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How Coupons Fit Into a Seasonal Marketing Campaign

Monday April 10th, 2017

 

For many companies and retailers, the holiday season is the highest grossing period of the year. In order to capitalize on these few weeks, it’s important that you do everything you can to drive traffic and sales. This means developing and implementing effective seasonal marketing campaigns that leverage the value of coupons.

The Importance of the Holiday Season

The significance of the holiday sales season – which includes November and December – cannot be overstated. In 2014, this period produced $616.1 billion in sales, an unadjusted year-over-year growth rate of 4.6 percent. This year, projections estimate the total number of sales will gravitate closer to $700 billion.

While some businesses thrive more than others during the holiday season, everyone benefits. Jewelry stores report that, on average, 33 percent of their total annual revenues are accrued during November and December. When looking at December alone, national department stores report an average of 15.3 percent; apparel and accessory stores, 13.6 percent; sporting good stores, 13.5 percent; and electronic stores, 13.4 percent.

While your percentages may be significantly higher or lower than these averages, the point of uncovering these statistics is to reiterate the fact that the holiday season is a critical time for increasing revenue before closing out the year.

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Social Media and Coupons: Everything Retailers Need to Know

Wednesday January 18th, 2017

Once synonymous with newspapers, magazines, and postcards, coupons are now frequently shared and accessed via social networking sites like Twitter, Facebook, and Pinterest. As a business owner, it’s important that you recognize this fundamental shift and study the rise of social coupons if you want your business to stay on the forefront of progressive marketing and advertising.

 The Social Media-Coupon Relationship

 When you look at where digital coupons have come from and where we are today, it’s clear that social media had – and continues to have – a major impact on how coupons are accessed, shared, and used.

Think back to a time before social networking sites like Facebook, Twitter, and Pinterest ruled the internet. Websites such as RetailMeNot.com were kings of digital coupons. They controlled the curation and distribution of coupons. If a company – physical retail or ecommerce – wanted to share an online coupon, they needed to either partner with one of these websites or post the deal on their own website in the hopes that it would generate enough traffic to be successful.

Now, fast-forward to the proliferation of social networking and you begin to see just how quickly and significantly the digital coupon industry has changed. Now, all businesses have to do is share a coupon with their followers, ask their customers to do the same, and their deal is in front of thousands, or even millions of savvy consumers. This viral nature of social media means digital coupons are more powerful than ever.

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The Pros and Cons of Offering Coupons for CPG Firms

Monday December 5th, 2016

When you’re a consumer packaged goods (CPG) company, your entire business revolves around developing, manufacturing, distributing, and marketing excellent products.  The CPG industry sees some of the fiercest competition of any on the market, which means such firms need excellent marketing and distribution strategies to beat the hundreds of other companies doing the same thing.

Most CPG companies have considered offering coupons to boost brand awareness at some point. If you’re unfamiliar with the practice, it can seem daunting at best. To help you make the right choice for your company, we’ve compiled a list of advantages and disadvantages to using coupons.

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Stay Ahead By Monitoring Competitors’ Coupon Strategies

Monday September 26th, 2016

In business, the term“competitor” signals one thing: another company seeks to steal your customers. It’s one of the primary concerns of a manufacturer, especially when the patent on a product is up and other firms may mimic your production.

That’s when keeping a close eye on your competitors’ marketing strategy is particularly important. You may note it in their coupon strategy.

Competition varies from region to region. Some markets are highly competitive, and others have only a few businesses to worry about. Food and clothing are far more competitive than handmade goods, for example.

Nevertheless, competition has a vital effect on how goods and services are priced and marketed. Ignoring the way a rival company advertises its goods and services can be a huge oversight.

In this era, when new firms are starting up left and right, and hundreds of companies both online and locally could lure your customers away, you have to price and market your goods and services competitively.

So your coupon strategy needs to be top-notch. Couponing is a highly effective and popular form of promotion for retailers, and every business can adopt a unique strategy.

Monitoring the tactics of your competitors will give you an advantage you’ve been looking for: You will not only be able to match their promotional approach, but potentially surpass it. If you’re not clear on how to track the couponing strategy of your competitors, here are a few suggestions.

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Infographic: A Coupon’s Jouney

Monday August 29th, 2016

MR_CouponInfographic

Attention CPG Firms: To Coupon or Not to Coupon?

Tuesday August 16th, 2016

The Pros and Cons of Offering Coupons for CPG Firms

When you’re a consumer packaged goods (CPG) company, your entire business revolves around developing, manufacturing, distributing, and marketing excellent products.  The CPG industry sees some of the fiercest competition of any on the market, which means such firms need excellent marketing and distribution strategies to beat the hundreds of other companies doing the same thing.

Most CPG companies have considered offering coupons to boost brand awareness at some point. If you’re unfamiliar with the practice, it can seem daunting at best. To help you make the right choice for your company, we’ve compiled a list of advantages and disadvantages to using coupons.

