Published on: 09 May 2018
Last Updated on: 12 September 2024
There are two sides to offering coupon codes in your business. One side shows that you could make more sales with coupons while the other side shows you could lose profits after discontinuing the coupon purchases. Both sides have a point, and you should pay attention to these things while coming up with a discount strategy. Many businesses still view couponing as a perfect way to drive customers and sales without experiencing revenue losses. If you are considering using coupon codes on your business, here are some of the advantages and disadvantages of the idea.
Advantages of Offering Coupon Codes :
Businesses like Vistaprint have been offering coupon codes with the idea of attracting first-time buyers and it is working really well. You could also attract customers with this method without having to give them more discounts on future purchases. Use it as a customer acquisition strategy.
If you have inventory that you want to unload quickly, offering coupon purchases is the best way to trigger quick sales. It will influence more people to prefer your products over those on other stores as long as the quality matches. You could also use coupon codes to encourage brand switching where buyers from another brand are encouraged to buy from your brand because of the pricing lure. Getting customers to make the first purchase might lead to add-on sales for products that were not discounted, which could help to raise revenues.
Disadvantages of Offering Coupon Codes :
This is a costly decision. You need to estimate the correct amount you can afford to give away. If the profit margin is not impressive, you won’t find coupon sales profitable, so it’s only sensible to use coupons on products that have a good margin. Not sustainable as a promotional strategy because customers may only choose the discounted product and never come back. Some businesses have experienced unprofitable Groupon promotions because customers only pick discounted items and only return when there are more discounts to be exploited. Could affect the image of the business as this in some cases may make it look cheap, which in perception may send a message that the quality offered is not good. This strategy could also encourage customers to always wait for discounts and only buy when you are offering discounts.
Also remember that offering discounts, especially to first-time buyers, could alienate loyal customers who are made to feel they deserve the discount more for sticking to the brand.
Conclusion
With the points discussed here, you can see how adding coupon codes to your business could affect its performance. You need to be careful with offering discount codes as this could also damage the business by lowering profitability even with more sales. Only use this strategy if you are sure the revenues to be gained are enough to get the business running smoothly. It is a perfect way to raise cash and you can clear inventory that has been stuck for a long time. Just make sure it does not lead to losses.
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Many experts point out that running a successful B2B business is easy if you avoid making some important mistakes. Even if you are not running exceptionally sophisticated campaigns to woo newer clients, simply avoiding mistakes can give your company the much-needed boost.
This is more important in the new scheme of things, especially for a post-COVID-19 business world.
With 2021 just around the corner, it is essential that you pay heed to the contents of this article and ensure that you are able to avoid some if not all of these mistakes.
In this article, we speak to some of the leading minds from the B2B world of marketing, sales, and logistics. We ask them about the mistakes and the way forward.
List of Top 5 Mistakes B2B Businesses should stop making right away
1. Maintaining Data on External Disks-
We all know how data is important to the success of any business. In the case of B2B companies, data can be the deciding factor between success and failure. Most B2B companies are still averse to maintaining data on the Cloud and prefer to use hard disks.
Experts are of the opinion that in addition to the risks of data getting corrupted or being destroyed by human error, this strategy is flawed and outdated. Maintaining data on the Cloud does not only increase its security but also ensures cross-department usage of the same.
2. Using Outdated ERP and Inventory Management Tools-
The next set of mistakes concerns B2B businesses still relying on age-old strategies for inventory management. With AI, ML, and Automation being offered by the best vendors, it is high-time, B2B businesses should opt for the best inventory optimization software.
This will allow B2B businesses to accelerate the pace of their functions, boost the efficiency of the team, and improve customer experience. Looking after simple things like reducing the turnaround times can have a major impact on any B2B business in the world.
3. Manual Task Assignment and Follow-Ups-
If you are a B2B business owner, you will agree that following up with your team members or checking the progress of their work can be a pain. Using phone calls, emails, WhatsApp and other outdated mechanisms promotes inefficiency and prevents clarity.
This is why automated task assignment workflow software should be used to better employee performance. From Trello to Asana, there are many credible ones in the market, which are simple to use and will allow you to keep track of the work assignments of your employees.
4. Doubting Digital Platforms-
Most business consultants point to the fact that B2B businesses and their owners are still hesitant when it comes to pursuing digital transformations. They still feel that the internet will not be able to help them fulfill their sales and marketing objectives.
