Three free special offers that could boost SME profits

Free welcome offers are a great way to engage customers who are at the consideration stage of buying. Special offers or giveaways give customers a nudge that could help them decide that your business offerings are what they want.

Here’s how you can use a few tried and tested special offer methods to your advantage:

The free trial period

Streaming sites such as Spotify have successfully mastered the hook of offering a free trial period. This idea is simple and effective. It allows the customer to learn to love the product on their own time and doesn’t cost them a cent in the process.

The length of time that the product is free is the hook that grabs the attention of the customer. As the product becomes part of their everyday lives, they are slowly reeled in to sign up or pay for the product by the time the free trial expires.

Sign up for rewards

This approach is used to encourage customers to sign up and then offer them rewards when they hit certain spending targets.

The genius behind this offer is that customers have to invest money into your business to get the free offer. Your business is guaranteed to receive an income for the offer, reducing the risk of making losses from them. Find an approach that works for your SME.

For instance, use a tiered approach. The customer purchases one product to earn X amount of points and receive XX amount of points for purchasing two items. Should you need a bridging loan or a small cash boost to acquire your desired outcome, then invest in whatever means you need right now to have success for tomorrow.

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Discount on first purchase

Entice your new customers with a discount on their first purchase. This approach incentivises customers to act now, for fear that the discount may not be there if they hold back on buying the items it can be used on. You can also expand on this approach by giving special offers to customers who refer new clients or by sending out regular coupons to your email list.

Customise your offering to the specifications of your SME that will attract and retain customers. You may also want to consider bridging finance as this can help fund your promotional offerings on a wider scale.

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