A recent study done by RetailMeNot claimed that more than 92 percent of American consumers call themselves a "coupon user." It's no wonder why so many retailers today are offering a variety of coupons throughout the year.
While it has been proven that these coupons can attract newer customers and boost sales, it isn't always the case. With the coupon market becoming very saturated, it's so important that you learn the tricks to make your coupons stand out.
- Know How They Think -- Psychology Works!
Let's face it -- customers don't like to do math when they are shopping. For example, if you're offering a coupon that says, "save 25 percent," it probably won't be as appealing as "save $25 off $100." Even though the two are technically the same thing, studies have shown that telling the customer what they are going to save is better than using a percentage. However, this isn't always the case. As always, make sure that you test various coupon methods to see which one truly works for your small business.
- It Shouldn't Last -- Create the Sense of Urgency
If you give a customer six months to use a coupon, they are probably going to wait until the last week to redeem it, making your business wait what seems like an eternity to get that business.
Whenever you launch a coupon, create the sense of urgency. So for example, if you put "24-hour sale" on your coupon, they will know that they can only use it on that particular day. The quicker they can redeem that coupon, the quicker you can get their business.
- Be Exclusive -- Customers Love This
When sending out coupons, don't forget to reward those who have already shopped with you in the past. People love it when they get coupons that are directed toward them and no one else. These coupons can be offered via social media outlets, the mail or even after a purchase in store.
- Personalize -- Send Out the Right Offers
If you were to sell a variety of products, it would be silly to send out cat food coupons to a dog owner. If at all possible, try your hardest to learn about your customer. For those who have the time, consider creating a database of those who will benefit from these special coupons. This can be done by offering a simple survey or even tracking their purchases they made in the past. While this can take some time to do, it can pay off large dividends in the long run.
- Eyeballs -- Are They Seeing It?
You could have the best coupon in the world; however, if no one is seeing it, what good is it? In the world of coupon distribution, always make sure that the right people are seeing it. As stated earlier, it's best to split test your coupons to see which route works the best. So for example, you could launch two coupons at the same time. One set could be mailed to the customer, while the other could be listed on Facebook. After the coupon expires, collect the results to see which outlet lead to the most sales.
In the end, coupons are an awesome way to draw in new customers. However, don't just send coupons out for the fun of it. Always make sure to track conversion, perhaps with your POS system, to ensure the coupon doesn't hurt too much of your profit margin and have a game plan in place before starting your campaign.Tweet