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Chasing conversion during a crisis

Forget the ‘Parker pen’ gift with purchase; real added value is the route to closing deals

In markets where competition is fierce and service offerings aren’t wildly distinct, even at the best of times, brands are looking for ways to stand out. This is more relevant now than ever before, with consumers becoming even more money and value conscious following the impact of Covid-19.

When it comes to choosing a telecomms, insurance or utility provider for example, consumers are faced with a plethora of choice but no obvious point-of-difference. Outside of brand identities, core values and service, brands need to give the consumer an additional reason to choose them over their competitor.

Added value used to come in the shape of a ‘Parker Pen’ gift with purchase or perhaps a discount when you ‘buy today’. While the concept isn’t new, even pre-Covid-19, the playing field has changed. People have enough pens! Today’s ‘woke’ consumers want incentives that enrich their lives while protecting their pocket.

Free virtual yoga classes to focus on wellbeing, discounts on essential summer gear or a savings on sharing a takeaway with the family – these offer real added value. And it’s these kinds of rewards which are helping businesses chase the conversion. So effective is this method, that businesses using lifestyle and rewards subscription service Supercard can experience up to a 33% lift in sales by offering their customers that little something extra.

Here, Jamie Fisher, Chief Commercial Officer from lifestyle and rewards subscription service Supercard shares top tips on using added value in the fight for consumer conversion:

Know your customer: Consumers are quickly turned off if they feel a brand doesn’t know them and what they’re interested in. This is why tactics such as vouchers at point-of-sale don’t have the best conversion rates; not everyone shops at M&S so why offer everyone an M&S voucher? Giving consumers plenty of options that will enrich their lives prove a far more effective tool.

Don’t discount your brand: Businesses spend significant time and money on building brand identities and trust amongst their target market. But when the competition gets fierce, some brands will turn to discounting to get the sale over-the-line. Discounting your product or service only discounts your brand in the long run. On the one hand you’ll have people who will question the integrity of the original price and therefore the integrity of your company; and on the other you will risk loyalty with consumers who spot the discounted price after they’ve paid a higher sum.

Think long-term: Conversion should go hand-in-hand with retention. Where competitors can easily offer the same core product you do, they’ll relentlessly try to move your customer to their brand. Look at rewards that will give your clients a real reason to stay:  Can they work up to a free flight to look forward to once the crisis has passed? Could they use their reward programme to keep active at home for less? This is the kind of added value consumers of today engage with and stay for.

For more information on how business use Supercard to convert and retain customers, visit https://supercardblack.com/

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