June 22, 2024

1) Draw in New Clientele

Retaining current customers is always less expensive than acquiring new ones. However, using coupons to attract new customers to your website or store is an effective and reasonably priced strategy. Even though many of them will only buy once, it’s still beneficial for business to acquire a few new regulars. Especially promoting some of your new products is a great way to draw in new customers. Maybe a lot of people would like to give it a try, but not at full price. Paying the full price later on won’t be a big deal if they end up loving it.

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Make sure you devise plans to retain these new clients as well. Take advantage of this to improve customer service, make shopping more memorable, expand your customer base, and encourage people to interact with you on social media and review platforms.

2) Increase Awareness of Your Brand

Brand awareness increases as a result of gaining new clients. Additionally, a large number of people who may visit your store in the future but did not during this promotion will see your coupons. The benefit of coupons for retail businesses is that they at least put you on their radar. For new companies or those without a strong online presence (such as an Etsy store or a poorly located brick and mortar store), this kind of recognition is extremely important.

3) Referrals Are Free

A fantastic discount is the catalyst that ignites conversations about retail. Social media has made it possible for some deals to even become viral. Additionally, there are websites dedicated solely to people sharing different coupons they’ve found. Big-box stores also engage in this game. A very popular coupon that GAP ran was redeemed by 445,000 people by the end of the day.

4) Extended Exposure

Word-of-mouth promotion is fantastic, but you can still reach thousands of people with ease even if it doesn’t go viral. With just one click, digital coupons can be emailed to a large number of recipients. This will be even simpler if you’ve maintained up with your customer database. But be prepared for extremely high demand. In situations like these, you should always aim to be overprepared. Employees should follow orders.

5) Aim for a Particular Audience

Coupons make it simple to target the precise customer you want to attract, particularly when you use an outside website. The majority provide tools to filter recipients based on interests and location. This reduces the amount of time and money you waste. Decide which tactics to use to win over new clients versus expressing gratitude to your most devoted ones. Both audiences must be reached, but you must do so in very different ways and with very different offers.

6) There Is Little Initial Outlay

Coupons are yet another medium for promotion. However, the cost of coupons comes from a decreased profit at the end of the sale, as opposed to paying a large sum of money up front for a campaign you’re not sure about. Just take extra care to reduce losses by offering only one per customer, limiting the amount of redeemable coupons, and coupling the offer with minimum spends.

7) It’s Easy To Measure How Effective It Is

Even though a loss of profits is undoubtedly a cost, it is simple to calculate and compare to the promotion’s success. To maintain an exact count, you can use scanning apps, online tracking, or a numbering system.

All of this is automatically tracked by the best POS systems, giving you access to thorough sales reports. You can track the number of people you reached, the number of sales you made, and the amount of extra money each customer spent while they were in the store by using coupons that are run through your point of sale. This will enhance upcoming promotions.

8) You Can Make a Strategic Product Selection

Like any promotion, it’s an opportunity to persuade customers to buy goods they might not have otherwise. If you want to reduce your losses during the promotion, you can also choose products with a higher profit margin. Slow-moving items that are overstocked also function well.

Promotions will help you better manage your inventory by getting these out of the door. However, avoid marking down your best-selling items. Sales that you would have otherwise made at full price shouldn’t be discounted.

9) You Set the Schedule

You can also decide how long the offer is valid with coupons. Certain deals work better as quick, limited-time offers, while others work better as longer-term promotions, depending on the market and the products. Make it targeted and a little bit urgent; long-lasting, general sales discourage return business and undermine the benefits of coupons for retailers.