More Than a Sales Tag — Changing Consumer Behaviour
A sale banner is like blood in the water for customers. There’s something about slashed prices that reel in customers by the horde. But why exactly? And more importantly, what does a business stand to gain from seemingly selling their products at lower prices?
A drive for attracting new and repeat customers
Savvy businesses know exactly how to capitalise on the masses: with limited-time offers. The sense of urgency around a sale pressures customers to make their conversion as quickly as possible for fear of missing out on a good deal.
Brands take advantage of this by perpetuating the idea of limited-time discounts and sales, as well as limited edition product lines.
And repeat customers love sales because they are viewed as a return on investment for their loyalty. Great prices and products therefore bring great quality leads.
Cyber sales equal increased traffic
Today, a great number of sales that happen, happen online. And social media is an ideal way of boosting awareness for them. If cleverly done and executed, traffic is increased for both your website and social media platforms. Many brands today offer website-specific sales, or “cyber sales” as it were. These cater to a larger audience for whom physical stores are out of range. They also boost customer engagement with your brand as a whole.
Flash sales are best for delivering high traffic rates to your website, but just be sure you’re technically equipped to handle the load.
A well-executed sale also does wonders for boosting reputation. Brands that deliver quality products and services at a discounted price become memorable to their customers, for obvious reasons. However, this doesn’t just encompass the buying journey during the sale. It also means delivering quality customer service and experiences after the fact as well. Consumer behaviour is greatly affected by the positive or negative emotions experienced throughout the purchasing journey. Ensuring a positive experience means your customers will see you in a positive light.
Meeting that bottom line
Despite the slashed prices, sales are a great way of meeting your bottom line. Discounted prices of products and services often encourage customers to impulse buy. After all, for such a low price, it’s too great of a deal to miss! Customers are more inclined to make a purchase when they feel like the benefits are greater than the cost, and therefore are also likely to spend more. Take Target: we walk into one needing one thing, but come out with ten other things.
As Marilyn Monroe once said, “Happiness is not in money, but in shopping.”