Personalized discounts are digital discounts for a specific client base interested in certain brands and products.
Personalized discounts are based on digital customer behavior. The algorithm learns what these individuals want and like. It provides them with discounts of a high chance of being used by them.
Personalized discounts bypass all the forms of primitive and classical approaches to discounts, saving time and money and reaching an existing customer base with a very high chance of actually buying a product.
We will highlight the answer to the why and how based on multiple variable answers.
The answer is simple. Personalized discounts are targeted to a clientele base that cares for the brand or product. Personalized discounts are web-based, so they are one click away from reaching their targets. The best examples are the following scenarios.
Imagine, as a business, you want to upsell, promote, or even attract customers to an audience. The classical way of reaching the audience is by providing radio-tv ads, which are of high cost and require time and money-consuming production. Another way is to distribute flyers in highly crowded areas, and at least 90% of them end up going to waste or even putting billboards on high-cost roads. They are also limited by time and the fact that people must pass by that road to see them. These are classical methods that have been used for decades. Digital methods are ads that end up being skipped most of the time or even newsletter emails that end up being flagged as spam.
All these methods are either costly, time frame limited, or inefficient. Targeting a large audience to reach a smaller portion who care.
Personalized discounts revolutionized the field of discounts. Personalized discounts use web-based behavior to target an audience that is willing to buy the product or is interested in the brand and usually buys from it. They are cost-efficient since they target an audience with a high chance of them who would want to buy. They are one click away since they are digital.
Personalized discounts have revolutionized the whole concept of discounts.
Now the second question is how can they benefit from them?
Well, in business, numbers matter. In the modern digital era, businesses realized that marketing and advertising matter. If done correctly, they can increase numbers and sales. Even ensure their survival during troubled economic times.
For businesses, the highest proportion of sales comes from a customer base that frequently buys from them. A consumer base with a high lifetime value. From the consumer’s point of view, discounts are one of the forms that keep customers around because businesses basically show that they care about their customers and want them to stay around.
Providing personalized discounts to customers creates a larger customer base with a high lifetime value. Guaranteeing that these individuals will often buy from you at the cost of a discount provided for them now and then. In most cases, businesses ensure that they will always have a client base that will buy from them.