What is the Discount?
A discount is a reduction of either an amount of money or a percentage of the regular selling price of a product or service. For example, a discount of 10 euros off the list price of a product or 10% off the list price can be offered.
Reducing prices in a business can increase customer traffic, as well as sales, but also "empty" old inventory. A business can follow the tactic of "seasonal sales" or keep some items on sale all year round. A discount can be applied to both products and services.
📌What benefits does the discount strategy have in the business... It should be noted that discounts benefit both customers and business owners.
🎯If you want to use a discount pricing strategy there are a few types of discounts from which you can choose the one that best suits your business or the services you offer.
Types of strategic discounts
Promotional discounts : offer discounts on all or some products for a limited time.
Early payment discounts: Discounts you offer customers for paying their invoices before the due date.
Seasonal Sales: Sales you can offer at the end of a season (eg winter sales).
Loyalty Discounts: Discounts that customers can receive if they spend a certain amount or make a specified number of purchases.
Referral Discounts: Discounts you offer customers for referring someone to your business.
Volume Discounts: Discounts customers receive when they buy in bulk.