Most entrepreneurs have thought about giving out free things to draw customers into their grasp. These loss leaders are design to attract more people into their stores or to make purchasing other products more appealing and should result in a profit. The problem you might face is actually figuring out what to give out, and giving out the right thing is of utmost importance. These value-added services must convert into sales, as they still add to the start-up’s bills. The good news is that there are a number of cheap freebies you can give out that many customers cannot resist.
What makes customers stay in a coffee shop? What makes them stay in Starbucks instead of just heading out to their next appointment or staying home? Most college students and many businessmen will tell you that free Wi-Fi access is part of the reason. Retailers around the world are starting to offer free Wi-Fi in an effort to keep people in their stores and maximize the odds of converting them into purchases. All it will cost you is hotspot management software and an Internet plan.
Studies have shown that stores that offer free Wi-Fi have over half of their customers stay longer in the store and end up spending more money. You can even take it to the next level and give them targeted offers through that same Wi-Fi connection.
It’s said that location is one of the most important parts of the successful store equation. With Wi-Fi, you assure increased foot traffic, reducing the importance of that location. This is important if you were forced to settle for a less-than-ideal location for your store.
Free Store Pickups
Most businesses have an online component and if you’re a smart entrepreneur, your business probably has one as well. Shopping at physical stores remains a valid option for many shoppers dislike the additional shipping cost that comes with online purchases. Most shoppers often compromise by ordering something online and then picking it up at a store without the delivery charge.
You should strongly consider offering free store pickups. It’s convenient for customers and great for the company, because going to the store exposes them to more of your products. The retailer Target has revealed that 1 out of every 3 customers who shopped online end up making additional purchases once they’re at the store.
It might not even cost you any money if you have the product they want at the store they’re going to visit. At worst, you’ll have to cover shipping costs and perhaps not even that if you can fit their order with a shipment that was already heading to that branch.
Coupons for Future Purchases
There’s nothing like a sale or discounts to get people into your store. As an entrepreneur with a fresh start-up, those options may be palatable. Perhaps later into your start-up’s life you could afford to offer sales, but at the moment there are bills that need immediate resolution. The good news is you can have both.
Instead of going for immediate discounts and sales, offer discounts for future purchases. Give them discount coupons that they can use on their next visit and you give them an incentive to keep shopping at your store. You could even create a sense of urgency by making those coupons applicable only during a limited time period. The repeat business creates customer loyalty, which benefits you, and the deals benefit the customer’s wallet.
This solves a number of problems. Now you can offer discounts without having to sacrifice early sales, which can give your start-up the time it needs to support itself. You might not even have to spend on printing coupons – you can look into creating mobile coupons that can remind customers of what they have waiting for them at your store.
These thee freebies are some of the easiest and simplest ones you can apply as an entrepreneur. If you’re worried about the related costs, just think about all the things you’re getting for giving out a few free things. They make your customers happy, they don’t cost you a lot of money, and they can create brand loyalty and return business. What’s not to like?