Going back to the cost-benefit analysis, new customers will be much likelier to visit a store that lowers the cost of doing so. The first business to reach the new resident is the most likely business to gain a loyal customer.
Better yet, businesses that offer a discount have an even better chance. Offering coupons in retailers that New Movers are likely to visit — supermarkets and convenience stores like Dollar Generals — have much better chances of being seen by new movers, and therefore, gaining more loyal customers.
Read more about New Mover marketing in this blog. For example, commercials and ads on TV and in newspapers are often too expensive and time-consuming for small businesses to produce.
Coupons clearly and easily allow small businesses to communicate competitive offers that can steer more customers to use a particular business.
With coupon advertising, small businesses also gain more control over where their discounts are distributed. Hyper-local businesses must have this control. Coupons will re-activate old customers. Those customers that have been lured away by your competitor will start buying from you again when you give them a good reason to do so. Coupon advertising provides the opportunity for additional profits through sale of related items.
Business owners often forget this. You would not have had this opportunity had it not been for the coupon getting the customer through the door in the first place. Coupons are measurable and accountable. Wise use of this consumer feedback will guide you in creating future offers that improve your results. Understand that the media delivering the coupon has very little to do with the response.
Publications simply deliver your offer to a specific audience. You do this through methodically testing various offers. How do you go about creating a coupon promotion that will work for YOU? He is the creator of the Online Marketing Resource Center. Thom can be reached by email at: thomATe-comprofits. All Rights Reserved. This applies to small and mid-sized companies and the large, Fortune companies. Regardless your top-line sales, the senior management of an organization must understand the financial impact of offering coupons and discounts to its customers.
The reality is that for most businesses, it takes a compelling offer to incent a prospective shopper to try a product for the first time. And then, obviously, it takes a good product and service to maintain the customer relationship for repeat purchases. The goal of any offer or coupon is to encourage the consumer to try the product or service.
Although we would want the consumer to try our product just because our ad looks amazing, the truth is the consumer needs an incentive to depart from their current habits and try something new.
Bottom line: You must run the numbers to understand the effectiveness of discounting and couponing. Too many business owners especially small- to medium-business owners just pick numbers out of thin air i. One of my businesses is serving as the chief golf officer of Clickit Golf Inc. Few small businesses could afford to achieve this mass exposure in any other way. Coupon websites are sometimes known as 'social coupon websites' because of the role that customers play in spreading information about good deals.
Many deals go 'viral', as customers post details and links on social media such as Twitter and Facebook. Bargain sites have sprung up e. OzBargain that are driven entirely by customers finding and posting good coupon deals from other places.
With its advertising reach and word-of-mouth publicity, a coupon promotion can dramatically increase awareness of your business, both locally and elsewhere. Increasing brand awareness this way can be especially helpful if your business is new, or if you don't have a strong street presence e. Coupon marketing is generally very effective at attracting new customers, who will certainly boost your sales though not necessarily your profits.
Once a new customer visits your business, you have an opportunity to turn them into a repeat customer. Their repeat custom is worth far more to you than their first visit. Learn more about how to keep new customers and other tips for successful coupon marketing. A carefully planned coupon offer should incorporate opportunities for you to up-sell offer a higher-priced product in the same category or cross-sell offer related products or services.
This allows the customer to get the same discount but spend more, increasing your profit. Or, if you're a beauty salon offering discount massages, each customer who rings to make a booking could also be offered a pedicure or manicure.
If they accept, your profit on the extra service may cover the financial loss of the discount. Coupon websites operate quickly compared to traditional marketing.
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