In the fiercely competitive online world, businesses have to do everything they can do outdo their competition. 19 percent of small businesses fail because they are simply outcompeted, while 82 percent experience cash flow problems, which lead to them going out of business.
These two major problems could be solved by offering enticing offers and loyalty schemes. They serve to attract customers to your business and away from the competition, while also encouraging them to spend money.
You may feel as though offers and promotions are reserved for the big industries, where the competition is so intense that businesses need to do everything they can to win customers.
It’s true, sectors like the online casino industry, which makes upwards of $40 billion a year in revenue, feature sites packed full of enticing deals. CasinoWings reviews all top online casinos and lists offers that can double a player’s initial deposit or even give them free bets and spins without making a deposit whatsoever.
Small businesses can learn a lot from big sectors like this, though, as it is the sites with the most unique deals that tend to stand out from the rest of the competition. While it may be simply unfeasible to offer the same kind of cashback deals as huge online casinos, there are other types of deals that business owners can experiment with.
Using social media to your advantage is one of the best ways to promote your business, but you need to make sure enough people are interacting with your posts. Many businesses nowadays will run competitions on Facebook that enter people who share a post into a prize draw, where the winner could end up with a free gift or subscription from the business. This is a common marketing campaign for travel companies, with the prize usually being a free holiday. This kind of marketing gets a lot of attention to your site, and depending on the prize you decide to offer, can be cheap.
Random rewards can be a good way for your business to gain notoriety as news will quickly spread about the potential to get free things for nothing. How about randomly giving a prize to the 128th visitor to your site and then posting about it all over social media? Others will be tempted to go to your page to see if they are in for a prize as well. There are also more traditional ways to attract customers and keep them. Having a loyalty card that rewards customers if they spend a certain amount with you is always a good option.
Small businesses need to run offers and promotions, just as the big companies in thriving sectors do. It is important to stay within your means, however, so going for cheap things like competitions can be the best bet. Some kind of cashback incentive for long term customers would also be a great idea.