By: Terra L. Fletcher, owner Fletcher Freelance
I cannot tell you how often I see businesses relying too heavily on discounted prices to motivate a sales surge. Time and time again I have said, “If you plan to rely on low prices as your unique selling proposition, your business will not succeed.” There will always be someone that is able to sell your product or service for less. Customers that come to you because of price will leave because of price.
An alternative to slashing prices is offering something more, a premium. As a marketing consultant, I often suggest to my clients that they consider use of premiums over discount or rebates. In the mind of consumers, premiums increase the value of what they are receiving rather than implying the product is inferior, originally priced too high, or prices change regularly.
Premiums are gifts that your customers will tell others about. They will say things like, “I got this great new thingamabob and this free whatsit when I went to This Great Store.” According to Bill Glazer premiums can increase response rates by as much as 30 percent!
Alert! Major marketing secret about to be revealed! The two most powerful words in advertising are FREE and NEW. You say, “I could’ve guessed that.” True, but have you used these words to your advantage?
What is the best way to present a premium?
1. Include a photograph of the item. Drawings or illustrations work, but a photo is always best.
2. You must have a description of the premium, highlighting both its benefits and its features.
3. Don’t forget to mention the retail price of the item (to build value in the eyes of customers).
4. Give a believable reason for the premium.
When it comes to including the retail value, this is the manufacturer’s suggested retail price, not what you paid for the item. Of course you don’t want to give away junk, but you can find excellent products in bulk or at closeout prices- especially for discontinued items. It is important not to overestimate retail value; customers will see right through that. This will damage your reputation.
When possible, offer people a choice of premiums. This will help you appeal to a wider audience. Can you offer a premium that will interest each gender or age group that you are targeting? Will your premium attract your best customers?
People like stories. When giving a reason for the premium, make it personal. Here’s an example: I was thinking of my customers when I was (doing some mundane or obscure thing). I thought (I bet my favorite customers would like this, too). Why not (give this great product away)?
Remember; the better the offer, the better the response. The better you tease, the more they read.
If your business could benefit from an increased advertising response rate, call Fletcher Freelance today at (715) 584-6773 or visit fletcherfreelance.com for more information.
Terra L. Fletcher is a freelance writer, marketing consultant, and owner of Fletcher Freelance. She knows how to move an audience to action. Fletcher brings new sales and marketing techniques to improve your conversion rates. She specializes in business writing, SEO website content, and internet marketing. Fletcher also does articles, blogs, newsletters, and editing. Fletcher’s offers an on-time guarantee and a no-typo guarantee. Your first consultation is FREE at 
