With the epidemic of extreme couponing growing at an unbelievably fast pace, it is important to determine if your business can jump on this bandwagon. From print coupons to online coupon codes and now with the staggering growth of social coupons, consumers are literally bombarded with special offers. But how do you make coupon codes work for your business without underselling your value and compromising your bottom line?
Coupon codes may be just the right marketing tactic for you. They are not necessarily great money-spinners, but they allow you to build awareness in new markets and to new customers. They will work best where customers can realize a quick and easy saving, so there is a lot of opportunity utilizing them via the web. However, make sure your staff are trained and your operations can scale quickly and seamlessly to deal with the new foot traffic. The most important thing is being able to afford the discount you would like to offer. Weigh in your long-term goals and see if coupon codes could benefit these. With the right plan, profitability is bound to happen and create return customers.
There are some key takeaways from promoting your business through coupon codes.
- Understand that coupon codes create a sense of dissatisfaction for customers who feel they are missing out on savings.
- Use your email marketing to drive repeat business with coupon codes.
- Use an email sign up coupon code box to gain access to new or existing customer’s email addresses. If possible, try to allow new customers to get the coupon code immediately.
Ultimately, coupon codes may frighten you, but just remember offering a discount and keeping an existing customer happy is almost always cheaper in the long run than acquiring a new customer.