Let’s face it; starting a business in the 21st century is surely a difficult challenge to overcome. Not because of a lack of ingenuity or creativity on your part, but because of a high concentration of it in the remaining industry. New businesses can compete with bigger brands with a solid customer base by using a coupon strategy. A coupon strategy will help lure in your larger competitor’s ‘loyal’ customers because it helps them save money, which is why they’re actually loyal to.
Surveys by Valassis show that around 80% of customers would buy a product they’re not used to buying if they had a coupon for it. In fact, they’re also more likely to buy things they don’t plan to if they have a coupon for it. These facts can prove just how important it is for businesses to incorporate coupons into their marketing plan. However, the dreaded digital revolution has led to the downfall of traditional couponing that required some scissors and a lot of time.
So it’s time to channel your resources by dividing your coupon strategy into digital and print. It’s important to not lose track of the other and to study which one works out better to flow more resources into it next time. Digital coupons are here and they’re defiantly used far more than regular ones. Not due to a particular liking for them, but because smartphones users can just carry them around without having to keep coupons with them in the first place. The availability of notifications whenever a customer is near a store can serve as a little reminder for them to use a coupon is truly one of the greatest advantages that GPS tracking can bring. Digital coupons create the need for wallet apps as well.
This means that businesses should implement a wallet application into their marketing efforts as well. While you’re at it, remember that many brands are making efforts to ride that mobile wave so there’s no reason why your business shouldn’t. Loyalty programs in the form of mobile applications are becoming highly popular. This is because these can carry a lot of information that would usually be carried on cards, which customers would often forget to keep on them. Also, these applications allow users to be constantly notified of their reward points and/or bonuses that they should spend.
The sole reason that they respond to these notifications on their smartphones is that they can check them constantly whereas loyalty ‘card’ balances are often forgotten about. Moreover, there’s a large population of consumers out there that don’t really stick to one brand at all because they just decide based on the coupons they have. Businesses can use this to their advantage to increase buying frequency of their products. This creates a large influx of consumers that are looking for discounts on your products.
On making a purchase, brands have the customer’s utmost attention that provides them with an opportunity to give them the incentive to come back.