Buy One, Get One! It’s a very popular promotional strategy that you can use to help increase sales in your business.
A BOGO offer is just what it sounds like. You offer your customers the chance to buy one item, and in return get one at a discount. And while the second one is usually free, it also works as a discount, such as buy one, get the second half off.
What does a BOGO do?
Many people will ask, why not just offer a 50% discount. Essentially, that’s what buy one, get one free is. Right?
Well, the answer is not exactly. Anyone who has tested a BOGO offer will know that they almost always perform better than a straight 50% discount. Why?
Value. Customers see that they can get two of an item. And one of those items will be free. Free is a very powerful word in marketing. And it will get people to purchase who would otherwise have turned away from a half off promotion.
Plus, when someone purchases one item at full price and gets the second for free, you are making more money than you would have if they only bought one item at a 50% discount. So, as marketers, you’re able to increase your average order value from each customer.
Not to mention that many businesses inflate the per item cost during a BOGO offer, so you’re actually making more money than you would if you sold the items at full price.
So that’s a BOGO. Give it a try in your business and let us know how it does.