3 Reasons Cash Discount Surcharging is a Brilliant Marketing Strategy
If you’re a business owner, you are constantly struggling to come up with cheaper, easier marketing strategies. Marketing is incredibly easy to ignore, but it’s crucial to your bottom line. Traditional print and digital marketing campaigns require large investments of time and money that many small businesses simply cannot afford. Cash discount surcharge programs are changing that dynamic entirely because they are easily implemented and provide marketing opportunities that literally pay for themselves.
At its core, marketing revolves around promoting and selling more goods and services. Easier said than done, right? A cash discount program does the heavy marketing lifting for you by enticing customers to buy with more cash up-front and fewer payment processing fees. Let’s discuss three brilliant ways cash discount surcharging can help you skyrocket profitability.
Instant Public Relation Ammunition
Using the media to your advantage never gets old. Implementing a cash discount surcharge program provides instant newsworthy discussion. You can create press releases, in-store launch parties, and plenty of social media blasts telling the world how your business is now offering customers a chance to save money. All consumers love saving money and buying something on sale. A cash discount surcharge program offers that opportunity on each and every sale.
It’s been said that when one of your customers tells his or her friends to do business with you, it’s the best marketing money can’t buy. While you can’t directly impact organic word-of-mouth marketing, your cash discounting program can actively influence and encourage it. If Johnny buys the latest iPhone at a rock-bottom price because of your cash discount surcharging program and then tells Jane to do the same, word will soon spread. By implementing a cash discount surcharge program, your business is uniquely positioned to enhance customer experiences and create a buzz. All you have to do is sit back and watch as new customers walk through your doors and purchase products and services at a higher profit margin.
Craft Your Displays around Cash Discount Surcharges
Customers love a good sale and you will be providing one year-round if you implement a cash discount surcharge program. Because you are providing the lowest prices to customers that choose to pay with cash or check, you are required to post signage stating your added credit card service fee. Sounds like a bummer, but it doesn’t have to be! Use this smart marketing strategy to your advantage. You can change up your window displays to promote big ticket items and use themes in your point-of-sale displays that highlight bargains. Finally, promote the fact that you offer the lowest prices every day on sidewalk sandwich boards, flyers, and digital ads. When asked by customers how this much saving is possible, train your staff to explain the cash discount surcharge program and watch as your customer satisfaction and profitability grow.
While marketing for small businesses can be a daunting task, implementing a cash discount surcharge program might be the solution your business has been searching for. For many companies, offering the lowest prices to customers paying with cash is a new form of organic marketing ready to easily attract new customers and decrease costs associated with credit card processing. If you have questions about how cash discount surcharging will affect your business model, be sure to check out our comprehensive list of frequently asked questions.