Price promotion strategies can really help increase sales and make your WooCommerce store more competitive. If you’ve already started using them, there are ways to make them even more effective.
The trick to successful price promotions is understanding how they work and having the right tools to set them up easily.
In this article, we’ll guide you through price promotion strategies for WooCommerce. We’ll also give you examples and recommend tools to help you implement these strategies smoothly. Let’s get started!
What Are Price Promotion Strategies?
Before delving into the nitty-gritty, let’s first understand what price promotions are.
Price promotion strategies involve lowering the prices of your products or services for a limited time to attract more customers. While it sounds simple, using these strategies effectively is more complex.
It requires understanding the market, psychology, and technical aspects.
For starters, it’s important to know that your promotions should not only attract customers but also improve how people see your brand and help you reach your business goals.
These promotions can be used for various reasons, like selling old stock, introducing new products, boosting sales quickly, or building customer loyalty. They are a versatile tool in marketing.
If you use these strategies on your WooCommerce website, it can make a big difference. WooCommerce offers many plugins and extensions, giving you flexibility to customize your promotions to suit your business. Let’s see how you can use this to surpass your sales goals.
Why Do You Need Price Promotions?
As discussed, price promotions aren’t just about boosting sales; they’re a key part of your marketing plan. With the right strategies, they can:
- bring more people to your website,
- increase sales,
- and even attract new customers who might become regulars.
Research from RetailMeNot shows that many shoppers make unplanned purchases because they find a coupon or discount.
Additionally, a large majority of people are more likely to try a new brand if they spot a good deal. So, offering special deals for new customers in online ads can be really effective in getting people to buy.
In the same light, deals and coupons are influential in people’s buying decisions. The same study found that most Americans consider offers a major factor when deciding what to buy online. Plus, many shoppers are always on the lookout for great discounts throughout their shopping journey.
But there’s more to it than just sales.
Price promotions can give you valuable insights into what your customers like, how they shop, and what prices they’re willing to pay. This information can help you adjust your pricing and product strategies.
In the competitive online market, keeping your brand visible is crucial.
Well-planned promotions can create a sense of urgency, encouraging hesitant shoppers to buy and bringing back past customers who haven’t shopped in a while.
Note, however, that it’s essential to be careful. Too many discounts or poorly planned promotions can damage your brand’s value and create a cycle where customers always expect discounts.
The key is to use promotions wisely to strengthen your brand and ensure long-term growth.
5 Types Of Price Promotion Strategies
Before we go further, remember there are lots of strategies out there. In this section, we’ll focus on the 5 main types and give examples for each to help you understand the basics:
1. Discount promotions
Discount promotions are simple and effective ways to attract customers by temporarily lowering the price of your products or services. Whether it’s a percentage discount or a set amount off, people generally like and understand these offers.
Here are some examples of discount price promotion strategies:
- Percentage Discount: Offer a certain percentage off the regular price of an item or service. For example, “Get 20% off all summer dresses.”
- Fixed Price or Dollar Amount Discount: Provide a specific dollar amount discount on purchases. For instance, “Save $10 on your next purchase of $50 or more.”
- Buy One, Get One (BOGO) Free: Buy one item and get a second item of equal or lesser value for free. For example, “Buy one pair of shoes, get the second pair free.”
- Seasonal Discounts: Offer discounts during specific seasons or holidays. For example, “Special 15% off winter coats this holiday season.”
- Referral Discounts: Provide discounts to customers who refer new customers. For instance, “Refer a friend and get $20 off your next purchase.”
- Clearance Sale: Discount products that are overstocked or out of season to clear inventory. For instance, “Clearance sale: Up to 50% off select items.”
You can choose any discount strategy for your store, but targeting is crucial for success. Offering personalized discounts can make customers feel special and boost sales.
You might consider giving specific discounts to different users.
For instance, you could offer a percentage discount for new customers or provide discounts to those who have recently signed up for your newsletter:
The choice is yours, but I recommend exploring the Advanced Coupons’ cart conditions feature to customize your promotions even more:
2. Bundle promotions
Another great strategy is bundling.
Bundle promotions involve offering several products or services together at a reduced price compared to purchasing them individually. This strategy not only increases the average order value but can also introduce customers to products they wouldn’t have considered otherwise.
To make the best bundles, you need to know what your customers like and want.
For example, if you’re selling gaming consoles, you can offer a “Buy a gaming console and two controllers together and save 20% on the total price” discount.
This type of promotion incentivizes customers to buy more items and can increase sales by providing perceived value through the discounted bundle price.
Want to try it out? Advanced Coupons makes setting up bundle deals simple.
Check out our complete guide to learn more.
3. Flash sales
Flash sales are special deals that last for a short time, creating a feeling of urgency for shoppers.
They can boost sales quickly, but it’s important to use them carefully to avoid overwhelming customers.
However, keep in mind that the timing of these sales is crucial. Launching them during busy shopping times can make them more effective:
In WooCommerce, you can set up flash sales using the scheduler feature in Advanced Coupons.
This lets you choose both the dates and specific times when the sale will be active.
For instance, if you only want to offer a flash sale on Tuesdays, you can easily set this up in the Coupon Data settings using the Day/Time scheduler feature:
4. Loyalty programs
Loyalty programs go beyond simple discounts by building lasting connections with customers.
By giving rewards like points, discounts, or special benefits for repeat purchases, you keep customers engaged and loyal. Good loyalty programs are customized to what your customers really want, offering rewards they can earn and value.
These programs have a double advantage: they boost customer happiness and loyalty while giving you valuable insights into customer preferences and shopping habits. This data helps you improve your products, marketing, and future offers.
For a more comprehensive guide on how to create your loyalty program, check out these articles:
- How To Start A WooCommerce Loyalty Program (Tutorial)
- 7 WooCommerce Loyalty Program Perks During The Holiday Season
- 3 Reasons Why Loyalty Programs Are Important In WooCommerce
- 5 Tiered Loyalty Program Examples For Customer Retention
5. Store credit and Cashback
Lastly, store credit and cashback offers give customers a part of their purchase value back, either as cash or credit for future buys.
This not only boosts immediate sales but also keeps customers coming back. So, to make these promotions work well, it’s essential to plan carefully and explain them clearly.
Customers should know how the offer works, what they get, and any rules or limits involved. Being clear and straightforward helps customers see these deals as beneficial, increasing loyalty and sales.
Finally, if you’re interested, here’s a quick and easy way to set up store credits and cashback offers in WooCommerce.
Conclusion
Using price promotions wisely can greatly increase sales for your WooCommerce store and make your brand stand out in the busy online shopping world.
So, in this article, we shared 5 price promotion strategies for your WooCommerce store:
Do you have any questions about this article? Let us know in the comments!
