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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.
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.
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.
For your convenience and peace of mind, we’ll uncover a few of the most important keys to coupon campaign success:
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…)
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.
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.
Do you remember the days when you used to watch for the Sunday paper because of the coupons and sales ads? Those days are probably long gone where most of us live, but the effectiveness of coupons in drawing business will never die.
Instead of waiting for the physical newspaper, customers now look through their emails for the latest and greatest manufacturer coupons. Email coupons respond to expectations that shouldn’t be disappointed. They can help to boost your business while making your customers happy.
Below are several tips you can use for including coupons in your email marketing strategy.
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 2021, this period produced $886.7 billion in sales, an unadjusted year-over-year growth rate of 14.1 percent. This year, projections estimate the total number of sales will gravitate closer to over a trillion.
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.
Partnership disrupts legacy coupon clearing industry through fully transparent model amid growing shift from print to digital coupons
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Quotient (NYSE: QUOT), the leading digital promotions, media and analytics company, announced today a partnership with Mandlik & Rhodes — a well-established and long-standing company that delivers strategic coupon processing solutions for manufacturers and retailers in the consumer packaged goods (CPG) industry. Through this partnership, Quotient offers CPG brands significant cost savings over legacy coupon clearing firms for the clearing of digital coupons without transition or laborious integration costs through the use of Mandlik & Rhodes’ coupon clearing service. Retailers will continue to be paid as they traditionally have for clearing services.
Read the full press release: https://www.businesswire.com/news/home/20200618005196/en/
After a coupon campaign has been developed, you have to turn your attention towards distribution and marketing. How can you effectively distribute enough coupons to ensure your campaign is effective? Well, thanks to a variety of different online and offline channels, you have some flexibility.
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.
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.
