To be competitive in today’s marketplace, business owners can maximize traffic and sales by utilizing all of the tools and techniques at their disposal. One such option available to owners is leveraging dynamic pricing in the form of discounts, promotions, and special offers.
Data driven decisions should be the primary factor in choosing when and what to discount. With the wealth of reporting data created by Revel Systems point of sale, merchants have a global view of their business at their fingertips.
With sales and transaction insights gained from the Hourly Sales report, it's possible to identify optimal timing for a promotion to help eliminate dips in profitability. Data insights can also help merchants identify which items are experiencing softer sales and might see better movement with optimized pricing.
Happy Hours
For many businesses, happy hours are a way to increase traffic in lulls between high customer and transaction volume, though they can also be an excellent way to reward a group of loyal repeat customers. With Revel, you can easily group products to be discounted by the same amount across the board (e.g., all beers $2 off) or program alternative prices for individual items during a given window. Automatic time parameters are essential for activating and deactivating the alternative pricing, ensuring that the discount starts and stops appropriately.
Volume Based Discounts
Who doesn’t love a good Buy One, Get One Free, or BOGO? For customers who were considering a purchase get more incentive to act when they’re rewarded with more than they initially expected. With Revel, business owners can maximize volume based discounts and meet specific goals by setting detailed parameters (e.g., buy any pair of pants, get 30% off any t-shirt).
Volume based discounts can be a great way to boost sales of poorly performing or surplus products. It can also be leveraged in the same way happy hours are and reward customers for purchasing during a specific duration. Discounts in Revel can be expressed in either a dollar value or percentage, all calculated immediately through the POS.
Customer Specific Discounts
With the emergence of easy to use Customer Relationship Management (CRM) for SMBs, owners are learning the power of managing customer information and leveraging it to offer incentives to their most valuable patrons. The two most common forms are discounts for particular customer groups and loyalty programs. Examples of discounted customer groups might include employees, senior citizens, military members, or local students.
Whether you have promotions limited to specific days of the week, or every day discounts for specific groups, Revel makes it easy to deploy your promotions. Loyalty programs encourage repeat customers to purchase a preset target for a special discount or use accumulated points as currency.
Combos
Dynamic pricing is one of the simplest forms of building incremental sales. With Revel, merchants can utilize structured discounts attached to individual items (e.g., add a discounted drink or side with the purchase of an entree) or combinations of items for a fixed price (e.g., choose any combination of soup, salad, and sandwich for $12). These are great ways to upsell customers and create a noticeable uptick in profits over time.
If you’re not making the most of discounts and combos to increase sales, check out this webinar our training team put together to make the most out of your point of sale investment.
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