Coupons have been around for a while. Alex Papaconstantinou, founder of UK voucher site https://www.wikigains.com/,says coupons effectiveness as a marketing tool has been proven by decades of market research and constant practical trials by companies both large and small. Despite this, modern researchers are uncovering “new” benefits to coupons that you might not have thought of. Here are 4 of the more surprising things that coupons do to help grow your business.
- Coupons Influence Shoppers
The primary goal of a coupon is to drive a customer to purchase an item that they wouldn’t have normally bought. A coupon that effectively makes one product less expensive than another essentially attempts to bribe a customer to abandon their brand loyalty. But how effective are coupons, really?
According to a recent survey, more than half of US shoppers are influenced strongly by discounts, deals, or sales. This was the largest single factor, beating out personalized recommendations, delivery speed, and ratings and reviews.
In other words, coupons are incredibly effective. About half of all shoppers will switch to your brand if you provide them with a tasty discount.
- Coupons Make Customers Happy
A 2012 study showed that coupons literally make people happy. After receiving a simple $10 voucher, survey participants reported an 11% rise in happiness. This was backed up medically by a 38% rise in oxytocin levels.
Coupon experts from Wikigainspoint out physical signs that indicate a drop in stress levels: people who received coupons had lower heart rates, calmer breathing, and less sweat.
- Customers Love Trying Things
Free samples are an often overlooked way of getting customers to try your product. Practical trials suggest that giving out free samples can boost sales by as much as 2,000%. While this isn’t the average case, free samples are still very inexpensive to produce and leave customers feeling great about your products.
According to wikigains.com, one reason for this is that customers feel like companies that give out free samples are “generous.” In other words, they feel valued by your store and appreciate the gesture, even if it winds up being a net gain for your financials. Free samples are a great way to build up customer goodwill without spending a lot of money.
- Coupons Boost Revenue Overall
Even if coupons let customers get your products at a discount, they still boost your overall sales. One advertising firm suggests that small businesses worldwide will get about 18% of their business through coupons. This means that as long as these coupons don’t provide extreme discounts, they’ll boost total revenue.
Successful coupon strategies offer carefully calculated discounts and vouchers to targeted groups. Experts from WikiGains believe that keeping track of data from previous campaigns can offer just enough money off to entice consumers to buy more of your products.
Wikigains: “Coupons are the way to earn new business and retain loyal customers”
Even though coupons are an old marketing trick, they’re still effective today. Years of experience in this industry says that well-crafted coupon marketing campaign can bring lots of business to your company, make customers happy and boost your revenue. “Supplementing your marketing campaign with free promotional products is a wonderful way to earn new business and retain loyal customers” says Alex from Wikigains.