Setting discounts can be a powerful tool when used strategically. Understanding your objectives is crucial, as discounts inevitably mean receiving less money for the same subscription and content. In this blog, we'll explore the significance of discounts, the varying ways to utilize them in your pricing strugcture, and how to implement them effectively using your KLIQ platform.
Discounts serve multiple purposes, from boosting sales during slow periods to creating varied price points that align with customers' willingness-to-pay. It's essential to strike a balance and ensure that the sacrifice of reduced revenue is worth the potential benefits of increased growth and activity.
Check out our strategic pricing guide here
Running a Promotional Campaign
One effective strategy is to offer trials or extended free usage periods, minimizing the barrier for your followers to try your platform.
HootSuite, for instance, increased its free trial from 30 to 90 days during Cyber Week, standing out from competitors with shorter trial periods. This approach reduces the risk for new customers and encourages purchasing.
Varying discounts can also be used to highlight key events or calls-to-action, driving purchasing behavior.
This type of discount can be effective in managing key calendar events or driving up demand when it's limited, or the competition is fierce. However, there is a risk of overdoing it and creating a lack of trust in prices, therefore creating long-term customer expectations below product value.
Leverage your existing customers by driving referrals and rewards.
Boost subscriber growth, reward your existing subscribers loyalty, turn your customers into true advocates, and boost retention.
Running a Promotion with KLIQ
Luckily, with your KLIQ platform you’ve got a variety of ways in which you can run a promotion. Let’s take a look into the details:
Two primary types include auto-apply and coupon-based discounts. Each with its pros for different campaign types, and with both you can limit the date that it can be redeemed and also the number of redemptions allowed.
Auto-apply discounts - requiring fewer steps for the user
Coupon-based discounts - allow for more specific targeting
Additionally, the platform supports referral programs where existing users can refer others, earning points and redeem money off their next months payment.
How to: [watch this video for a step by step guide on adding a discount.]
Understanding the objectives, risks, and benefits of discounts is essential when looking to implement a successful promotional campaign. Whether it's with free trials, discounted subscriptions, or driving referrals, discounts can be a valuable asset. Consider incorporating these insights into your discounting strategy to maximize your subscriber growth potential.
