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Some marketing strategies don’t seem to go out of style and one of them is the coupons.
They not only allow the consumer to have access to promotions and exclusive offers, but also allows businesses to increase their levels of sales and customer retention.
In the case of online businesses, this strategy also allows the entrepreneur to measure and monitor the effectiveness of their promotions, so if you are thinking of implementing coupons in your business to boost sales, take these recommendations into account.
Why Use Coupons?
What is the use of a company to use coupons as a strategy to attract customers?
- Have more visibility
- Attract more customers
- Encourage existing customers to buy more.
- Encourage customer loyalty.
- Attract casual customers
- Have a greater and better reputation.
- They attract traffic for your company.
- Word of mouth marketing.
Advantages for Customers
- They feel rewarded for their fidelity.
- They save with the products they need or that they always buy from a company.
- They are more satisfied with the feeling of savings (the savings must be real).
Discount coupons can be of two types: those that are downloaded and printed to be exchanged in a physical store and the promotional codes that are applied in online purchases.
Elements of a Good Coupon
- Clear offer.
- The initial value of the product without discount.
- Place of exchange.
- Expiration date.
- Product image.
- Barcode (if necessary).
- Name and physical and electronic address of the business.
- Code or tracking number of the coupon.
Why do food businesses use so many coupons as a strategy to attract customers?
Food is one of the most extensive commercial areas on the market for one simple reason: we always need to eat! And better the taste and the lower the price. So pizza restaurants, fast food or franchises like cafes, use coupons as a strategy to attract customers.
For example, franchises (such as pizza) publish coupons in newspapers or tourist guides with a % discount for each coupon collected. If you plan to use this strategy to attract customers, use it in local newspapers, this encourages users to buy that newspaper more if your offer and your product are good.
Generally, coupons can be:
- Precise offers. For example: “5% discount with the presentation of this coupon”.
- For example: “with the presence of 5 coupons, it takes free…” (the case of Subway, Starbucks, etc).
For example, Subway franchises use as a strategy to attract customers, a mini album with which you can paste your coupons purchased for the purchase of a product; once they are complete you can order a free or discounted product.
Starbucks, on the other hand, uses this mini album as assistance. Each time the user goes in and buys in the store, they stamp the number of times, when they have 10 visits (to say the least) you can buy a free or discounted product.
This strategy to attract customers is very useful since users will always load a card with the name of your company with them at all times; however, the investment is quite large.
See some examples of vintage discount coupons to inspire you.
Tips for the proper use of coupons
- Observe your competition (without copying).
- Measure the impact of coupons.
- Customize and adapt the design and purpose of your coupon.
- Collaborate with affiliates
Ways to Distribute Coupons
- In the written press and magazines.
- By mail.
- Within delivery packages.
- In your local.
- In affiliated premises.
- Through your suppliers.
- Through your partners.
- Through your family and friends.
- Digital media.
- Online coupons
You can also use your coupons to promote your product or service on your web pages, social networks, blogs, etc. and thus attract more customers from all sources.
Creating a coupon strategy for your business:
Know the life cycle of your customers
The primary objective of a discount strategy is to attract potential customers. This strategy can also be customized to encourage loyalty to repeat customers. Make sure you offer coupons for the right products or services and focus them on the right customers.
Addition and subtraction
Carry out an exhaustive analysis of costs and utilities. Project the benefits and monetary repercussions while encouraging your customers to use coupons to receive price reductions, free shipping or any of the promotions you are trying to promote. If profits do not exceed your costs, implementing an aggressive discount strategy could damage your business and cause you monetary losses.
Find the right channel
There are different channels to publicize the offers and promotions you offer, it can be through e-mail marketing through a newsletter, directly on the site, social networks or through third parties on specialized platforms, like targeted discounts to your consumers, for example CouponCarnival for general shopping needs and Yourweedcoupons for cannabis lovers. Both offer a list of coupons, suggested to their clients based on their needs.
What is the best channel?
That will depend on the market you want to reach. Always think about your goal: Are you looking to promote a new product or product extension? Do you want to get rid of the excess inventory? Do not lose sight of the reason why you want to implement these types of strategies.
The economic crisis has also encouraged companies to bet more on the use of coupons, since customers look for the sites that provide the best price for the products they want to buy, and they are attracted by the feeling of knowing they are saving on their purchases.