What are the advantages and disadvantages of giving discount vs advertising?
Z Dee asked:
I want to promote or market my place but wasn’t sure to giving discount or advertise the place. Please list out the pros and cons on the options.
KATHY
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I want to promote or market my place but wasn’t sure to giving discount or advertise the place. Please list out the pros and cons on the options.
KATHY
One Response to “What are the advantages and disadvantages of giving discount vs advertising?”
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December 22nd, 2008 at 9:07 am
Well, you’re not being very specific, but I’ll try…
The advantages are obvious, enticing customers to enter your business and perhaps spend more than they might otherwise.
The disadvantages are to your profit margin.
The best way to utilize advertising coupons is to try and have them effective during a typical slow time for you (think of “happy hour” in a bar). This way your getting customers that you wouldnt have had otherwise, which is a net plus to your bottom line. Highly important you put limits on the coupons like “one per customer”, “valid only monday & tuesday”, etc… gotta protect yourself above all.
Also when choosing the amount of the discount, make sure you always have your overhead in mind. Never discount something below cost.
Discounts should be done in conjunction with advertising, not separately. They’re like peas & carrots.
Good luck!