Volume discounts are discounts that you give to your customers when they buy multiple products from you. Below we will show you why this works so well, what benefits it brings for you and how to make optimal use of this feature.
Let’s suppose you sell event tickets and want to maximize ticket sales. With volume discounts, you can set the right incentives by granting a discount, depending on how many tickets your customer buys. When used properly, discounts are a very effective marketing instrument for increasing your product sales.
Neuroscientists have found that discounts directly activate the reward system in the human brain. What does that mean in concrete terms? That your customers cannot help but buy as soon as there is the prospect of a discount.
Use volume discounts effectively
As a result, volume discounts have tremendous potential, provided they are skillfully integrated into your products’ sales process. For example, suppose that you as a vendor sell a WordPress plugin as a software product. Use volume discounts to offer your customers 3 licenses for the price of 2. This way, you can immediately increase your sales with the license on the one hand, while at the same time ensuring that your product is distributed much faster.
You can easily set up volume discounts for single payments, recurring payments and even add-ons:
- For single payments, you only determine the reduced price. The system does everything else. If a customer is interested in one of your online courses on “Email marketing”, they simply enter the desired number of products on the order form and will receive the reduced price that you set in advance.
- For recurring payments, it is just as easy to set up volume discounts. Here you can determine the reduced price for both the first payment and the follow-up payments. For example, you can set the first payment to €0 as soon as a customer buys more than one product – this provides an attractive incentive to get started with your subscription product.
- For add-ons, volume discounts are particularly effective with very cheap additional products.
You can increase your sales significantly with volume discounts. Do you want to try setting up volume discounts straight away? Take a look at our step-by-step guide and start immediately.