Making Effective Coupons
When you run a retail operation such as a clothing store or bagel shop it is crucial that you establish a strong relationship with your customers and one way to nurture and grow this bond is through effective coupon marketing. With coupons you are looking for the proverbial win-win: you gain customer loyalty and your customers get a discount for frequenting your store. Making this work takes some number crunching to determine what you can offer and at what price to make it profitable for you to use coupons as part of your business marketing.
Coupons are low-cost marketing tactics that are used by approximately half of all retailers.
Coupons are used for several reasons including:
- Increase & Promote Brand Awareness
- Reach new customers
- Increase sales of a specific product
- Having a measurable marketing tool
- Reward current and loyal customers
It is best to switch up your coupons and offer different deals on different products. Many companies, especially those in the food and beverage industry, often offer monthly or weekly coupon deals that highlight new products; up-sell more profitable items and maintains a dedicated relationship with their clientele.
It is important to stay current with coupon delivery methods. Years ago you could run a coupon in a newspaper but today you need to reach your customers through a number of digital channels to ensure maximum exposure and ROI. Getting and maintaining an updated record of email addresses is always important and you should also use social media sites including Facebook, Twitter and Google + to promote your coupons to a younger audience.
When creating coupons for your business you need to be creative and clever to effectively market the opportunity for the client.
Enticing the customer to redeem the discount offer is your main objective and in order to achieve this result you should consider the following details:
- Have a clear message detailing the offer and terms
- An expiration date that is easy to find
- A tracking code or bar code for measuring
- Hi-resolution images of the products offered
- Branding opportunities (company name, logo, web site)
When you use coupons effectively you’ll notice the difference it makes when it comes to bringing in new customer and establishing a strong bond with returning patrons.