Discounts and Promotions

In a competitive age, discounts & promotions play a significant role in the sales of products and services, which further helps engage and retain clients. EarnBill provides flexibility in creating a variety of viable offerings using suitable out-of-the-box pricing models based on business requirements.

The EarnBill billing system also enables businesses to create promotional offers using trial-based plans and time-limited pricing capabilities while integrating them with discounts, such as percentage, recurring, and one-time discounts. Thus, the EarnBill system goes beyond just billing and revenue management and can be a strategic instrument for increasing customer satisfaction, fostering trust, and propelling business expansion or growth.

Let’s understand it further with real-life examples below:

  1. Discounts

On certain products/items, a high-end apparel brand offers a “buy two, get 40% off” deal. It encourages consumers to buy more things at a cheaper price, and as a result, the business makes more money.

2. Promotions

With the purchase of a new car, the company also offers a complimentary two-year subscription to a connected car service. This promotional scheme motivates customers to choose their brand over rivals.

Insights on EarnBill Promotional Strategies

In today’s market, businesses always look for innovative ways to attract new customers and retain existing ones. Companies can leverage the EarnBill billing system capabilities described below to grab new opportunities and maximize revenue.

a) Discounts

Discounts are a special type of product that can reduce the price of other products, a plan, or bundled items in a plan. Further, it helps as a discount-based promotional strategy to offer discounted pricing. EarnBill offers various types of discounts, like a one-time flat amount, a one-time percentage, and a recurring discount; plus, it allows you to specify the start and end dates of the discount. Additionally, you can add multiple discounts to a purchase order. It gives the flexibility to design your sales strategies while combining the offerings with discounts.

Discounts and Promotions

Types of Discounts

    • One-time amount. This discount is a fixed amount and applies once. For example, $10 off.
    • One Time Percentage. It is a fixed percentage discount and applies once. For example, 10% off.
    • Recurring (Period Based). This type of discount applies regularly using a fixed amount or a percentage; in other words, it allows you to apply the discount over a predetermined time. With that, you can select the frequency for the discount, such as weekly or monthly, along with the period value. For example, if the period unit is monthly and the period value is 3, the discount will be applied for three months.
EarnBill Discounts and Promotions

Discounts serve as one of the most effective promotional strategies, like bundle deals & seasonal sales promotion methods, where you can bundle complementary products or services at a discounted rate and offer discounts to encourage bulk purchases or large orders.

b) Products

The EarnBill offers a comprehensive product module with a lot of options and configurability, like its time-based rating and out-of-the-box pricing models, which help strategize your unique offerings as part of product promotion strategies.

b.1) Time-Based Rating:

It allows you to set the rate, pricing model, and other details with a timeline to set different prices for different periods in advance. The system will automatically determine the appropriate price based on when the customer subscribes. Companies can use this feature as a time-sensitive pricing strategy by offering products or services at a lower price for a limited time; whoever subscribes during that period will get the lower price. After that, all customers will get a new price (likely higher). Moreover, EarnBill also comes with a dozen built-in pricing models (flat, volume, graduated, tiered, etc.) and can be configured for each period.

For example, suppose a company wants to launch a product called Home Broadband Service at a lower price as part of the promotional strategy for the initial 1 month, and after that, the price will go up. You can achieve this by defining two different periods as below. All those customers who subscribe to that product will get a price according to the period they subscribe. Also, there is no restriction to define such periods with different rates.

Initial Offer Rate
$80 and applicable from 1st Jan 2024 for 1 month period.

Revised Rate
$110 and applicable from 1st Feb 2024, and will continue until a new one is defined.

EarnBill Discounts and Promotions

Products with time-based pricing capability serve as promotional pricing strategies to create a sense of urgency with limited-time deals, such as seasonal offers.

b.2) Commissions:

EarnBill offers product-based commission features and allows you to promote your offerings through agents by giving them commissions based on product sales. You can specify a commission percentage at the product level, which indicates that the agent associated with the customer purchasing this commissionable product will receive a commission payout at that rate. Further, the EarnBill billing solution offers to create and manage agents and generate commission payouts automatically either at the time of the invoicing or on payment. It could help businesses as one of the promotional techniques. Businesses can set different percentages for each product/service per business requirements.

For example, if the agent commission rate on “Home Broadband Service” is 7%, an agent will receive a 7% commission if their customer purchases Home Broadband Service.

The commission is another way to design promotional strategies; it allows you to encash the power of word-of-mouth marketing by giving some payout to the agents instead of reducing the price of products/services.

c) Free Trial Plans 

EarnBill’s free trial plan feature helps as an effective promotional strategy that allows potential customers to experience your product or service at no cost for a limited time. The Free Trial Plan offers multiple period options like day, month, year, and billing cycle with the flexibility to specify the price. With this, businesses can provide some free periods when the customers subscribe to the products/services and charge them automatically when the free trial expires.

The EarnBill Plan comprises various products, discounts, and assets bundled together with separate plan price (package pricing). It gives you the flexibility to strategize your offerings.

EarnBill’s billing solution offers a comprehensive product catalog along with the capability of managing and tracking individual product assets. Thus, a well-designed free trial plan not only boosts sales but also fosters long-term customer relationships and makes it a powerful tool for business growth.

For example, A free trial plan has a free period of 15 days, and the price is $50.00 (applicable after the free trial). Suppose a customer subscribes to a plan on the 1st of April and starts using the services. However, the customer will be charged only for 15 days (from the 16th to the 30th of April). 

EarnBill Discounts and Promotions

The free trial plan (with auto-convert to the paid subscription) feature helps you with promotional strategies like time-sensitive offers and bundle deals by bundling various products/items together and offering them at an overall reduced price (clubbing with discount) as a package instead of selling them individually, which might cost more.

Let’s elevate the business growth with EarnBill expertise.