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Gallup has opined that engaged employees are involved in, committed to their work, and enthusiastic about their workplace. However, the collective voice of the global workforce indicates that up to 85% of employees are unengaged in the workplace, pushing the need to incorporate a highly appreciative employee engagement module to improve building connections.
One of the crucial ways of retaining an employee who is emotionally invested in the company is by offering them engagement opportunities through a strategic approach. A Gallup analysis found that engagement among employees has 3.8 times more influence. With more than 50% of employees reporting to be content with the benefits and perks their current employer offers, it becomes essential for the organzartional representative to introduce perks that will make them stay.
Businesses must care for their employees to improve employee engagement and productivity; and to do so, one of the best methods is by giving them corporate discounts.
A concept deeply ingrained in transactional benefits to all parties involved, corporate discounts have the dual benefit of not only leaving the employee satisfied but also increasing the company's loyal customer base. They help retain customers by rewarding them for their loyalty while rewarding new customers accordingly, encouraging them to become loyal as well.
But what exactly are corporate discounts? And what are the ways you can implement them? Your worries end today as we tell you about corporate discounts and the 15 ideas you can implement for your brand.
What are corporate discounts?
Corporate discounts are special offers that a brand offers to its employees when buying products or services from their own company. With assured benefits on every transaction, enterprise corporate discount options present a winning situation for the employees and the brand.
Benefits of corporate discounts
The effectiveness of any strategy depends heavily on how well you can execute it. And in the case of such enterprise corporate discount strategies, proper implementation can yield unimaginable benefits that help the brand maintain its status and positioning for the long term.
So, if you were curious about how these discounts can help your business, here are some benefits of using corporate discounts:
1. More profits
One of the most prominent benefits of corporate discounts is the additional profits it generates. Since you incentivize the buyers on every transaction, they make purchases they would not have made otherwise.
This increases your sales and generates more revenue while keeping the employee by your side, both as a loyal employee and a loyal and repeat customer.
2. Increase customer loyalty
Relating to the previous benefit, corporate discounts also help increase the employee loyalty while making them more productive to continue receiving such benefits.
Through such offers, you can make your employees feel special and exclusive, which will spur them to make more purchases and stay loyal to you, owing to the particular benefits they have received through their employee status.
3. New customers
Specific enterprise corporate discount options can help you to attract and convert new customers through your employees. For instance, your employees can share their employee discount codes with their friends and acquaintances so they can get those benefits as well.
This can help them become familiar with your brand, thus spurring them to make purchases at retail prices even without using the employee discounts.
4. Retain regular customers
Corporate discounts lead to employees becoming some of your most regular customers. This means that such incentives can also help them to stay loyal to your brand, potentially continuing to do so even after they have left the workforce if they have been especially happy with the quality of the products.
In this way, such corporate benefits can act as a gateway to introduce your employees to your products, spurring them to buy them through employee benefits, and then stay loyal in the future as well.
5. Speed up the sales cycle
Corporate discounts help expedite your sales cycle by encouraging clients to buy sooner rather than later. For example, provide seasonal or festival-specific discounts or impose a time restriction on when a given offer may be utilized. It will create a feeling of urgency in your clients, encouraging them to take advantage of it at the earliest.
15 Enterprise corporate discount ideas for 2024
Now that you know how an enterprise corporate discount can help your business, you need to determine which discount option suits your brand best and how you can reward your employees in the best way. So, here are 15 discount ideas that you can take hints from:
1. Referral promo code
Referral promo codes are unique codes you can provide your employees. Whenever they join the sales funnel for your brand using these referral codes, they can get benefits accordingly along with the new customers getting their due benefits as well.
This is an excellent win-win-win strategy as it rewards your employees for bringing in new customers, rewards your new customers on their first purchase, and ultimately helps your business by generating at least two transactions.
2. First-time shopping offer
Even without referrals, you can help new employees ease themselves into the customer database with the help of unique discounts on their first purchase. Since this offer only applies on the first purchase, they are bound to utilize it by purchasing something, helping you increase sales and expand your customer base.
