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The Power of Coupon Marketing: 6 Facts You Need to Know

Joe Palko | May 06, 2015 Comments
Coupons

Remember those popular coupons you often get for grocery items, the ones which drive you to choose particular brands over others and which encourage you to buy stuff that you were not planning to get in the first place?  

Well, now they've invaded the online world--- through what is known as digital coupons.

These days, digital coupons are very common. You can avail them from various websites to get discounts and freebies when you dine in a restaurant, watch a movie, go to a spa, have your nails done, or purchase gifts. They are certainly useful for a multitude of businesses, generating leads and bringing in more profits.  

Before you decide to give coupon marketing a shot, though, check out these 6 facts that will surely help you decide if you really want to give it a go:  

Fact #1: Coupons Provide a Personal Marketing Approach. When a person receives a coupon through email or gets a printed one being handed out in the mall, your business gets to communicate the advertisement on a personal basis. It's like having a company representative give a one-on-one presentation to the prospective customer.  

This is a great way to somehow avoid the same distractions that people usually encounter when seeing a commercial on TV or when an ad pops out while they are browsing the web. Coupons seem more private and personal.  

Fact #2: Coupon Marketing is Easy to Track and Evaluate. Of all the forms of marketing, coupon marketing is certainly one of the top-notchers when it comes to ease of tracking and evaluation. Since there are coupon codes that are monitored when bought online and when actually redeemed, businesses can easily keep track of them. Even those that are given out offline can be tracked upon redemption without any trouble.  

In this case, marketers will be able to evaluate their efforts and find out how a particular coupon marketing campaign is doing. Are there many people seeking a certain product/service because of the coupon? How many coupons were used out of all those already paid for online?  

Moreover, when you gather information of people upon purchase and/or redemption, you can easily evaluate the demographics and buying patterns of your market. Such information will be helpful for the business in the long run.  

Fact #3: Coupons Work Well for Bargain and Deal Hunters. With the many competing businesses vying for consumers' attention, it's no wonder more and more people are trying to filter brands based on their preferences and priorities. Naturally, one of the top considerations is pricing. This is why a lot of individuals have turned into bargain and deal hunters. They are always on the lookout for the best deals.  

Coupons are like hot cakes for these "hunters". Since the Internet and social media have made the hunting process a lot simpler, it has increased the number of those seeking out the discount and special promo coupons. Besides, these people can easily google your business or check out reviews on blogs and forums to see if what you are offering is really good value for their money.  

Fact #4: Coupons can Penetrate and Stay with Customers. Unlike magazine ads and radio commercials, coupons have a greater chance of penetrating the life of a potential customer--- by being kept inside a wallet, being brought home, being carried around, being placed on the fridge, or even being passed on to somebody else.  

Digital coupons, on the other hand, are able to penetrate email inboxes. Such an inbox is of course considered personal space on the web. Therefore, when you get to send someone a coupon through email, you're already getting "in" somehow.  

Fact #5: Coupons Go Hand-in-Hand with Email and Social Media Marketing. Both email marketing and social media marketing are flourishing today. They are perfect tools for reaching out to people on a personal basis, establishing rapport, building a relationship, and gaining trust.  

Coupons go hand-in-hand with these two types of online marketing because they can easily be offered via a newsletter or email message. They can easily be posted and shared on Facebook, Instagram, Twitter, Google+, and more. And because they are digital, it's much easier for them to be spread to the networks of those people who have seen or received them.  

For instance, you can offer an added incentive if they are passed on to others, posted on your timeline, etc. What's even better is if you have an online store, people will find it much easier to make use of the coupon and get the reward immediately.  

Fact #6: Coupon Marketing is Useful for Collecting Consumer Data. Collecting consumer data is not just good for market research. It's a great way to keep in touch with past and one-time customers and thus encourage them to do a repeat purchase, join your community, and be loyal customers. It's also essential for generating new leads or increasing your conversion rate.  

Coupon marketing can play a significant role in the collection of such information. Perhaps your coupon comes with a raffle ticket that has to be filled out with basic info. Sometimes, agents approach you in an establishment and give you a set of coupons in exchange for your personal details. When you purchase coupons online, you also have to give your info. These are different ways that clearly exhibit the contribution of coupon marketing to consumer data collection.  

Knowing these 6 facts about coupon marketing, you can probably tell that this seemingly old school form of marketing is still alive and kicking. It can definitely turn the tide and make your business go places, especially when utilized correctly and combined with other powerful marketing strategies.  

Whether you intend to go for online or offline coupons, make sure to have them designed attractively but with clear-cut messages. Plan accordingly what you'll be offering as well as how you intend for them to be distributed and redeemed. Enjoy the power of coupon marketing!  


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