or a higher conversion rate, discount marketing can give your outdoor brand the extra boost it needs.

So, are you ready to take on the great outdoors of discount marketing? We’d love to hear your thoughts in the comments below. Happy marketing, and as always, happy adventuring!