At certain stages in your business plan, it may be difficult to determine what steps to take in order to increase you basic marketability. There’s a gigantic process of cost and benefit to go through, and then there’s no guarantee that other similar business aren’t thinking the same thing as you at that time, so extra energy and effort may be for nothing.
However, one tried and true method for increasing sales and happy customers and client simultaneously is to get some information about coupons, and then use whatever strategy seems to fit best with your overall business plan.
Check Out Coupon Promotions
One of the best ways to see how coupons can work for you, is by checking out how coupons work for other stores. By seeing where they are posted digitally for other stores, where they are distributed physically (for instance in newspapers and magazines) and generally how successful other companies of the same size and scope as your are with them, you’ll be giving yourself a tried and true head start in your next venture.
Look Into How Physical Coupons Work
And now that you’ve seen how other retailers use coupons, it’s time for you to find out how the process would work for you. In other words, talk to a coupon company and find out what it takes to print, and what it takes to redeem. The process is actually quite fascinating, but since other companies have all of the infrastructure already, for your part you just have to pay whatever costs are involved in the contract work.
Dig Into the Digital Coupon Realm
Digital coupons are an entirely different beast, and have to be approached quite differently. Even the type of people who use digital coupons are going to be different than the type of people who typically use paper ones. When you market your digital coupons and promo codes, you are aiming for people on the go, who save discount codes on their email for instance.
Think About How Loss Leaders Work
You may wonder how giving people discounts is going to make you more money. Well, the idea behind that is that people will come into your store, or shop online, for the things that are discounted, but then buy something else as well. The idea of a loss leader is very well documented, and is much of the reason behind coupon mentality from a business perspective
Develop Your Brand Visually
The other thing that coupons do for you company is allow to your work with visual branding. Digital or physical, whatever the symbol of your company is will be on those coupons, and once people see them enough times, they’ll have that image burned into their consumer-driven brains.
Originally posted on October 26, 2015 @ 8:45 pm