Using coupons is a great way to increase foot traffic and sales, but how do you make coupons work for your business without underselling your value and compromising your bottom line?
Building a Successful Coupon Campaign
Here are some considerations and tips for using coupons successfully:
- Evaluate the level of discount, keeping in mind the run length and the changes needed to support your coupons.
- Limit the offer to keep up with the demand by restricting redemptions to certain days of week or times of day and clarifying exclusions.
Example: “Excludes alcohol, delivery, or dining out.” - Establish clear policies about customer sharing or reusing the coupon:
Examples: “Void if altered, copied, sold or where prohibited by law”; “One coupon per customer per use.” - Encourage repeat visits with one-off coupons.
Example: “Buy product X and get Y free on your next visit.” - Focus on shifting excess inventory and promoting underutilized services.
- Concentrate on new customers outside of your current market or demographic by offering creative incentives to entice new clients.
Example: A portrait studio catering to families can target business people by promoting professional head shots. - Use coupons sparingly. Overuse can create a situation where customers wait for the next deal before patronizing your business again. Existing customers may perceive that your business is willing to give discounts only to new customers while they feel they are being overcharged by not having access to the same coupons.
- Market coupons across multiple channels including social media, website homepages, newspapers, and magazines.
- Track return on investment by asking customers where they found the coupon and use analytics software to track coupon codes and web banner clicks.
- Introduce Mobile into Your Coupon Strategy
Mobile Coupons are a natural complement to paper coupons, as you can send customized offers and promotions directly to your customers’ mobile phones. Mobile coupons can be integrated into existing email or SMS campaigns and can be promoted across Traditional Media (print, television, radio), Print & In-Store Promotions (Paper coupons, in-store signs, paper receipts, print circulars), Mobile and Local Advertising (display ads, mobile webpages, mobile apps) and through Social Media (Facebook, Twitter, Google Plus, LinkedIn). Best of all, mobile coupons deliver real-time data and insights so that campaigns can be continually measured and optimized.
Do you have additional coupon success tips to share? Leave them in the comments below.