No one – except customers, of course – like discounts. Retailers and vendors alike hate to have to plan for this in their sales strategy, however the reality is that many businesses need to use discounts as a way to keep their business alive. The question naturally leads to what else can you do to make this happen?

Once you lure the customers into your store or to purchase from you as a vendor, the ideas are endless as to how to promote product through marketing and sales. Some ideas that can help provoke customer interest and lead to sales include:

1. Loyalty Programs

Also known as a Rewards Program, a Loyalty Program is a great way to retain customers and keep them coming back again and again. Creating this program can be as simple as making a homemade tracking program or as elaborate as using a sophisticated software program. The reward is that you have more understanding of who your customers are, how often they are making purchases, identifying what they are purchasing and the ability to respond to them in between their store visits or vendor meetings. Offering true “rewards”
is essential, though. Depending on your business, this could range from cash back, a free gift with purchase or even a gift certificate to a complimenting business. The lure for customers goes beyond the rewards, though. It shows them that you care enough to keep them coming back. Of course, your customer service is a huge part of this program, so make them want to come back, as well, for this important piece of the puzzle.

2.Refer a Friend

Let’s face it – friends are a good thing. And friends of your customers are a great thing. So let both these friends and your customers know how much you value this. Provide them with “thank yous” that go beyond discounts on your product. One idea is getting a like-minded business to offer a gift for your customers. This business should not be your competition, but rather a business that has your same target customer. A magazine subscription is one gift idea, a gift certificate is another. The idea is simply to offer a gift… whether you are footing the bill for this or not (ideally, you are not).

3. First Time Customers

Friends won’t always refer you business. You may simply earn it, and that’s a great thing, as well. Why not sweeten this scenario with a little incentive for first time customers. Invite them to be part of your Loyalty Program so that their rewards will continue as they grow as your customer, but also thank them for their first time purchase by providing them with a list of valuable resources for their business… but not ones that cost them anything. Top Ten Wholesale is a great site, for example, that helps vendors and retailers alike. Do they know about this? Trade shows, display manufacturers and many other retail focused businesses are likely able to provide you with promotional pieces to put in a “thank you basket” you create for first time buyers. The appeal to buyers should be that this basket will save them money on many other places, not just with you.

At the end of the day, keeping things fresh in the competitive retail world is essential. Listen to what your questions want from you and then find ways to make this happen beyond discounts. Your reward just may be more sales in your pocket.