Five Ways Coupons Can Help Your Business Attract Loyal ...

Michael Plummer, Jr. is President/CEO/CTO of Our Town America, the nation's premier New Mover Marketing franchise.

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Advertising your business on a variety of platforms is a great way to tell people about your brand, but data shows that giving a free one-time-use offer remains one of the top ways to attract new customers.

Fall marks the perfect time to evaluate the different deals your business provides to consumers before the hectic holiday season rush begins. In , 92% of consumers used coupons when shopping, according to a Statista survey of 1,000 people.

A coupon can increase foot traffic and pickup/delivery orders for your store, which can lead to higher sales and revenue. Using coupons and free one-time-use offers, such as new mover offers, can help build customer loyalty, raise brand awareness and provide a quick infusion of cash for your business. It allows you to control the special offer, as well as the timing of the deal.

Today, coupons and free offers are different from the ones our parents used to clip when the Sunday newspaper arrived. Coupons now use technology to make accessing them a breeze for consumers. They also offer the ability to target customers using a variety of demographic information.

Currently, concerns over the stock market, lack of job security and the upcoming election are making many Americans tighten their purse strings and take steps to follow a strict budget. As more Americans pay attention to their budgets, it makes sense to offer deals to keep sales thriving. Here are a few tips that can help make your coupon campaign a success:

1. Use a variety of coupon platforms.

One of the advantages of coupons in the digital world is the ability to offer discounts or free one-time-use offers over a variety of platforms to appeal to different customers. Companies still offer coupons in newspaper circulars, but that&#;s just the beginning. You can choose from online printable coupons, manufacturer coupons, in-store apps, coupon codes for online purchases, rebates, new mover offers and more. Approximately 40% of shoppers look for digital coupons before shopping, and 51% look for paper coupons.

2. Use limited-time offers to spark interest.

Incorporating limited-time offers with your coupons helps create a sense of urgency with customers. And according to an article on Psychology Today, customers don&#;t want to miss out on a valuable chance to make a purchase at an appealing price point. Limited-time offers can also create a buzz on social media, which can raise brand awareness and reach a large audience.

3. Make coupons visually appealing.

One way your business can stand out from the crowd is to offer packaging that is unique and visually appealing. For example, new technology at print shops can offer special effects on a paper ad. Making your ad stand out comes with an added cost, but it can help boost sales and get people to take notice.

4. Take advantage of technology.

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In addition to making coupons easy to access and redeem, technology can help your business take coupons to the next level. Electronic ads can include a recorded message or use a video pop-up to increase return on investment.

My company, Our Town America, relies on technology to help customers build a loyal following. We include a quick response (QR) code on all of the gift certificates in the welcome package we send to new residents. A QR code is a two-dimensional barcode that allows the end user to easily transfer information to their cellphone. QR codes give businesses the opportunity to have their follow-up mailer sent to the movers who redeem the initial certificate.

5. Use coupons as part of your customer rewards program.

Rewards programs can build customer loyalty by providing incentives for customers to continue to visit your business. Many rewards programs offer coupons as an incentive. As many as 84% of consumers say they will remain devoted to a brand that offers a loyalty program, according to research from Nielsen. Coupons also offer a way to increase your online following because many consumers follow brands on social media to get coupons.

As your business grapples to adjust to the current times, consider adding coupons to your marketing strategy to help build brand awareness and increase sales.

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&#; Definition

Coupons are marketing tools used by Retailers and Suppliers to incentivize customers to make purchases. A coupon is a type of discount offered to customers for a specific category, product or service.

Customers can receive the coupon through various channels, such as , direct mail, or in-store advertisements.

Coupons are typically redeemed at the point of sale, either by presenting a physical coupon or by entering a code at checkout. They often offer a fixed discount or fixed value on a specific category, product or service. Usually coupons have an expiration date, after which they cannot be redeemed and are mostly subject to redemption terms, for example:

• Coupon only valid within a certain date range
• One redemption per household
• Basket Value must reach a certain amount,
• Coupon cannot be redeemed in conjunction with another promotions.

&#; Example of Coupon and Redeem

A Retailer wants to boost sales for a specific category or product and decides to offer a coupon promotion. They create a coupon offering a 10% discount on all purchases of that category or product to be used during a defined period of time. It can be a defined day, a period of time during the day.

Another example of a coupon is when Customer spend a certain amount of money during a specific period, they will receive a coupon with a value corresponding to X% of their purchase value to be used in their next purchase.

&#;What is Coupon and Redeem used for

There are several benefits when using coupons as a marketing tool:

For Retailers:

• Increased Sales: Coupons can incentivize customers to make purchases they might not have otherwise made, leading to an increase in sales for the store.
• Customer Acquisition: Coupons can attract new customer to the store who may not have shopped there before. This can help to build customer loyalty.
• Customer Retention: By offering coupons to existing customers, the Retailer can encourage repeat purchases and retain loyal customers, and minimize the Churn Rate.
• Increased Average Basket Value: Coupons can encourage Customers to purchase more than they originally intended, leading to an increase in the average basket value for the store.
• Inventory Management: By offering coupons for specific products, the store can clear out slow-moving inventory and reduce Stock Aging
• Data Collection: Coupons can be used to enroll New Customers and collect customer information, such as addresses and purchasing habits, which can then be used for Targeted offers.
• Improved Retailer Image: Coupons can improve the Retailer image of the store by portraying the business as customer-focused and willing to offer discounts to its customers.

For Manufacturers:

• Increased Sales: Coupons can attract new customers and encourage repeat business, leading to an increase in sales.
• Brand Awareness: By offering coupons, manufacturers can increase awareness of their brand and attract new customers who may not have tried their products before.
• Customer Loyalty: Coupons can incentivize customers to remain loyal to the brand, reducing the chances of them switching to another brand, which can also be referred to as Switch Loss.
• Market Research: Manufacturers can use coupon campaigns to gather data about their customer base, such as which products are most popular or which promotions are most effective.

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