Who doesn’t like a sale? Retail coupons are a popular way to let your customers know when you’ve discounted specific items. If you aren’t using coupon promotions wisely, then you are overlooking an important and powerful marketing tool for your business. Coupons are one of the most cost-efficient and effective ways to drive transactions from current customers and attract new ones.
The right use of one or a combination of couponing strategies can jump start or supplement a campaign to target traffic coming from local clientele. This cost of doing business is a strategic part of inventory management. Why delay the process to liquidate slower turning items, generate some cash and make way for fresh inventory? Recent data from the Synqera survey shows 8 out of 10 Americans are more likely to shop in a store that provides a complete shopping experience. Using this approach will factor into increased turnover and maintain a steady stream of traffic to provide a solid platform for sustained profits.
Print – Most familiar and seen frequently in print marketing campaigns such as newspapers, direct mailings, and periodicals targeting a larger readership and region. They are ideal for seasonal sales and inventory promotions. In the past they were overused, but today can be quite powerful when combined with other media.
Email – Adding a loyalty program with discount codes can add value to your existing email and social media marketing campaign. It provides another level of connection with customers that are less frequent visitors. Start with a professional coupon using programs such as, Mail Chimp or Constant Contact, and track the open-rates to analyze customer’s reactions to your offer.
Digital – Receiving personalized coupons has become the wave of the future. According to eMarketer, digital coupons will continue its rise in the coming years. The latest data indicates that by 2015, adults using digital coupons will increase to 59.7% up from 24.9% in 2011. They are easily delivered to customer’s mobile devices, and allow for social sharing to expand your store’s message. To date, the biggest players are Groupon and Living Social.
How will you use couponing in your summer liquidation strategy? The trick is to track your test results and use carefully in the marketing mix going forward. Drop us a note here and let us know what’s working for you.
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