Not everything in life comes free to us, so we often have to work hard to sustain our everyday needs. Unfortunately, not everyone has the luxury of enjoying the finest things the real world has to offer. In fact, the rising food prices have been a major concern to most families for years. So it only makes sense for the average consumer to be thrifty with his or her purchases. As a business, how better can you cater to one’s basic needs than with a good discount coupon or voucher?
If you think about it, the idea of making coupons is a give and take a situation where a consumer can take advantage of a good deal while a business may earn a profit from it. When designed well, it can be considered as an effective marketing tool to help boost sales. But before this happens, business owners must learn how to create a coupon that’s worth the attention.
There are various types of coupons available in the market, in which each coupon may have a similar design as the other but holds a slightly different purpose. For us to better understand such, let us look into how these basic types of coupons differ:
From the name itself, a manufacturer coupon is a type of coupon issued by manufacturers for the sole purpose of increasing sales for their products. These are usually found in magazines, newspapers, and product packaging. Terms and conditions regarding how the coupon may be used, along with its expiry date are typically displayed as well. Stores that carry the said products are given the choice on whether they would credit these coupons or not. But in most cases, stores see this as an advantage to increase the demand for their offered products.
These days, you can find a lot of retailers that give out store coupons to entice consumers to purchase goods from a specific store. It’s quite comparable to the clearance sales that stores conduct in order to promote certain products for a given period of time. But unlike a manufacturer coupon, this type of coupon is only issued by the store itself and are not directly connected with the manufacturer. For instance, a shopper carrying a special Target gift coupon may only redeem the coupon at a Target store or depend on what has been stated.
Digital coupons also referred to as eCoupons or online coupon codes have become significantly popular since they were first introduced to the market. These are commonly distributed via email or SMS by brands that wish to advertise their goods in a modern manner. But what makes a digital coupon so unique is how it may be redeemed by consumers. Oftentimes, customers may either be required to type in a promo code to an input field or have their special bar code scanned by a device. This can be extremely convenient for individuals who’d rather use their smartphones than a printed coupon to avail certain discounts and promos from their favorite shops.
Based on the general purpose of a coupon, it’s easy to perceive such as a printed or digital advertising tool, similar to a company brochure or poster design. But the concept behind coupon marketing isn’t as simple as it seems. There are a couple of factors involved in this and while it might seem complicated to most, the coupon may still perform accordingly with a good marketing strategy at hand. If you’re having some thoughts about using coupons for your business, it’s important to be fully aware of the pros and cons that may come along.
Newly-opened retail stores and companies with fresh product releases typically use coupons as a form of an ice-breaker. You see, there’s always that fear of trying something that comes completely unfamiliar to us. So instead of worrying about whether or not it’s worth the shot, a coupon can give consumers the luxury of enjoying a product or service before they decide on paying the full price for it. This may easily attract first-time buyers and encourage others to make the big switch between competing brands. Coupon marketing can also build awareness for your brand, especially if you’re relatively new to the industry. For retailers that hope to unload their inventories in the quickest way possible, a good coupon may gather a crowd in no time.
First off, there’s always a losing factor when it comes to coupon marketing, especially when poor calculations are made. This promotional strategy may also backfire at times, as there’s always the chance of customers only purchasing a product because of the promo was given and the possibility of potential customers not coming back. So if the discount offered fails to garner its desired outcomes, then this could cost a business more than it initially cut out for. Imagine how this could impact a brand’s image as well, where customers may not see the value of the discounted item. Another scenario that may negatively affect your business is when consumers become so accustomed to the discounts, that they no longer purchase these items at its full price. Instead, they wait until the store or manufacturer gives away coupons for them to enjoy.
These days, retail stores and manufacturers — regardless of their scale — pull all the strings to attract customers and increase sales through the use of a good coupon. But due to the saturation of coupons in the market, companies must find a way to make their presence known. With that in mind, we rounded up five smart tactics to help you create an impactful coupon:
Coupons are a significant part of successful branding that every business must look into. It helps a business gain a loyal following through offering special discounts and promos to consumers. The effectiveness of these coupons lies on how well you are able to communicate with your respective audience and build brand awareness with the coupon’s content and design. So if you’re thinking about creating a food coupon for your restaurant or grocery store business, always remember to take the smart approach in doing so.