Going overboard with special offers to the point they undercut the value of your services is never a good marketing strategy or idea. However, giving customers economic reliefs like deferred payments, late fee forgiveness, discounts and rebates during the coronavirus pandemic is a good way to demonstrate value proposition consideration to customers who may be struggling. You are doing what you can to make their lives easier and they will appreciate that.
I am sure that not a lot of vehicles are flying out of the auto dealerships, but once we are past this, I am certain everyone will be trading in the family truckster for a brand new family trickster. You set your business up for the future by offering economic relief now. Once these customers are in and the economy improves, you can sell them your products or services at full price because they will remember what you did for them.
The Economic Relief Marketing Strategy Is Beneficial For Your Business
Giving customers deferred payments or payment programs on their existing service are not just selfless acts of goodwill. They are also beneficial to your business.
This economic relief feeds your sales marketing funnel. It sets customers on the road to purchasing your products or services once their budgets have recovered. Does it give you instant financial gratification during the coronavirus outbreak? No, but your business will be on customers’ minds when they are in a position to purchase again.
Helping new and existing customers will make them feel a sense of loyalty toward your brand. This will not only compel them to seek or continue their relationship with you, but it will also motivate them to spread the word about how wonderful you are. They will rave about you to their social circle. Some social circles are quite large! Think about it. Each includes family members, friends and coworkers.
If every single person in their social circle gets a recommendation about your customer-focused, amazing business, you will likely get at least a few new customers out of it. Receiving peer-to-peer recommendations is one of the most powerful and organic ways to convert more prospects.
How To Use Special Offers & Incentives Correctly
A slew of companies are offering discounts, refunds, incentives and freebies right now. These include:
- America’s Test Kitchen - Free access to 50 of their all-time most popular recipes since people were home more and cooking to save money.
- Popeyes - Free delivery through its mobile app and website because to-go orders were skyrocketing when restaurants were closed.
- Starbucks - Front-line responders received free coffee through a certain period of time since they are essential workers and couldn't stay home.
- LinkedIn - Free access to 16 of LinkedIn’s online learning courses helping businesses and people advance their skill sets during downtime.
- Safeco - Gave customers a refund up to 25% on their auto insurance since they were driving less due to stay-home orders.
So, how do you extend economic relief to customers without compromising the view of your products or services as valuable?
First, make it clear that you are doing so in order to help people, not to increase sales. Do not blatantly state the reason you are not doing it. Instead, emphasize the reason you are.
Secondly, offer something that your target audience will find helpful and something that highlights your brand’s strengths. For example, if your company sells subscriptions to a technical solution, offer free two-month subscriptions, stressing to them that you hope it will help their business efforts during this uncertain time.
Get Your Cape Ready & Come To Your Customers’ Rescue
Bet you never thought of your business as a superhero! But this is exactly how customers will view your brand when you:
- Give them economic reliefs like deferred payments, late fee forgiveness, discounts and rebates
- Offer incentives that make it possible for them to purchase products or services that would benefit them when they need it most
- Provide free educational pieces and resources that they can use now and take with them long-term
It’s a bird, it’s a plan it’s...your business! Swoop in to save the day and customers will remember, repaying you with loyalty, retention and recommendations.
Superhero status is within reach and Tag Marketing can help. Download our handy and FREE ebook to get marketing tips that will lift your business off the ground and keep it flying high.