A doctor once told me about a strategy they used to gain more patients over the summer break. They use coupons in the receipts of local supermarkets. It worked great.
Just like marketing campaigns, businesses need to engage in couponing campaigns as a way of generating more sales. Customers will not only get discounted prices in products, but a business will also gain from this. This is a technique that is used by many companies across the globe with the first coupon having being used back in the year 1887.
- Coupons Boost Growth
When a business offers coupons, it increases sales as more customers buy products and you will find some buying more than they need. For example, in a mega store offering coupons for products such as toilet papers, customers will buy extra pieces for future use. They get more for less and this boosts company growth.
- Boosts Customer Count
With a coupon campaign, more customers tend to purchase products and if the business has physical shops, they visit the stores. This increases revenue and customer count. This is even better when a business has set a period for the coupon campaign.
For example, the famous Black Friday sees businesses receive more customers. If a business has weekly, monthly or quarterly sales, customers keep this mind and they visit the stores more to see what is on discount. It’s another way to build customer loyalty.
- It’s Technique for Healthy Competition
Its an ethical response to competitors activities and while a business offers coupons, it’s easy to be ahead of its competitors. It helps to engage in a healthy competitors especially for small brands that are trying to build foundation. The advantage of couponing campaigns is that it works for both big and small brands.
- It’s a Good Way to Boost Brand Awareness
Imagine a small business that has just started and it has a significant solution to a problem that has been nagging people. People must know about it if it’s to be successful in the market. Coupon campaigning helps in a great way when it comes to this as it boosts brand awareness. Those who are aware about the discounts will not only buy, but they will also talk about it with other people and this way, more people tend to know about the brand.
- A Good Way to Know Customers Better
When a couponing campaign is launched, it does more than increase sales and building brand awareness. It also helps in understanding customer characteristics and their behavior. This is significant to any business as it helps in better planning through data collection.