You probably use apps like Honey or RelyCircle to redeem discounts. If not, then you likely came across mail-out vouchers from programs such as ValPak.
Browsing advertisements related to your business is a great way to find ideas, especially if they are from local competitors. The longer the ad campaign the more successful it is or else they would not continue to run it..
Before deciding which type of coupons you should implement for your business, take some time to think over:
- Identify your brand’s image?
- Are there any current issues about your brand image?
- Are you receiving a lot of negative reviews?
- Is there critical word of mouth on social media?
- What products or service programs are not selling?
If your small business marketing plan is bringing in customers, then using coupons is the next step to build-up your business’s bottom line.
It’s also a perfect way to thank the customers that helped built up your business to this milestone. So Which type of discount is going to bring sales up the extra mile?
BOGO Coupons
Reduces the cost of buying more with buy-one, get-one coupons.
Coupon Codes
Drive online sales with codes redeemed at checkout.
Percent-Off Coupons
These offers discount a percentage of the total cost.
Low Price Point Coupons
Start small and see big returns by advertising low prices.
Rebate Coupons
Create immediate excitement with mail-in rebates.
New Customer Coupons
Drum up new business with a new customer offer.
Free W/t Purchase
Offers a complimentary service at no additional cost.
Dollar-Off Coupons
Discounts a specific dollar amount off the total cost.
There are really only 2 forms of coupons
- Physical Coupons: Like in magazines, newspapers, mail-out cards, and in-store brochures.
- Online based Coupons: Like in emails, apps, and e-commerce websites
- Promo Code Coupons: Like in webmail or SMS text message
Which type of coupon is best for which situations?
Choosing between the physical or digital coupons depends on the business, but should always be cohesive with your overall marketing strategy.
Physical coupons
Usually require a lot of planning and are more costly because we will print them on physical material.
- So this type of coupon is not the best for smaller campaigns like “free branded key chain with purchase of $30 or more”.
Just remember that physical coupons can combine with online promo codes (For a hybrid approach).
Online coupons
Are less costly but still require planning and should be tailored to your businesses goals.
- So this type of coupon really shines as an add-on to a purchase or lead magnet for signing up to your businesses email list.
One caveat is that when a potential buyer sees a coupon code option in your online store’s check-out, it might make them abandon cart in search of long expired coupon code.
Wrapping it up | Different Coupons For Small Business
Whether a hard-copy or through software, coupons are an excellent way to find new customers and reward existing customers for their loyalty.
The stats don’t lie, 63% of consumers say that they want coupons to be more available, and 90% of consumers use coupons.
Don’t Forget About Hooking Up Loyal Customers
Have you ever kept going back to a store because of their loyalty program?
It’s nice to reward top patrons with loyalty discounts or offers. This type of coupon is in common use at restaurants to keep customers at a low cost.
Example being after 10 punches, get you a free sandwich.
Our Tips For Coupon Clippers
- We can often use vendor coupons in combination with their store coupons.
- Some stores accept a competitor’s store coupon. (Try It Before You Knock It)
- No matter the medium, coupons always have a duration of time that they can get redeemed. So remember to look over the fine print for the expiration date.
