Want to implement the best promotional strategy for your online store? The BOGO offer or the Buy One, Get One offer is the best to proceed with.
BOGO offers have become the new trend and that is not only because of the financial outcome you get but the human behavior as well. It plays around the customer psychology, which makes these offers financially beneficial.
Let’s get down to the nitty-gritty of BOGO offers about how they work for online stores and how to make one such offer a huge success.
Why Do BOGO Offers Work?
Human psychology makes BOGO offers successful, and these are some of the ways BOGO offers compel customers:
1. The Customer Perception
One of the reasons why BOGO offers work the best are the targets and the customers themselves. The customer perceives these offers as their only opportunity to bag in items by spending less. They perceive it as the only chance to get more for less than they pay. Moreover, the instant reward system also contributes to impulse buying for the customers, making the BOGO offers work the best.
2. Grab The Audience’s Attention
BOGO offers and all such discounts are always attention-grabbing for the target audience. It is not any ordinary discount to be neglected or ignored by the target. With a buy one, get one free offer, the customer is more likely to take ownership of a product for free. To make any such campaign successful, grabbing the audience’s attention is paramount and BOGO offers are clear winners when it comes to grabbing the target audience’s attention.
3. Fear Of Missing Out
BOGO offers are a trove and your customers do not want to miss out on these offers at any cost. Having limited time BOGO offers creates fear; this fear is not that bad for you as it does not make the audience walk away; rather, it compels them to make a purchase. The fear of missing out or FOMO, is created with BOGO offers.
4. Price Comparisons
Your customers always want to be on the safer side and they avoid any loss when making a purchase. With BOGO offers, you can successfully make the customers realize that they are always on the safer side. This sense of security comes with the concept of the anchoring effect, where the price of one product makes the customer realize that they are getting the second item for free. These statistics make the customer compare the price of buying the products individually and as the BOGO offers.
How To Optimize BOGO Offers?
These are some of the methods through which you can make your active BOGO offer a great success:
1. Choose The Right Products
To make your BOGO offers successful, you have to choose the right combination of the products. For instance, choosing a product with a higher profit margin and sales value is mandatory with a product with a lower profit margin as a free product. Charging an amount for a product with less value and giving a product of higher value as free won’t work well for your online business.
2. Strategize The Timings
Not every season is the right season to make these BOGO offers go live on your online store. You should be aware of the peak shopping season when the customers cannot resist buying and that too in bulk. Making BOGO offers go live on holidays and near festivities will make them a great success. The only way to optimize and earn more profits from BOGO offers is strategic timing.
3. Offers For a Limited Time
As we know very well, the success of BOGO offers is all because of the fear created the fear of missing out. If you want to optimize these BOGO offers, then the WooCommerce discount coupon should have an expiry. The user should be able to avail of the offer for a specific period so that a sense of urgency and scarcity is created. And secondly, the customer is not holding onto the given discount for too long without using the coupon code.
Conclusion!
Give your WooCommerce store the biggest push and financial prosperity with the BOGO offers and discounts. To have these discount offers successful, know your customers well and for that, human psychology is key. Understand how the user will behave for each of these offers and plan accordingly. Once you have a plan, implementing this offer on your website is easy with the BOGO discount plugin.