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6 Coupon Mistakes Businesses Must Avoid

Thursday April 14th, 2016

When appropriately used, coupons are one of the most effective marketing and sales strategies a company can implement. They encourage new customers to make a purchase, instill loyalty in existing customers, and may even reactivate dormant customers. However, simple mistakes can render a coupon campaign useless. Even worse, a big mistake may damage your company’s image altogether. So how do you ensure you’re using safe and effective coupons that prosper, not harm your business? (more…)

6 Ways to Use Coupons to Increase Consumer Spending

Monday February 1st, 2016

The use of coupons from a retail standpoint is often disputed. Many feel that it’s a waste of money, while others believe it’s the key to their retail success. There’s probably truth to both statements, depending on varying business strategies and coupon use. Those who believe that coupons are an important key to retail success have experienced many of the benefits of coupons from a retail standpoint, including:

  • Coupons help acquire more customers. Even if you end up giving a little money away with each deal, coupons are excellent for increasing the number of people who make both current and future purchases from your company.
  • Coupons increase loyalty among existing customers. Retention is one of the most difficult feats to accomplish as a retailer, and coupons are excellent for making customers feel rewarded for shopping with you. They help to promote first time purchases and keep customers coming back.
  •  Coupons help clear merchandise. When it’s time to get summer items off the shelf and fall items stocked, coupons are an excellent vehicle for getting this done effectively without losing you profit on unsold items.
  • Coupons promote new products. There’s nothing quite as good at getting customers excited about a new product or service than a coupon, discount, or giveaway.

On the flip side, many businesses that have not had success with coupons believe that they can actually reduce your incoming revenue stream. In some rare cases, coupons can cause businesses to lose more than they gain. Usually, this is a result of poor strategizing or marketing rather than a bad coupon.

No matter what businesses believe about coupons, there’s one mantra that can’t be disputed: Coupons entice consumers to spend more money. Ever since the first Coca Cola advertisement, the use of coupons has evoked a certain pull towards a business that customers can’t deny, bringing them into your store and getting them to purchase more items than originally planned. Here are just a few ways that you can use coupons to entice your customers to spend more.

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Digital vs. Print Coupons

Monday January 25th, 2016

Digital coupons are the present and future. Thanks to technology, finding digital coupons is possible for anyone with an internet or data connection. Websites where you can find coupons make it possible to access discounts wherever you are. Stores are even accepting digitally presented barcodes over print codes, making paper coupons seem irrelevant. However, print coupons aren’t dead; they simply play a slightly different role in marketing today.

The Rise of Digital Coupons

digitalPrint1

Ever since the digital age, it ‘s become easier than ever to market coupons. With just a few clicks, it’s possible to alert customers all over the world about the benefits of retail discounts. For that reason, coupon use has risen nearly 30 percent since 2008, according to a Knowledge Networks trend report. One of the biggest reasons for this is a rise in awareness that coupons exist. This has driven businesses to make more coupons and consumers to seek them out.

Digital coupons have revealed several things, both about the way business works and the consumers that use them. Studies have shown that coupons are very effective at bringing in new customers, boosting last minute sales in commerce, increasing return on investments, and increasing the demand for certain products.

One of the most revealing aspects of this trend report is that coupons increase a consumer’s desire to purchase a product. According to the data that was analyzed, 46 percent of those who redeem digital coupons have not purchased the product or service previously. When they receive a digital coupon, it encourages spending on something they normally wouldn’t purchase.

Another important thing to note about coupons is that redemption rates have spiked since digital coupons became big. On average, the redemption rate of digital coupons is approximately 77 percent, significantly higher than print coupons. This can be both good and bad for companies. On the one hand, higher redemption rates mean that more people are taking advantage of the sale, increasing the amount of sales. For most companies, however, this is a worthy sacrifice, because on the other hand, digital coupons are increasing brand awareness and the number of customers that purchase items.

Digital couponing can be quite an expense for companies, however. Most companies will tell you it’s entirely worth it for them to create and market coupons, but it’s something they need to prepare for in their budget. Before beginning a digital coupon campaign, companies should be able to handle the reduced return on investment that comes with online coupons.

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The 7 Keys to a Successful Coupon Campaign

Wednesday January 13th, 2016

Any business can launch a coupon campaign, but very few can launch a successful one. Just because you have the ability to print a deal on a slip of paper – or post one on an internet deal site – doesn’t mean you’re doing your business any favors. Unless you implement the right strategies, you can’t expect to see positive results or high conversion rates.

The 7 Keys to Coupon Success

For your convenience and peace of mind, we’ll uncover a few of the most important keys to coupon campaign success:

 

  1. Make the Coupon Standout

7Keys1

When it comes to coupons, promotions, and deals, there’s a lot of noise. In fact, there’s probably never been more noise than there is right now. What do we mean? Well, just flip through the newspaper on Sunday or search for online deals using Google. Open the mailbox. Watch TV or turn on the radio. Head to your favorite website. Coupons and deals are everywhere. If you want your coupons to be effective, you’ve got to rise above the noise and stand out. This means using an effective deal and creative design. (more…)