Last year, consumers redeemed 2.9 billion coupons! As coupons are an inexpensive form of marketing, nearly half of all retailers report offering consumers some form of coupon program. This means your competitors are using coupons and you should too. Coupons increase branding and product awareness, increases new customers, rewards your current customers, and entices the return of former customers. Coupons can be used online and in print.
How to Use Coupons in Promotions
Coupons should motivate purchases by offering consumers a great deal. Make sure your well-designed coupon generates a short-term boost in traffic by being clear and concise with details of your offer. Believe it or not, saving money isn’t enough incentive. Coupons need to be a good fit for your business. Think of your coupon as another form of marketing. Concentrate on building awareness of your business and make sure you can afford the discount for the duration of its validity. Coupons are highly measurable as consumers turn in their coupon but you can track ROI by asking your consumers where they found your coupon. If you use an online coupon you can use web analytics to track their use as well.
Some interesting findings, according to BizReport.com, include:
• 91% of coupon redeemers say they will visit a retailer again after being offered a coupon
• Coupon clippers spent $216 on their latest shopping trip compared to non-coupon clippers who spent only $122
• Shoppers who use coupons report higher overall satisfaction from a shopping experience
• 57% of shoppers say they would not have made a purchase without a coupon first
Research also shows that coupon-redeemers are more likely to spend more on each store visit, whether online or offline. Why? Because of the mindset of the consumer; coupons are a way to get something for nothing. But many will still spend as much, if not more, during a single shopping visit even if a coupon is offered because they had an amount for spending in mind when they purchased.
At Cheep Cheep, we are offering 1,000 free 4”x6” postcards with the purchase of a website makeover.