How to Bribe People to Give You Money

Recently, a local department store sent me a coupon for $10 off a purchase of $10 or more. Now, this is not a store that I shop at regularly. I think at one time I may have had a credit card with them. Or maybe they just sent the coupon based on demographics to everyone in the neighborhood. How they knew who I was is unimportant.

The important thing is that I thought to myself “Sweet! $10 of merchandise for free. I can swing by on my way someplace and see what there is to see.” My intention was to go and maybe pick up a few pairs of socks. I planned to spend maybe a dollar or two, depending on what I chose and what the total came to after sales tax.

So, I walk into the store and head to the menswear department. My eye immediately spies a tie that is a color I have been searching for without success for a very long time. And it was on sale, where you got a tie half-off when you bought one at full price. So, I chose another tie as well. Plus, I found a nice tie for a ridiculously low price in the clearance section. (I was so convinced the $2.98 price tag was a mistake that I took it to the customer service desk. Sure enough, it was a $30 tie marked down to $2.98.)

After the dust had cleared, my bill came to about $40 AFTER the $10 discount was applied.

This store definitely did it right. They made me an irresistible offer to get me in the door. All it stood to cost them, in the worst case scenario, was a $10 item (which probably carried an actual cost for them of about $4.) But now that I have seen the merchandise they have, where do you think I may shop next time I need a new tie?

Plus, they ended up getting me to spend $40 above what I went in planning to spend. The profit they made on that more than wiped out the loss for the $10 discount. So right off the bat, the made profit off me that they normally would not have.

This whole situation is a classic example of making a sale to get a customer. They recognized that the potential lifetime value of me as a customer far outweighed the risk of $10 in retail merchandise. Their offer got me in the store with the intention to make a purchase. They had instantly converted me into a customer, and now have hopes to make more sales with me in the future.

Most businesses do that backwards. They get a customer in order to make a sale. Then, after the sale, they move on to win the next customer, and hope the last one may come back for another transaction some time in the future.

If your business is faltering in this economy, this may be something to look at. If you find yourself believing that you can make more sales if only you can get enough people to check out your product or service, then make an offer that will be irresistible. This type of ethical bribery is the basis for many highly successful business models. Give it a try.