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By Brett Billick, Senior Director, Deals2Buy.com
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To entice today’s information-rich consumer, retailers have to do more than label a product as a “sale” item to move inventory. This consumer has done their research. They know the specs of the product or service they’re interested in, have read reviews, weighed the pros and cons and hunted price comparison, deal and reseller sites to search for the best value.
Fortunately for the consumer, new and emerging sites such as Deals2Buy.com take some of the leg work out of this arduous process by showcasing best-of-web offers in one easily accessible place. But for the retailer, this means they have to get creative in their pricing and marketing strategy to capture and retain the business of this particular type of shopper.
Smart retailers understand the benefits of discounting to move inventory and build brand affinity, but those are just a few considerations when using product deals as a promotional tactic. To gain the most value from an offer, consider the following:
1. Not all publishers are the same – understand that sites like Deals2Buy have distinct and differentiated audiences. Each deal publisher has a unique audience make-up, so set an objective for your offer and partner with a site that will help you achieve that objective – whether it’s reaching a different audience to increase new acquisition or providing your target audience with a deep discount to move inventory quickly and maintain brand loyalty.
2. Use offers to test and optimize. Utilize deals to test pricing of new products, move inventory that has matured in its product life cycle and reach customers at peak seasonal time periods to drive volume.
3. Pay attention to feedback. To keep a pulse on the market, consider why an offer performed particularly well with a certain audience, read comments, notice how the deal is trending on the site, and watch how users are voting. For example, Deals2Buy allows consumers to vote on whether a deal is “hot.” This transparency is extremely valuable for retailers since users are discerning and informed.
Brett is a Senior Director at Deals2Buy.com, a deals web site for discounts and close-out inventory offers, owned by online coupons and deals marketplace WhaleShark Media, Inc.
Prior to joining WhaleShark Media, Brett was the Director of CRM for Virgin America, where he oversaw online marketing, CRM, consumer insights, and customer service. Prior to joining Virgin America, he held previous marketing roles at Gap Inc., as well as Discovery Channel Europe.