3. Holiday deals
Holidays like Thanksgiving, New Year, and Valentine's Day are a revenue-generating period for many brands. If it is the same with you, you can offer special discounts and gifts to your employees to buy gifts for themselves and their acquaintances at reduced prices, which can help to maximize sales during such periods.
4. Festival deals
Much like holidays, festive seasons are another peak sales period for many. So, you can take advantage of festivals like Durga Puja, Diwali, Halloween, and Christmas, to offer special deals or deals on specific products to increase sales during such festive times.
5. Monthly discounts
Monthly discounts are rare but can be an excellent way to ensure regular sales every month and a strong and consistent customer base. You can set a theme for every month, especially based on collective employee preferences, and provide them with special discount codes based on that. Alternatively, if you have new product launches every month, then you can offer higher discounts to your employees who buy it in the launch month to encourage them to make the purchase.
6. Minimum purchase discount
Another way to get the most out of discount offers is by providing discount codes that are eligible only beyond a certain order amount. This will encourage them to increase their cart total to meet the minimum amount required to apply the discount.
7. Influence discounts
If you notice an employee having had special influence on your company sales, such as through promoting personally or through their employee referral codes, then you can provide them with additional benefits in the form of influence discounts. This can help them to work for the welfare of the brand more actively while also helping increase brand sales and increase its reach much farther.
8. Exit-intent discounts
Ever noticed how some websites pop up with a unique discount code the moment you show an indication to close the tab or the window? Those are called exit-intent discounts and are a great way to stop customers from leaving before purchasing.
You can offer similar pop-up discounts customized to your employees so they feel compelled to purchase before leaving again.
9. Event attendance discounts
If you host shows and events, such as product launches, trade shows, conferences, and fairs, then you can show appreciation to your employees by giving them subsidized tickets. You can also do so for shows and events conducted by partner brands and companies, plus points if you give them multiple tickets or if the show is in high demand among attendees.
10. Online discounts
Online shopping is more popular than in-store shopping nowadays, and it makes sense that you offer special discounts to employees who shop from your website. Be it in the form of first-time purchase discounts, exit-intent discounts, minimum order value discounts, or prepaid discounts, there is a lot you can experiment with.
11. In-store purchase discounts
While online shopping has indeed seen an influx, many still prefer the personal touch of going to the store themselves. So, you can improve their experience by offering exclusive employee discounts or personalized deals based on the items they purchase. This can make them happy while promoting in-store sales, potentially turning them into repeat customers.
12. Pre-launch discounts
Discounts are helpful in increasing sales of your current products. But, providing discounts to employees to enable them to book your products before launch gives you the triple advantage of increasing sales, creating anticipation, and letting you know how in-demand your new product is, at least among your workforce. This way, you can increase sales and reduce losses while giving way to a much more enthusiastic workforce.
13. Offers for feedback on social media
Online reviews and feedback are excellent ways to improve the quality of your product. But you can also utilize them to increase your sales by offering discount codes to employees who provide quality feedback publicly and subtly promote your brand.
14. Flash sale discounts
Flash sales are another way to increase sales while benefiting your customers. More effective for online shopping, you can provide exceptional and substantial discounts on certain products for a limited time exclusively open to your employees. This can help your employees get the products at unbelievable prices and improve their moral through the high-value offers while helping you generate sales and revenue fast.
Conclusion
Enterprise corporate discount programs may be a terrific strategy to enhance sales while growing your consumer base and brand loyalty. And when you extend them to your employees, they also lead to a happier and more productive workforce that is more eager to help the brand grow and thrive. So, you may experiment with various ideas or combine a few to discover which one delivers the most significant advantages for you as long as your chosen concept corresponds with your business objectives.
It would help if you kept the mentioned tips in mind, and you'll be able to provide corporate discounts that help you meet your discount program goals.
