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Coupons have been attracting customers for over a century! Did you know the first coupon was used in the late 1800s? It was a simple handwritten ticket for a free soda, and the strategy changed the company’s direction forever. A year later, Coca-Cola was being sold nationwide. That coupon completely transformed the marketing industry.
Today, almost 50% of shoppers search for coupons before they purchase. This tells us your target audience is already looking for offers on their favorite products and services. A survey in 2020 showed that over 75% of consumers of all ages would try a new brand if they were offered a coupon. Your product is the variable, but the coupon concept is proven. A discount is exactly what most consumers want.
Coupons may be CUSTOMER magnets, but what’s in it for YOU as the RETAILER?
Mobile coupons offer your business a unique opportunity to attract your customer, connect through multiple digital streams and cultivate loyalty to grow your brand. And with smartphones in the hands of billions of consumers worldwide, marketing to your ideal customer with a mobile coupon keeps getting easier.
For the retailer, a customized coupon targets a specific and ideal audience. Furthermore, the customer can utilize technology to access this unique offer with a mobile coupon. Therefore the coupon acts as a reminder to your consumer and an effective marketing tool.
This promotional strategy is valuable in a variety of applications. For example, coupon offers are used effectively to make room for new products by offering a coupon on overstock to clear shelves. Or another advantage is the ability to advertise new products directly to your shoppers. Distributing coupons generates a buzz and encourages consumer engagement.
When a shopper discovers your offer, the coupon creates an opportunity to connect the shopper directly to your brand. Some effective coupon strategies include inviting your consumer to join your text and mailing list and opt-in on promotional offers. This point of contact is also an opportunity to share highlights and upcoming events to encourage further consumer interaction with your company. You can efficiently deliver coupons and future marketing campaigns by establishing this connection long after the initial coupon is distributed. Any digital offer after the first coupon offers a gentle reminder for a return visit.
Mobile coupons are customizable and measurable. Your coupon is created to meet the goals of your company. This may help control revenue fluctuations when applied correctly in a marketing campaign. A mobile coupon campaign can be customized to fit the business’s needs or goals, including time-sensitive offers or specific limitations on purchases. As you can see, coupons attract customers, and when you provide excellent customer service, they will continue coming back. Therefore by using mobile coupons as a marketing advantage, you foster customer loyalty.
There are risks to consider with any marketing idea, and this is true with utilizing a mobile coupon strategy. These risks should be carefully calculated to create a plan for your business’s success. A couple of things to consider are profit margins and revenue awareness. Knowing your profit margin allows you to create an enticing offer without increasing the chance of loss. This margin includes any profit loss from the promotion and any cost of producing the coupon. Of course, offering a discount on goods or services will cost the business something in the long run, but with a good grasp on margins, you can use coupons to create profit. Without a good plan, you risk increasing your chance of loss.
Regarding revenue, take time to analyze data and notice how your shoppers apply your coupon. Remember that there will always be people who only shop when they have a discount; therefore, time stamping or rotating offers may be essential for your coupon strategy. Incorporating coupons as a marketing strategy into your business is something that shoppers will love, but you will need to use them wisely to impact business development.
The benefits of incorporating mobile coupons into your business strategy continue to grow. However, before launching a full-blown campaign, you should discuss your strategy’s potential pros and cons. This can help you avoid serious pitfalls. If you have any questions about mobile coupons or other digital tactics, connect with us at Alive.
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