5 Ways Entrepreneurs Can Benefit from Advertising Discounts on Deal Websites Sometimes it takes cutting prices to move to the level.
By Rehan Ijaz Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
Being a self-made entrepreneur requires you to make smart decisions for your business to stay ahead of the competition. However, with a stable marketing plan, you may still be looking for ways to boost your sales, drive more traffic, and increase your awareness online. How can you do this though when you've already detailed your marketing strategy as extensively as possible for now?
Deal websites, like Dealslands, Groupon, Scoopon and Vouchershops benefit any business. Whether you're managing a small business with a handful of employees or a Fortune 500 company with hundreds of employees, it's going to help your business if executed strategically.
These companies sponsor major businesses from Papa John's pizza and Hotels.com to smaller businesses like Bargain Max and Jacamo. By offering small businesses like you a platform to grow a larger audience, they gain only a small portion of revenue through sponsorship on the website. The overall benefits surpass the small costs to hosts on these platforms, making it an easily accessible tool for business owners.
Let's look at how discount websites are changing the way entrepreneurs market.
1. Attract more customers and reviews.
Increasing traffic is the goal of any business. More traffic equals more return customers. Sounds good, right? Well, using a discount website to promote limited deals helps expose you to an even larger audience. Many small businesses and entrepreneurs don't have the connections to broaden their audience quickly.
Offering deals on discount sites gives you the exposure to millions of viewers each time you post a deal. The more deals you post, the more exposure. Plus, if your products are appealing to consumers, you could luck out into getting a few online reviews about your website.
2. Reduce inventory
It's a common problem in business to over order on a product occasionally. Regardless of the reason, getting rid of inventory is necessary. Discount sites offer you a way to promote these products to get rid of them completely. Those 20% discount coupon codes only work if you have an audience. It's a chain reaction with having a larger viewership to see you, your products and discounts exist.
3. Increase sales
So, while posting on a deal site requires some strategic planning, if used correctly, you can easily increase sales with them. By offering a certain amount of codes over a specific time span, you guarantee yourself customers on the promoted, discounted product. However, it doesn't always stop there.
If you own a fashion business, you will find that offering jeans for a discount could get customers to purchase shirts and accessories at full-price. This helps increase revenue streams and profitability margins. Only 66 percent of companies see an increase in sales, but the main purpose is for exposure. However, this can be a nice perk if you're in the right niche.
4. Meet quarterly goals
If you've established a perfect marketing plan, you have quarterly goals set out for yourself. Meeting these goals doesn't always happen easily and requires a certain push. That's where these deal websites come in handy.
If you plan the number of discounts correctly, you'll be able to meet your financial budget and goals without overselling on products. Remember, if you have too many discount codes working at the same time, it generates a significant increase in sales. So, keep in mind how many units you want to discount to help with meeting your quarterly financial goals.
5. Boost your reputation
Most importantly, going to a discount deal website provides your business with a better reputation. The more you offer your customers quality products with occasional discounts and promotions, they'll start talking. Promoting through their social networks, customers could help your small business get a huge boost in search engine rankings with a high volume of shares and mentions.
Better search engine rankings provide you with even more brand awareness and solidify your reputation as a great company in your niche. Offering a discount on a deal website could completely change your business structure.
These tips guarantee to help increase your sales, boost long-term traffic, and build your brands' awareness. Struggling as an entrepreneur is difficult, but it's not impossible to succeed with the right methods implemented. It's a small fee for the return you're expected to get from the deal website.
