Everyone loves a special offer, whether it be a discount, a value-add or something free. We all love getting something extra for nothing, feeling a bit special or ‘saving’ money.
This is why vouchers and coupons are a great way to build loyalty within your existing customer database, or to grab the attention of new potential customers.
So how do you use vouchers and coupons to promote your business?
Know what your customer wants
Knowing what sort of discount or special offer your customer wants will help you with your marketing. Are they money focused and so would prefer a $20 discount voucher? Or do they love a good value-add, for example – your customers are quite happy to purchase a service and get something else on top such as a free wax with their car wash?
Maybe they prefer the free option and respond well to campaigns that reward the customer for telling a friend about your service – a big example of this is offering a free session with a personal trainer if a friend signs up with the same gym.
Testing exactly what your customer wants, or is more likely to respond to, means you are going to get more bang for your buck. Do the legwork and the research and your campaign will work harder for you.
In this day and age, there are so many other small businesses looking for new customers. A great way to capitalise on this is to approach other organisations about offering each others services as a bonus to yours.
For example, you could promote both businesses by offering the following coupon:
Eat at XYZ Restaurant this month and receive a free bottle of ABC wine.
This allows the restaurant and the wine maker to tap into both customer databases, extend their sales reach and increase brand recognition. Your customers are happy and will recommend the offer to their circle of friends, generating new leads for both businesses.
Early bird discounts
You know how the saying goes – The early bird gets the worm. Well, the early bird can also be rewarded with a discounted price.
Not only does this encourage potential leads to make a purchase decision, it also allows you to benefit from increased cash flow and better resource management.
Travel companies use this strategy very well, as they are know for offering early bird specials for holidays due to take place in the following year, or discounted airfares for flights booked months in advance. These marketing methods can enable you with ability to prior plan your events, and prompts clients to book in advance
While we might not admit it, we all like to feel special. Receiving a personally addressed piece of mail with the words ‘Exclusive to VIP Customers only’ certainly gives us a thrill. That feeling of being privy to something exclusive is a powerful emotion that has been leveraged by marketing professionals for years.
Consider creating a VIP customer database for frequenters of your business. They could receive special offers, vouchers and coupons just for signing up for them. This creates loyalty, increases purchasing activity and also word-of-mouth for your bonus offers. Most customers can’t resist a bit of bragging when they are on a good thing!
If you’ve already got a captivated audience and customers buying your product or service from you, it’s much more cost effective to market to them. Improve the average spend of your current customers through the use of vouchers or coupons. Think about what they have purchased and the next element you can upsell to them.
It doesn’t have to be a large item, but something easy that doesn’t take a lot of decision making to purchase. This is called the Point Of Sale (POS) items in your local supermarket – those tempting chocolate bars as you wait for your shopping to be scanned and are so hard to resist
So how do you take advantage of this marketing process?
Make it a super simple process for your customer and your business by incorporating the voucher into a direct mail marketing piece. Have a look at our Offerlope Envelopes as an example.
The Offerlope is an envelope with a removable panel that can be used as a redemption voucher or reveals a hidden message for a promotion. It is a simple method to implement from a production point of view and is an inexpensive way to leverage your mail costs.
Remember it all comes down to honing in on your ideal clients needs for each campaign. You can be as creative and clever as you like, but if the information is landing in the wrong person’s letterbox, it won’t mean a thing. Research and customer relationship management is the key to success.
Contact Camerons on (02) 9933 4400 to discuss how to start your voucher campaign today.