Coupons, discounts and sales can be your friend when driving conversions, but they can also be your nemesis. Why should you always have to discount your product purchase price? After all, your product is a representation of hard work, and is competitively priced. There are many other ways to add value to a transaction without promotional codes, and TrialPay is here to walk you through them.
1. Points System
Create value and loyalty with a points system. Loyalty rewards (dollars or points) is the leading customer loyalty component for retailers worldwide (Aberdeen Group, March 2010). This is a successful component that drives more sales. Sephora.com uses Beauty Insider points to drive more purchases. With the accumulation of points through purchases, Beauty Insiders can earn special samples. The result? Beauty Insiders feel more value for their purchase as their points accumulate for an exclusive sample from Sephora.
How does this concept translate for developers? Let your buyers earn points towards new content and upgrades or allow your customers to redeem accumulated points for loyalty dollars towards a future purchase.
2. Extended Downloads
One of the benefits of digital goods is that consumers can experience the instant gratification of their online purchase. However, if your shoppers change computers or experiences computer failure, they may need to re-download or re-install your product. This can be a complicated procedure if your site doesn’t offer an extended download. Add value to your transaction by offering an extended download promotion.
3. Preferred Support
Incentivize new sales or upgrades with preferred customer support packages. These packages can include expedited support, early access to alpha or beta releases, membership to private community pages or other benefits that don’t create high costs for your business. Also, be sure to ascribe a monetary value to your preferred support package. For example, “Upgrade to version 3.0, and get our Gold Customer Membership for FREE (normally $19.95).”
4. Free Downloadable Content
A great incentive for customers to buy and feel like they are getting more for their money is to offer free bonus content with purchase, such as downloadable content (DLC). While downloadable content is usually offered with games, think outside the box for free content and upgrades you can send your users. For example, if you have developed business software, offer upgrades that include templates and an additional library of icons.
Bundles are great sales tools. They’re seen on infomercials all the time, “Buy this product for $19.95 and we’ll throw in these great accessories!” The trick to creating bundles without discounting your purchase price is to be smart about your pricing or what you choose to bundle. Either bundle with a newer and unrelated concept, a simple tool, or a complementary product that you have created for the main item.
6. Sweepstakes / Giveaway
If there is the possibility to win big from one purchase, it will push a potential buyer towards conversion. A case study from Marketing Experiments shows how a giveaway lifted conversions, and how a high QUALITY giveaway outperformed a high QUANTITY giveaway by 31%. Be smart when choosing prizes – understand your customer base and thoughtfully pick something that will appeal to them.
7. TrialPay’s ‘Get It Free’
Thousands of online sellers have sold millions of products through TrialPay’s alternative payment platform. TrialPay’s platform gives blue-chip advertisers the ability to buy products for online shoppers in exchange for trying or buying their service. Shoppers “Get It Free”, you complete a sale and the advertiser acquires a new customer. TrialPay is free to use and can be implemented on your site in a variety of ways.
There are many ways to increase sales without putting your product in the bargain bin. What ideas are you using to add value without slashing prices?