Did you know that every year in the U.S. alone, more than 100 billion coupons are handed out in supermarkets and other retail stores, in catalogs, via direct mail, on the Internet or on the street?
Why? Because people love to save money!
According to Prospectiv’s2 * Consumer Preference Index (CPI) poll, the demand for coupons is incredibly high. In fact, 96 percent of respondents said they clip or print coupons, with more than 62 percent doing so at least once a week and 38 percent clipping or printing even more frequently. In addition, 51 percent said they redeem almost all coupons they gather.
The 7 "Redeeming" Values of Coupons:
Introduce your business to new customers and send a reminder to your existing customers, driving traffic back to your store, office or website. Coupons give both current and prospective customers a reason to choose your business over the competition.
Online coupons can also translate to offline activity. According to Prospectiv, 66 percent of consumers polled said they plan to use their online coupons for in-store purchases. Ten percent will use the coupons while shopping online, and 23 percent will use coupons for both venues.
Tip: Email coupons can help drive customers into your physical stores during these last weeks of the season.
Increased Sales and Repeat Sales
Remember, when customers visit your store, office or site to redeem a coupon, they will very likely buy more given the discount. Plus, both new and existing customers may be motivated to try a new product or service they would not have considered otherwise.
Tip: To up the ante, consider increasing the coupon discount for multiple purchases (e.g. Save $25.00 on a $100.00 or more purchase, $50.00 on a $150.00 or more purchase and $100.00 on a $200.00 or more purchase).
A Larger Email Marketing List
Make collecting the email address a part of redeeming your coupon by adding a line for the customer’s email address on the coupon and/or asking the customer to sign up for your email list at checkout.
Place your email list signup prominently on your website and collect opt-in email addresses from new visitors who click-through from your coupons.
Take advantage of word-of-mouth referrals by encouraging your customers to forward your coupons to interested friends or family members. Especially in this season of gift giving, people feel good about being able to pass savings along to friends and family. Failing that, you can appeal to your customers’ year-round desire to be "in the know." People love to be the ones with the inside scoop and the ability to pass on a good deal to their friends. (Oh puh-lease – you know it’s true).
Increased Customer Loyalty
Make your customers feel special. Develop stronger relationships with your customers by offering them added value, letting them know how much you appreciate their business. Keep their minds on you, and they’ll forget about the competition.
Save your marketing dollars! Emailed coupons are far less expensive than traditional coupon advertising because they require no production expense or mailing costs. For example, coupon inserts into newspapers typically cost about $45 to $55 CPM plus printing, while an email marketing campaign including the same coupon can cost as little as pennies on the dollar.
According to Prospectiv, about 32 percent of coupon users said they would like to receive coupons online in the future — especially via email (21 percent). And that number jumps to almost 55 percent if online offers were specifically tailored to consumer’s interests.
Tip: Targeting with email is a piece of cake! For example, take a recent campaign, look at who clicked on which links, and email a coupon to that targeted group for a certain percentage discount. This is just one of the many ways you can segment your list for better targeting.
And finally, give your customers a truly valuable offer. Make it worth their while to open and click on your email. You can use online coupons to offer savings of money (e.g. a dollar amount or a percentage off), time (e.g. free shipping or gift wrapping) or to promote any aspect of your business. For example: a restaurant may offer a "Buy one entree and get the 2nd at half price." A B2B consultant may offer a "Free 30-minute consultation." A retail or online store may offer "$25.00 off any purchase of $150.00 or more."
It’s only December 2nd – you’ve got 22 days to tap into holiday shopping! But, while you may use coupons to get a greater share of holiday spending now, remember that coupons can bring you great results all year round!
* Prospectiv2maintains its Consumer Preference Index by polling millions of active, self-profiled consumers registered at Prospectiv’s vertically-targeted online properties. These include Eversave.com; TheKnowledgeStop.com; and Healthy-Individual.com