If your business offers goods or services, have you ever considered using a third party site to offer discounts and deals to your customers? There are various incarnations of these sites around, and the latest player to enter the market is Bespoke Offers from Barclaycard. Straight off it’s worth noting that this service is not limited to Barclay’s customers – anyone can utilise the offers onsite, although Barclaycard may be able to gain further customer data and insights from those that are Barclays customers, which can be of additional use to your business.
Barclaycard set out to make an offers site that was different to others on the market. They’ve made the site very merchant friendly, ensuring that it’s easy to use and that the merchant really benefits from the service. Bespoke Offers have placed a focus on allowing merchants to reach the right people, achieve targets and track their offers and income. They also make it possible to get useful insights into customer behaviour to make sure you are giving your customers what they want.
Bespoke can often tell whether a customer has shopped with you before, as well as ascertaining details such as their age, income and spending habits. This makes it easier for you to target specific shoppers with your offer, or tailor an offer to appeal to certain groups as they browse the site.
The merchant tracking tools allow you to see how all your offers are performing, including what income you are seeing, how the offer is benefiting your business and whether you are meeting your goals.
Offers sites are a great way to reach new and returning customers via a different route – it gets your brand out there and leads to conversions. If you are considering having a presence on a discount site, the first step is to have a look at your margins and figure out if you can afford to offer discounts. Although you lose some money on those sales, you gain exposure and build your customer base, quite possibly reaching consumers who might not come to your site directly. So it can certainly be worthwhile if your margin is healthy enough to allow for discounting your products.
It’s also important to ascertain which of your products are suitable for discounting. If it’s something fairly unique or you can see from your data that customers will happily pay full price for the product then it’s probably not suitable for discounting. However, competitive industries such as food and drink are well suited to discounts because customers often choose where they go based in no small part on value for money and deals. See the chart in this article to get a feel for how people choose restaurants to visit.
When you first start working with a site like Bespoke Offers, do some experimenting and work closely with the provider to make sure you get the most from the programme and are using it in a way that is right for your business. Expect to have to tweak your approach initially, but once you get the formula right you could see some real benefit from your work.