How Coupons Have Changed and Their Impact on your Business
A great way to attract customers and grow your business, coupons are a powerful and effective marketing tool that you can leverage to generate revenue, mature your business and increase your ROI.
While some business owners may think that coupons are an outdated or ‘old-school’ marketing method, the reality is: they are still a popular advertising strategy that you can use to your advantage.
Here are some the reasons that demonstrate why coupons are powerful and why they should still be used by companies, big or small:
Coupons can expand your market reach and demographic: Coupons can easily be shared with friends, family or neighbors. Even if these people live far away from your retail location, they might be more than willing to travel the distance if the value seems worthwhile.
Coupons are powerful: If an individual is loyal to your competitor, a coupon might be all of the temptation they need to ‘switch’ and try your product.
Coupons can boost your brand exposure: Exposure is everything and with coupons, you can easily spread the word about your company offerings, services, branding, contact information, and much more.
Over the years, coupons have changed – there’s no denying it. Thanks to the advancement in technology, online coupons have become extremely popular as a result of their convenience and accessibility.
Here are some major changes that we have seen with coupons within the last few years:
– While newspaper inserts used to be the primary method for coupon distribution, coupons are now being offered directly through email addresses, online newsletters and mobile applications.
– Coupons can now be downloaded and printed from the comfort of your own home. They can also be downloaded and redeemed through smartphones.
– QR codes have also become a popular marketing method that can be linked to coupons. This is a convenient way to reach customers and to get them interested in your digital platform.
Even though all of these changes (and many more) have taken place, coupons are still a powerful marketing tool that can affect your business in a positive way. But in order for this to happen, you need to ensure you have a successful coupon-based marketing campaign. Here are some tips that will allow you to use coupons successfully:
- Use an appropriate level of discount. Although it may be tempting to offer a deep discount and attract as many new customers as possible, you want to ensure that you are still going to be increasing your bottom line.
- Use coupons sparingly. If you offer too many coupons at once or on a consistent basis, your business may be perceived as being a company that only focuses on getting rid of excess inventory or endorsing under-utilized services. Consider offering coupons on a seasonal rotating basis – this will give you a good balance.
- Use limitations and put them in place. Without limitations, customers can take advantage of your offering and as a result, this can negatively impact your business. Instead of making money, you will be losing it. Popular coupon limitations include: redemption only being permitted during certain times of the day or throughout certain days of the week, having a ‘one offer per customer’ policy, and having a deadline of the offer. In a nutshell, limitations this will help you cope with a negative loss and an influx of demand that your company might be unable to handle.
Do you need help with your shared media products marketing campaign or putting together your coupon offerings? Direct Response Media Group (DRMG) can lend a helping hand. Get a quote or contact us today.