In the movie “The Godfather'', Marlon Brando’s Don Vito Corleone famously says, “I will make you an offer you cannot refuse.” Having said thus, he always converts his offers with the power of the mob. Apart from the fact that this legendary line is a veiled life threat, a string of compelling offers can be very useful in any business, let alone the business of Sicillian Mafia.
Assuming you don’t have Corleone’s pull and sway in the game, how else do you make promotional offers your customers find hard to refuse? Well, this question may be something that is cooking your noodles to a pulp. And rightly so. Making quality offers that convert more is the ultimate nut to crack in the eCommerce business. Once you get hold of this, you will increase your topline and grow steadily year on year. Let’s see how this may be possible with a little help from the right technology.
Making the Right Offer
Anyone can make an offer that converts more by cutting their profit margin to a bare minimum. The question is how do you make an offer that is a win-win for both yourself and your customer. How do you consistently create offers that don’t eat into your profit margins and at the same time makes your customer feel like they have won a deal? And how do you do this for every transaction that every customer makes on your eCommerce site? Well, right off the bat, you have guessed correctly that this ain’t easy for the run-of-the-mill store owner like yourself. It doesn’t sound like something that is possible for you to do manually. So, what can you do to create offers that stand out from your competitors?
Well, this sounds like a job for an AI solution that makes the right offer for the right person at the right time. Customers can be classified into loyal customers/members, at-risk customers and detractors. Loyal customers will buy from you whether you give them an offer or not. So, a win-win offer for a loyal customer is the least incentivized one. Whereas, at-risk customers need a little more motivation in the form of a discount. They need to see a quantifiable benefit in buying from you. And your detractors will convert only if you give them the best offer you can make. Only an AI solution such as GrayFox can distinguish between the different types of customers and make them an offer that converts more often than not.
All questions about creating the ideal promo offer come under the purview of offer optimization. By optimizing offers, you create an offer that is both appealing to a customer and lets you retain a wide enough margin. Sometimes, something as simple as free shipping can be an appealing offer that encourages your customers to make a buying decision. It is the problem of determining what kind of offer for which customer that is solved by a platform like GrayFox.
GrayFox optimizes offers and helps you segment your customers into different categories with the help of surveys. It hyper-personalizes customer engagement and drastically increases your revenue generation by optimizing your offers and discounts. It even automates your marketing workflows for email and SMS campaigns. It solves your problems in both marketing automation and offer optimization.
Harvesting Unharvested Revenue
Your income from your loyal customers is what you will get if you don’t do anything other than follow a simple eCommerce business approach. But, when you optimize your promotional offers, you are creating revenue opportunities that weren’t there before. Harvesting these unharvested revenues will rapidly accelerate your topline by creating new revenue streams.
All of a sudden, your sales are booming and your profits are expanding. Your business is growing steadily year on year. All because you solved one problem- optimizing your offers for all kinds of customers. With the AI in the game, it is not only a cutting edge solution for your immediate pain points but one that works for you in the long run.
GrayFox excels at creating new revenue streams for your business and helps you grow faster than your competitors. It helps you widen your profit margin while increasing your sales to different types of customers. Unlike Corleone’s offers, GrayFox makes offers that are too tempting for your customers to refuse. Got a question? Leave a comment below or contact us at email@example.com.