Understand Your Buyer> How to Engage > The Budget Version
What is it?
The Budget Effect is about making your offering accessible and relevant for those with a much lower budget.
Why does it work?
It works because with all the discounts and deals in the world, some buyers need the absolute cheapest, most basic version of your offering to meet their needs.
How can you use it?
Depending on your offering, what are the features and elements you could remove to reach a much lower price point, whilst still delivering value and meeting client needs?
10 alternative ways to discount your offering:
- First purchase– Discount the first purchase a buyer makes with you.
- Follow up offer – Follow up those who didn’t buy with an incentive.
- Cashback – Don’t discount, but provide cash back to those who pay full price.
- Themed Sale – Create an event or reason to hold a sale.
- Price Match – Offer to match the genuine price of a competitor.
- Buy more – Incentivise buyers to spend more with ascending discounts.
- Free gift- Offer a free gift with purchase.
- Early bird – Offer a discount for those who buy/pay in advance.
- Flash Sale – Hold a flash sale
- Budget version -create a naturally cheaper version of your offering to appeal to lower spending buyers.
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