Coupons are a crucial part of any shared media products campaign when it comes to attracting new customers and retaining existing ones. 67% of unaddressed print advertising pieces, that Canadians receive, are either: read, saved for later, or used immediately*2. Today, most people have access to the internet and it has become a new outlet for businesses to advertise. There are advantages to posting coupons online:
Supplying customers with online coupons, allows businesses to reach a large potential customer base. Coupon websites are sometimes referred to as “social coupon websites”, because of the role the internet plays in spreading information and the possibility of a deal going ‘viral’.
By continually updating online coupons, your business has the opportunity to tap into a wide audience, and generate new customers through trial offers.
Increased Brand Awareness
Undeniably, digital platforms have become the dominant mode of communication (emails, texts, social media, blogs, and the list goes on). Many potential customers now reference online information, before visiting a business, so it is crucial for companies to have an online presence.
Offering deals online can help develop a pattern of consumer habits. If you promote deals, on a monthly basis, it can help create a cycle of demand which can help introduce your company to new customers every month.
Larger corporations that have loyalty programs or are offering coupons to customers, often integrate coupons into their email-marketing campaigns. Sending emails to subscribers, that include coupons or discount programs, helps generate incremental revenue from existing customers.
If time is a factor, there are coupon websites such as moneysaver where you can feature offers monthly; the site also has geographical sorting so visitors can find local offers.
Up-sell and cross-sell
Mass exposure and increased brand awareness helps promote your brand to new and existing customers. Increased awareness and customer interest, creates the opportunity for your business to start incorporating up-selling (offer a higher-priced product in the same category) or cross-selling (offer related products or services).
“For example: if a coupon offers a $10 discount on the lowest-priced headphones in your electronics store, you can encourage coupon customers to use the discount on more expensive, better-quality headphones. This allows the customer to get the same discount but spend more, increasing your profit.”
The success of a coupon campaign is very easy to measure; as you can count the number of people that use that particular offer. You can also go a step further and find out if your sales increased in the months the offer was available.
By advertising offers online, you can also identify how many views a page has received and compare that to the amount of redemptions; which can give you an indication into what kinds of offers secure a sale.
Canadians spend 17.2 hours online per week on average. About 85% of Canadians have access to the internet *2; think about how much exposure your business would receive by providing your customers access to coupons online!
Author: Chad Ross