However, nothing can be further from the truth. Using search engines and social media in a strategic fashion can help you with a number of advantages. From reaching your target audiences to improving branding and lead generation, there is a lot to achieve from digital.
5. Taking help from External Specialised Vendors-
B2B businesses think they must set up internal teams to start digital transformation or automate their processes. They fear hiring specialists. However, it does not have to be that way.
By working with specialized digital marketing agencies, they can bring on an external partner firm, which can help them in multiple ways. This will ensure that they do not have to hire teams, give them systems, and spend on their office spaces.
Once you start avoiding these mistakes, you will see a qualitative and quantitative transformation in your B2B business. You need to understand that the world is increasingly moving towards a digital framework, and as a business, you need to make the most of it.
Common B2B Marketing Terms you Should Know
Still a beginner at your B2B marketing strategies. Here is your dictionary to understand the different B2B marketing lingo.
1. What is the 80/20 Rule in B2B?
The 80/20 rule simply states that 80% of a company’s revenue comes from 20% of its customers.
In a business-to-business model, this highlights the need to identify and cultivate your key accounts.
Therefore, concentrate on your sales resources on those customers who generate the most profit for you rather than trying to be all things to all people. You truly cannot impress anyone!
2. What is the 95/5 Rule for B2B?
The 95/5 rule suggests that at any point in time, 95% of your target market is not actively buying, and only 5% are.
As a result, B2B firms need to focus on consistently building brand and supplier awareness.
This also includes developing relationships with customers so that they will think of them when they do go into ‘buying mode.’ B2B customers are different than dealing with one customer. Therefore, it is important you are always in their mind.
3. What are the 4Cs of B2B Marketing?
The 4Cs are Client, Cost, Communication, and Convenience.
In B2B marketing, it’s all about understanding the client’s needs, keeping costs in check, opening channels for communication and making sure your product or service is convenient and of value to the customer – this is what customer relationships and loyalty are built upon in the world of B2B.
4. What are the 3 Most Important Qualities of a Successful B2B Salesperson and Why?
Knowledge, Persistence, and Empathy!
Successful B2B salespeople must be knowledgeable, persistent, and empathic. The more knowledge you have about your product but also about the development in your industry or the general economy – the more credible person you become for your client.
Because let’s face it, only real knowledge gives you power over the situation (matched with superb confidence). Every business out there looking for answers is desperately looking for someone who has all the answers.
However, as we talk of successful B2B salespersons, we need to consider that they often also deal with long sales cycles. In those cases, persistence is what will make you stand out from the competition.
If I shower my leads with attention every day, no other competitor can gain a share of attention.
While we’re in relationships, people buy from people they “take care of them." Therefore, a successful B2B salesperson must adopt empathy when dealing with their clients.
5. How to Gain B2B Sales Experience as a Beginner?
As a beginner, you can gain sales experience in B2B by shadowing your experienced sales reps, going to networking events, and taking internships or entry-level sales positions.
The most valuable lessons are learned through real-world interactions, so concentrate on developing exceptional communication and negotiation abilities.
Plus, never stop learning, self-reflecting, and staying on top of industry news if you want to become an expert.
6. What is the B2B Lifecycle Strategy?
The B2B lifecycle strategy refers to an end-to-end management of the customer journey.
This starts from leading to post-sales support by providing value at every stage, ensuring client satisfaction and loyalty through attracting, engaging, converting, and retaining clients with consistent, personalized experiences.
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Navigating the job market, especially in the field of accounting, can be a challenging task. In such instances, accounting recruitment agencies serve as invaluable resources, connecting employers with qualified candidates and assisting job seekers in finding suitable roles.
These agencies are pivotal in maximizing opportunities for employers and accounting professionals, streamlining the hiring process with expertise and efficiency.
Expertise In Industry Knowledge And Trends
One of the primary advantages of utilizing an accounting recruitment agency is their in-depth knowledge and understanding of the industry. These agencies specialize in accounting and finance roles, possessing insights into market trends, industry demands, and specific skill sets employers seek.
Leveraging this expertise, they match candidates with positions that align not only with their qualifications but also with the evolving needs of employers, ensuring a better fit for both parties.
