How to Cultivate the Best Deals for Your Subscribers
Finding quality deals for your subscribers is one of the five fundamentals of deals success. With so many merchants out there, how do you know what your audience will find worthy of purchasing? To answer that question, we analyzed our hundreds of deals partners’ data and uncovered a list of common traits among stellar deals.
- Audience Appeal. Knowing the demographic makeup of your audience will help you better understand what their interests are. Location data will also guide you to the areas of your market where your audience is most concentrated. From there, you can find businesses in those areas – a convenient location is a key selling point for any deal buyer!
- Deal Uniqueness. By striving for one-of-a-kind offerings, your customers know they can only get that deal by purchasing it from your program. Be sure to do a little research before running a deal to ensure it isn’t a standard offer available anytime.
- Brand Recognition. Your customers want to recognize the merchant before they purchase a deal. Pick well-known merchants in your market who are trusted and ready to produce a great deal, no matter if they are local or a national chain. Use review sites – including your own media’s reviews and Reader’s Choice Polls – to identify the most popular businesses in your market.
- Deal Price. The key is to be sure you’re basing the deal price on the average spend per customer at that business. To ensure the best return on investment for the business, price the deal just below the average. That way, consumers are more likely to spend above and beyond the amount of the voucher – netting even more revenue in the pocket of the business owner.
- Valuable Discount. Offer a deal your audience can’t refuse. Customers want the deal to be worth the time it took to purchase it. Consider the market value of the deal and try to have the merchant offer at least 50 percent off. It’s important to know what the market value is for your deal, especially for popular merchants that run with other deals programs in your market. Keep an eye on the competition and be sure you’re pricing your deals competitively.
- Deal Restrictions. Remember that too many restrictions will decrease the desirability of your deal. Negotiate with the merchant and try to create as few restrictions as possible. If the merchant is adamant about having restrictions on the amount of deals they will sell, suggest running them as a Side Deal or save it for an upcoming Deal Store. You want to balance the needs of the merchant with your own revenue goals.
- Bonus Offers. Everyone loves to get more bang for their buck, so suggest to the merchant they offer a bonus deal. For example, if your merchant is a golf course the deal is for half-off a round. The bonus deal could be the buyer taking their voucher into the pro shop and receiving 25 percent off.
- Expiration Date.Buyers consider expiration dates before buying a deal. Work with the merchant to agree upon a reasonable expiration date. Keep in mind that the “promotional value” of a voucher can expire during the pre-determined time, but the amount paid by the consumer is valid much longer. This varies by state, so be sure to review gift card laws in your state.
- Deal Category.Target broad deal categories that will appeal to your general audience. Buyers look for deals from restaurants, health and beauty, activities, regional travel, and retail. Deals are often used to try out new businesses or try something new, so make sure you have a healthy dose of fun and entertaining deals to keep your audience engaged and excited to buy.
- Seasonality. Buyers want to purchase deals for what is happening now. Target seasonal merchants and create seasonal stores to attract buyers to the deals. For example, in June and July you can run a summer store and include deals for an ice cream parlor, outdoor activities and for merchants who sell summer apparel.