i may be mad but my Black Friday special was going to be a double your money offer. for example:
Buy a £10 gift voucher and get a £10 gift voucher for FREE!
Buy a £20 gift voucher and get a £20 gift voucher for FREE!
(T&CS. offer applies for gift vouchers purchased between 27th-30th ONLY. one per customer. voucher valid from 01.01.16 till 28th.02.16)
the idea is that these vouchers can ONLY be spent in january of feb which makes an ideal gift or a post xmas treat and thats my quiet time of year. the customer would get two seperate vouchers meaning they may keep one and give one away therefore potentioanly doubling my clientel?
That may work depending on what you're trying to accomplish. If you're looking to use this as advertising, or to up-sell those customers (they spend £20 when they purchased a £10 voucher), but if you don't plan for it properly it can be disastrous.
If you're selling a "
Buy a £10 gift voucher and get a £10 gift voucher for FREE!", you need to look to consider the long-term costs. Here's a pure hypothetical to consider that will illustrate my point:
You have two customers, both sisters. One sister bought the £10 voucher, and the other sister is using the free voucher. Materials cost you £3 a person, for a total of £6. Your profit is £4 between two customers. Lets imagine you spent 30-minutes total for both sisters. Before additional cost (rent, taxes, loss of other customers pay full rate), you're getting paid £8 an hour vs. £14 an hour, for a loss of £6 per hour.
Looking closer, you may think you're losing £6 on each deal, but how many of those free voucher customers will after using the voucher? Lets pretend that 10% of the free £10 voucher people return. That means you're spending £60 per customer to acquire ( [£3 cost x 2 two people] x 10 customers), and convert them into a returning paying customer. This is assuming all costs are the same per customer.
Looking at it from the perspective that it costs £60 to acquire and convert those into paying customers, can you spend less with better results simply by advertising a different way?