Access To A Diverse Network Of Opportunities
Accounting recruitment agencies have access to a vast network of employers and job opportunities that may not be publicly advertised. They often have relationships with numerous companies, including small firms, multinational corporations, and specialized accounting practices.
This broad network grants job seekers access to many job openings that align with their career aspirations and expertise. It expands their options beyond what may be available through traditional job searches.
Streamlined Job Search Process
Partnering with an accounting recruitment agency streamlines the job search process significantly. These agencies act as intermediaries, simplifying the application and hiring process for candidates.
They assist with resume optimization, offer interview guidance, and provide insights into company cultures and job requirements. It helps candidates to present themselves more effectively to potential employers.
Customized Career Guidance And Support
An accounting recruitment agency offers personalized career guidance and support tailored to the needs of job seekers. They assess candidates' skills, qualifications, and career goals, offering advice on professional development, skill enhancement, and potential career paths.
This personalized approach helps candidates refine their career objectives and strategically navigate the job market.
Temporary And Permanent Placement Options
These agencies offer diverse placement options, catering to candidates seeking both temporary and permanent positions.
For those exploring contract or temporary work in accounting, these agencies provide opportunities to gain experience. One must also get exposure to various industries and the potential for full-time employment.
Simultaneously, they assist candidates in securing permanent roles that align with their long-term career objectives.
Negotiation Support And Offer Guidance
During the hiring process, an accounting recruitment agency provides invaluable assistance in negotiating offers and navigating the intricacies of employment terms.
Their experience handling negotiations helps candidates secure competitive compensation packages, benefits, and other employment terms. Thereby ensuring a mutually beneficial arrangement for both the candidate and the employer.
Conclusion
In the competitive landscape of the accounting profession, partnering with an accounting recruitment agency is a strategic move. This maximizes job seekers' and employers’ opportunities.
These agencies, equipped with industry expertise and extensive networks, offer a streamlined job search experience. They also offer personalized support and access to diverse career opportunities.
By leveraging the resources and guidance provided by accounting recruitment agencies, individuals can enhance their prospects, advancing their careers within the dynamic realm of accounting and finance.
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If you are manufacturing or supplying goods then you need to ensure that they remain in perfect condition from the time they are created until they are delivered safely to your customer’s home.
This means you need to monitor your goods on every step of their journey, whether you’re producing them, storing them, or simply sending them to the end customer. In fact, there are several benefits to real-time monitoring of goods.
Monitoring Goods:
Monitoring means knowing where your products are. In a manufacturing sense, this means an inventory of all the different materials and the states of production. This allows you to keep track of the production process and ensure units are completed on time. It also ensures you’re aware of when the components need to be re-ordered.
In a supplier setting real-time monitoring means knowing how many of each item you have and where they are, whether in the warehouse, on their way to you, or being dispatched to a customer.
The Benefits Of Real-Time Monitoring:
There are several benefits you should be aware of:
Costs:
Businesses need to minimize costs in order to make money. Real-time monitoring ensures that all products are recorded; there is no danger of them being ‘lost’; which directly affects your bottom line.
It will also help you to establish the right stockage level, allowing you to supply customer needs without having too many funds tied up in stock.
Damage:
One of the biggest risks when holding and shipping products is damage. Damaged items cost companies thousands of dollars every year, that’s why you need a good product liability policy.
Storing them in your warehouse is one thing, the risks are controllable and the stock is visible. But, what about when it’s in transit?
That’s where an impact indicator is useful. This will tell you and your customer whether the product has been mishandled during transit, potentially saving you the cost of replacing it.
Reputation:
Perhaps the biggest benefit of real-time monitoring is your reputation. In the modern digital age, most customers will leave a review of your product and the service. It can take a long time to build enough favorable reviews that other customers will choose your product first. Unfortunately, just a few bad reviews can undo this hard work very quickly. Besides, you must also know about boxed packaged goods.
Real-time monitoring allows you to confirm the customer has received the items and they know if there is an issue whether it is with you or the delivery service.
All you need to do to gain a good review is respond quickly and fairly if a fault is discovered, even if the issue is with the delivery service. Your intervention will speed up the process, creating a happy customer and a positive review.
This will lead to more customers as they will be impressed by how you helped your customer resolve the issue.
In short, your real-time monitoring will help you to build your customer base and increase your profits, that has to be a good thing.
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