Coupon Promotions are Back in Vogue
Because of today’s uncertain economic condition, most folks have learned to live their lives with a little more intent. That could come in the form of fixing broken items instead of throwing them out, keeping the same car just one more year, or – believe it or not – clipping coupons.
We’re all familiar with the old fashioned clip-and-save variety of coupon. But, now an online coupon can come in many forms: a small, clickable discount banner on your website, a printable coupon sent via email, or some sort of promotional ad on Facebook or Twitter, just to name a few. And, with the incredible increase in online shopping these past few years, mobile phone coupons have become – and will continue to be – a very popular coupon vehicle.
Increased Coupon Usage
Just to give you an idea as to how much coupon usage has grown – coupon redemption rose 10% in the last quarter of 2008 – the first rise since the early 1990s. And, within a few short months, redemption of the print-and-clip type rose 308% in the first half of 2009. (During the same period, digital coupon redemption rose 25%) If you think about it, that’s about the time the economy started to dip sharply.
It’s now predicted that by 2019 31-billion (with a B) eCoupons will be redeemed worldwide – up from 16-billion in 2014. Mobile coupon usage is also predicted to almost double from 560-million to 1.05-billion within the same timeframe.
Think of how popular online apps like Groupon, Living Social and Retail Me Knot have become.
Further, research results from Prospectiv, an online lead generation and strategic marketing company, indicates 80% of consumers say they would increase their coupon usage if businesses delivered relevant coupons online.
How Coupon Promotion Can Benefit You
It’s a very safe bet that online promotions and coupons could be a very successful piece of your marketing plan. It’s simple, easily-measurable and cost-effective; though, strategic distribution must be a huge consideration – as with all your marketing campaigns.
Nearly half of all retailers offer consumers some sort of coupon program. Here are a few reasons why:
- Increase branding and awareness.
- Attract new customers.
- Appeal to lost or inactive customers.
- Reward customers for certain behaviors, such as signing up for something.
- Increase sales of a specific product or create an upsell opportunity for a more profitable product.
Do Your Research and Plan
Before starting your coupon promotion do your research to ensure this type of program will add benefit. If you determine it will, as with all of your marketing campaigns, test and measure. Tracking codes will take care of that for you. You’re testing for coupon response, and evaluating the delivery method along with your sales and profit numbers.
There are many free-to-cheap distribution methods. I’ve listed a few. One thing you want to keep in mind: if you make your coupons shareable, you can drive up traffic as much as 33%!
- E-mail your coupon to your client list.
- Post it on your blog.
- Post your coupon on an online business directory site or social network.
- Add a coupon banner on your website.
- Offer friends and followers on your social media platforms and channels a special discount.
- Film a short video clip showcasing your business and post it on YouTube with text offering a discount to customers who mention they saw the clip. Don’t forget to cross-promote with your other social media platforms and channels.
A Final Word about Coupons
Contrary to what some think, coupons won’t cheapen your image or make you appear desperate. In fact, coupons are cool. It’s a societal sign of the economic times. With proper planning, testing and measuring, you can make a success of coupon and promotional advertising. You will build your brand and loyalty. And, you will increase sales.
But, if you feel a little intimidated about the whole thing, feel free to contact LocalDirective. We can walk you through the process with ease, setting up a promotions campaign that is sure to succeed. It is simple as dialing 1.866.925.9524… I look forward to hearing from you!