Benefits of Better Couponing Strategy
If you’ve dabbled with discount coupons and were wondering about taking it to a more effective and sophisticated level, you can do it yourself or you can work with a marketing agency.
An agency can help you integrate it into your promotional mix and get the best ROI. They can also help you extend your couponing into the digital sphere, which is not simple for many small to medium sized businesses. Digital couponing is big, particularly mobile couponing. It’s an exciting new era, and we all need to be innovative and think just a little more creatively.
How To Coupon In The 21st Century
If you become strategic and integrate digital coupons into your mix, it’s our belief your sales and your POP campaign ROI will improve.
A New Couponing Strategy will:
- Increase brand awareness
- Stimulate sales
- Help launch a new product
- Disrupt competitor’s successful promotions and sales
- Allow better tracking and customer analytics
- Create feedback for insight into customer demographics and psychographics
- Supercharge any promotion
- Encourage distributors and retailers to carry your product and avoid stockouts
Consider how hard you’ve worked and how much you’ve spent to make your promotions work. Coupons might just be the ticket to a big hit.
Your strategy for using coupons should focus on giving additional value that generates additional sales.
Here are some tips on improving your own couponing strategy:
- Evaluate and choose the best level of discount
- Evaluate and limit your total liability with expiry dates and maximum discounts
- Identify your cross selling and up selling opportunities
- Restrict the target audience with tighter segmentation
- Always promote the upsell on the coupon (e.g. save on your next visit, or buy the premium product for $1 more)
- Sell overstocked inventory
- Get the customers to share with their friends/family
- Use digital couponing to be redeemed via mobile ads, website, Facebook online
- Track ROI better, by requiring some sort of demographic/psychographic information when the shopper redeems them
- Offer unique coupon discounts to unique customer segments
- Use graphics, persuasive copy, eye catching heading, and encouraging call-to-action on the coupon itself because it may be the only thing that is shared by the shopper to others.
Here’s what consumers are doing:
There are more systematic and very sophisticated couponing strategies and tactics of course. You can discuss your particular product, supply chain, and retail situation with us at Ravenshoe Packaging. If you’re located in Markham, Richmond Hill, North York or Vaughan, why not give us a call now?