When you look online for products, you will inevitably search for the best value items. These are not always the cheapest ones, and factors such as free shipping or other additions can sway your purchasing decisions. Only 8% of customers state that a bonus from a company does not influence their buying outcome, with 75% stating they are likely to make a second purchase after gaining one from a company. This is why bonuses are the ideal retail incentive.
What is a retail bonus?
An incentive is an offer you use to bring customers to your business and eventually perform an action. That action does not always have to be a sale. It could be getting them to share news or signing up for a mailing list. There are several types of incentives, such as loyalty schemes and discounts. Yet a bonus is a specific variation, providing an addition to a service or purchase.
Online casino bonuses have been used for some time as a way to both engage new customers and retain old ones. They take many forms, including free spins on slot games and even credits for players. Yet these bonuses rarely stay the same, with some changing depending on global events like current sporting events (World Cup) and even to suit their own tournaments. Thus, bonuses can be tailored to suit different demographics, time frames and other factors.
The advantages of bonus schemes
Bonuses have several real-world advantages. Firstly, they can increase conversions. A bonus may incentivise someone to buy, or even increase final sale amounts. This can often be deployed at key purchasing points in the funnel, such as checkout. With the right one in place, it can also be used to encourage repeat purchases. This is particularly useful for companies that tend to have large-ticket, one-time purchase items.
In this fashion, they can be used to re-engage dormant customers. Those who may have forgotten about your brand could be sparked back into life by the right bonus. Yet they will also drive referrals from existing customers, who have brand loyalty strengthened when you offer this.
Creating an effective bonus
A bonus has to be factored into your margins. Whatever you give away, it is going to cost you either in lost profit or inventory. Thus, you must ensure it is going to generate its worth in sales. That may be in the immediate aftermath, or further down the line in terms of brand awareness and retention. Always work out how much this bonus will cost, and what it will achieve.
A bonus has to provide something of value to a customer. It must be something they want, or something that will solve a problem. This means taking away the blanket approach and personalising the bonus to an outcome. If you want to bring in new customers, then you may start up a bonus that lets them sample other products in the range. With this, your bonus is sure to be effective.
