Coupons, Vouchers Effectiveness in Today’s Business Context
Coupons, discount deals and vouchers are quite popular in digital world and businesses find it easily manageable too but traditional voucher printing is still considered classic. Another mainly advantage of printed voucher is the business can connect with the customers or even potential customers on a much deeper level. There is no match of handing out the voucher or coupon to people while representing your brand. People find this personal touch intriguing.
Before we move further into the deep understanding of voucher printing and its benefits in marketing campaign, let’s talk about some tips to help you decide what type of discounts you should offer and what kind of products should be the target.
- Of course the products or services you want to offer on discounted prices must have reasonable profit margin so your business can bear that discount. These discounts would bring more customers who would buy other products on full prices so it is not like making a loss.
- Do not offer discount on products or service which are very popular or have very little profit margin or both. First, there is no point in offering discount on products which are already popular and secondly, this approach would increase your losses because of the discounted prices.
- Do not offer discount on your premium products or services; these products create brand image and by offering them on discounted prices, you would be damaging the brand.
Create the Hype
That is also the part of positive advertising; in order to create the hype and keep people interested in your brand and products, you need to make the discounted offer a bit difficult to get. Let’s see how you can do this.
- Specify the minimum money a customer has to spend to avail the discount.
- Limit the number of coupons or vouchers used by a single customer.
- Limit the offer to a specific number of people who come early.
Choose the Target Audience Yourself
That is the most important part of the coupon and voucher marketing; you must have full control over the process all the time to get the return. Not only you need to select the products you want to offer on discount carefully, but you must also select the target audience. If you offer discount on popular products or services, it would get lots of attention that could be a good or even a bad thing.
The concept of choosing target audience carefully refers to avoiding bargain hunters because coupon marketing is like an investment you make for future customers. People who are not willing to be your repeat customers shouldn’t be your target audience while doing voucher marketing. On the other hand, you probably don’t want to repel new customers; so the optimal solution is offering different discounts on different products to new and old customers separately.