One of the many reasons customers buy products is to save money. Did you know that most customers will impulse buy products they were not planning to, just because they are on discount? That urge to save is what makes coupons effective in marketing. Customers with coupons are likely to spend about 20% more money than those without them. Here is why coupons are effective.
They Can Bring In New Customers
It is easier to retain existing customers than bringing in new ones. However, with coupons, you will manage to bring in new customers through your doors or website. But while some of them may be one-time customers, you will have managed to get a few regulars. One of the ways to attract new customers is when introducing a new product. Most people are willing to try new things but at an affordable price. From there on, you should find ways to retain the new customers.
You Can Pick Products To Have Discounts On
With coupons, you are in charge of which products you want to get discounts on. Are there certain products that customers do not normally buy, but you want to sell? Or maybe you can choose items with a higher profit margin so that at the end of the day, even with the coupon discount, you will still have made a profit. Either way, you are in control of what products to have deals on.
Reduce Advertising Expenses
Another reason coupons are effective is because they can lower your advertising expenses while still helping you attract customers. When designing a plastic coupon, you can also include your business information so that customers know more about you. This is one way of marketing yourself.
Control The Time
With coupons, you can control how long a discount will last. This will depend on the industry you are in. Make the deal sort of urgent and specific so that the customer acts immediately. As seen, coupons can be very effective at drawing in new customers while also saving you some advertising money. And once you bring in customers to use the coupon, there is a high chance that they will also spend on other products.