Are you the child of a parent who meticulously clipped coupons to pinch pennies?
As the pace of life has accelerated, the frequency of in-store couponing has decreased, in part because online coupon codes and apps have blossomed.
But coupon promotions are not a thing of the past!
According to the 2017 Holiday Shopper Report, 92 percent of consumers say promotions influence their holiday purchasing decisions. And coupons can be the catalyst that converts people from browsing to buying.
So which types of promotions do your clients want, and how can you use them most effectively? Here are a few tips to sharpen your focus.
Keep it Simple and Straightforward
Have you ever tried to use a coupon only to find the fine print disqualifies almost every purchase? This “fake sale” frustration can turn off clients from your company for good. Keep your coupons and discounts simple – avoid the fine print and honor the effort consumers have made to connect with your business. The same goes for referral campaigns – if a customer provides a valuable referral, honor their effort with a quick, valuable, and personal token of thanks.
Try to keep things simple with your product presentation as well. Remember, an overload of options can lead to “analysis paralysis,” or situations where a customer finds it too difficult to decide which product or promotion is best. When it comes to numbers and features, promotions should be clear and compelling enough to comprehend at a glance.
Push the Freebies
Shoppers often value freebies more than they value discounts.
Whether you offer a “buy one, get one free” or you include a complimentary gift with a particular purchase, often a free item is more psychologically compelling than a percent discount that actually brings greater savings. Free stuff also warms the heart and builds goodwill with loyal customers. If a free product is too great a stretch, consider offering limited time offers for free shipping, gift wrapping, refills, or deliveries.
Price it Right
In his book, Contagious: Why Things Catch On, marketing professor Jonah Berger explains how our perception of numbers affects how we understand a discount price.
He called this theory, “The Rule of 100.” Berger’s research highlights two pricing cues:
A percentage discount off an item under $100 off will always look larger than the dollar discount. For example, 25% off of $75 appears larger than $18.75 off of $75.
A dollar discount on an item over $100 dollars will always look larger than a percentage discount. For example, $93.75 off of $375 appears larger than 25% off of $375.
Offer Tipping Points to Incite Action
A tipping point can be anything that creates urgency or builds customer confidence to the point they’re willing to pull the trigger.
As you craft coupons or print promotions, remember to highlight time-bound flash sales, limited product quantities, or how your promotion is most relevant to your customer’s calendar or budget cycle.
Alternatively, the right emphasis on product quality can also move prospects to bite because your item is “worth it” or because they “deserve it.” Discounts are great, but sometimes value is even better!
Make Your Move
Ready to transform your browsers to buyers? Printed inserts and coupons are a great way to make your offers leap off the page! We’ll help you craft clear, compelling, visually stimulating promotions that reel in prospects and keep your loyal customers coming back again and again!
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