In order to make a coupon work, it needs to have a strong call to action (CTA) and be strategically placed in front of the consumer. Since the consumer has to physically bring the coupon to your storefront in order to redeem the offer, coupons are one of the most traceable marketing platforms.
There are many new couponing websites selling gift certificates on behalf of your business for a 50% off discount, such as buy a $50.00 gift card for $25.00. Be cautious that you still have enough profit margin to make the coupon work for your business. Some sites want to trade you for the value of the coupon or some split the 50% off value as a profit sharing tool, so on that $25.00 gift certificate you will only make $12.50 if you take that approach. I always opt for the trade if you need the airtime, this way you are trading something of face value for something else of face value.
I am a fan of location based couponing. For example, this could be a direct mail postcard to a targeting list of residents. If you are a new restaurant in town, purchase a list of residences within a mile of your location.
When couponing make sure you place a unique code on each offer, so that if you’re running the same ad in more than one publication, you will have a code to see which publication if delivering the best return on your investment. Always make sure your coupon has an expiration date on it, this will help with consumer’s redemption rates and help you better strategize what coupon is good when, so that consumers aren’t trying to use multiple offers. It will also encourage them to visit your storefront multiple times.
Need some help in creating an effective coupon strategy for your business? Contact the experts at Midwest Marketing today!
