Coupons are discounts, but they are better for your business:
> Advertised price-cuts can be forgotten, but your coupon can occupy some real estate in the customer’s wallet.
> Coupons can be targeted better than a general discount.
> Coupons may be funded by a supplier.
It is a good idea to always include a coupon in any form of communication that you have with the customer. For instance:
- When you notify them of a prize that they had won, include a coupon.
- When you send your monthly statement, add a coupon.
- When they visit your store and buy above a threshold amount, reward them with a coupon to be redeemed at their next purchase.
Coupons can be personalised, and you can effectively track which ones are more successful than others – which of course means you run them again!
When the local footy club asks for a donation, they are interested in cash. But instead of saying ‘no’, you can always offer them a series of unique coupons.
It is better than ‘no’ and it shows some goodwill. This way you can rotate your donations annually and satisfy the endless demands for sponsorship that way. [If you really want to get smart, you can promise them X% of all redeemed coupons as cash sponsorship for next year.]
If you are thinking that coupons/ vouchers are old hat, consider this iPhone App (application) that is revolutionising the business in the UK, and is heading to Aus.
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