In recent time, the economy has been behaving in a weird manner; with the recession suddenly spring up on us over the past few years; it has been a hard time for us all. With the Recession slow leaving, you would be surprised to know that consumers and companies are still finding it different to bridge the gap between them. Income is low and so is profit. It is at this point that coupons and discounts make their welcomed entrance to the scene. In this blog, we are going to breakdown and find out exactly how companies benefit by giving out coupons and discounts.
When the economy takes a plunge, the company is not only affected but the customers as well, as their spending funds is shortened. Taking advantage of the situation, companies give coupons and discounts, to bring in more customers. This is an excellent way to attract people, because who can no to discounts? With little money at hand, clients will be more willing to spend when discounts drop.
Coupons do not directly profit the company, what they do is build the brand behind the firm. People take notice of businesses that give out discounts and coupons, much faster than regular companies. With coupons, customers are encouraged to visit the store, spend more than they planned for, and this results in profit for the enterprise. The main reason for giving out a coupon is to attract and bring in both new and existing customers, over and over again. Coupons are a great way to give the firm an upper hand, an edge over the competitors. Since coupons are uniquely generated codes, companies can easily track and observe how their customer use them and how it profits their firm.
With so many companies giving out coupons, it has now become a basic necessity for every business to offer these days. Coupons, teamed with discounts and offer can bring in a flood of good responses from the customers. If a product in your business is well known; giving it a discount will rise its popularity even further. Just bear in mind, once you give out a discount or coupon, you need to be consistent in your offers, only then would customers return to you.
Though coupons are fun, their expiry dates could rain on your parade. So make sure you are always aware of the coupon’s expiry date as most coupons have a speedy expiry date. This is done to bring in traffic for the company quickly. A coupon with an extended due date will not perform its function – to bring in a quick profit for the enterprise.
Like billboard posters and commercial advertisements, coupons need to be colorful and attractive. Humans are visual creatures and fall prey to all things pretty; this is enough excuse to put in some creative effort into your coupons. Apart from how it looks, the coupons also need to have the necessary information on it, to execute its purpose. And most importantly it needs to have the company brand logo and name on it.
Usually, coupons are produced before the discounts, and the promotions hit the customers. This is done to have enough coupons at hand when the customers demand it. Also, coupons, when backed by a good campaign, will bring up the company’s brand image to the spotlight. Running promotions online is an effective way to drive in more traffic. But bear in mind, do not aimlessly run coupons and campaigns for the sake of them. You will need to be reasonable and think in the shoes of the customer. No, use in putting up discounts on sweaters when summer is in full swing. Find out what is popular and well known about your company and promote that to get more traffic. Most companies offer a 20-50% discount or a freebie on their second or third purchase. Find out how your competitors are working with discounts and see what fits your company.
Once you have fixed on your coupon and the style of campaigning you would like to perform, there are channels of promotions you will need to look at. There are two main types of channels, print, and digital. In print, you have newspapers, magazines, flyers, cards, etc., and in digital you have every social media platform known to man. Apart from this QR codes have recently got the wind of being part of digital promoting. All one has to do is point their camera on their mobile on the code, scan it and the coupon/discounts is obtained.
Coupons themselves are handed out in different ways, – most are given to new customers, some of the loyal customers, few to customers to buy in bulk and a select number who obtain it through competition or sheer luck. Either way, the excitement of getting a coupon encourages customers to keep coming back for more purchases.
Nowadays coupons are mostly sent only, through emails, since many of the businesses themselves only transact online. Online coupons are given to customers who are not satisfied, to bloggers, reviewers for PR, to loyal customers as a form of thank you and also as complimentary gifts to customers on their anniversaries. Sending coupon through email is easier as it is more personalized and easier to monitor.
Coupons are so easy to obtain nowadays that companies feel it is a need to give them out while customers feel it is their right to receive them. But at the end of the day, both parties profit from them so who can complain about coupons and discounts?
Struggling to put out a good coupon and a promising campaign for the world to see? Your search ends here with us! Here in Spize Media, we reign in digital marketing and it just so happens that we are good at coupons and discounts as well. Want proof? Head on over to our site and here what our clients have to say about us. After that, why not drop us a line and tell us what you think?