Ever since the first known use of paper coupons in 1887 by Coca Cola bottlers, retailing has been fascinated by the potential for their return on investment with product coupons. A reported two hours a week are spent by consumers as they scavenge for online deals, and with the popularity of extreme couponing, businesses today would be wise to find ways to make their in-store and online coupons easier for customers to use. These tips can help you find a way to develop a better couponing strategy and get more out of your digital campaigns.
Research and Choose Wisely
Accurate marketing research is the key to good couponing. Knowing your present and potential customers and their shopping habits over the course of a year is a must. Knowing exact customer preferences can also be telling for retailers. For instance, grocery coupons are the most commonly searched for coupons, and they make up over 50 percent of online searches.
Depending on the marketing researchers doing the studies, coupon users may prefer dollar amount discounts by up to 31 percent, as opposed to those 9 percent who prefer free shipping offers. Another indication of customer preferences for coupons is seen in an incredible 91 percent of coupon users who will purchase again from the same retailer–if they are given a large enough coupon discount. Up to 57 percent of shoppers have reported back that if they had not been offered the discount in the first place, they never would have bought the product or item.
Use your company’s own findings to develop a game plan for future customers and the kinds of discounts and coupons your business would benefit from offering them.
How Will They Know If They Are Not Told?
Nationally known retailers such as Kohl's know the dynamic potentials of running viral campaigns by using email marketing, social media, and multiple digital marketing channels–all being launched simultaneously. It's hard for consumers to not notice sales after such a barrage. They also know what kind of coupons will get their own business more purchases and still make shoppers happy like their often offered Kohl’s 30 percent off coupons made available online at discountrue.com for in-store purchases.
Recent research shows that up to 40 percent of consumers share an email ad with their friends, and up to 28 percent of consumers will share promotions via social media. Needless to say, the larger a retailer's mailing list, the better chances of building up potential or return customers, and keeping their present base happy. The temptation of social media users to simply 'like’ a social media's button far outweighs what local newspaper ads could ever have done in the past as far as your return on investment. What percentage of actual sales conversions are done through the social media as opposed to retail store sales is still in question, but the fact remains social media is the modern way of getting the word out more quickly.
Today retail stores have a lot of competition to contend with. Couponing is one way you can take your business over the top and offer more than your competition. Make sure you have a good strategy in place and are always referencing what the customers want to see. If you don’t know what they want, you’ll never be able to connect over the register.