Discounts and promotions are a powerful way to boost business, especially if
- You are a new business
- During quiet business times
- If your product is seasonal or occasional
Websites such as Groupon.com and similar have built a global business out of other businesses advertising all sorts of deals. The logic behind it is simple and proven to work – customers are likely to try a new product or service or switch from existing provider if the offer was too good to turn down. However, as a business you would like to advertise on Groupon.com, you will need to put up an offer at 70% off in order to qualify. While many are willing to take the risk in a hope of boost and possible new customer acquisition, many businesses simply cannot afford to discount the product or service that much in order to qualify. Many local businesses are already struggling to pay rent and rates in order to stay afloat and every single penny of the marketing budget they have HAS to GUARANTEE A RETURN.
Discount codes and promo codes, however are a great way
- To raise brand awareness
- Let people in your area know what services you provide or what products you stock
- Encourage customers to try out your service
- Switch from existing provider
Many big brands would view discounts to be damaging to their brand. It may be applicable to a well-established and big brands who have huge following and all-season appeal, but for most businesses it is not the case. There is no doubt that discount coupons and codes in general have a high ROI (Return on Investment) for a local business (be it a small or medium size), how much should you really discount your business in order to stay profitable and also build customer loyalty? The answer to this would be vary from business to business, an industry from an industry.
So let’s say even though you have never considered and would not to use Groupon or any other voucher website, you are curious and would like to try discount coupons or a code to promote your business anyway. You know how much you can afford to discount it. So what is next? How do you get those discounts and your business in front of the new customers?
First of all, there are two main approaches to creating coupons and offers to attract new customers. One of the common ways would be to create social media ads which would lead them to a discount on your website or to some form of list you would use to reach out to those who reacted to the offer. They would have an option to either buy the offer or find out more about it. In this case you will be paying for the online ads, paying for someone to take care of the website to facilitate those and also investing your own time or your staff’s time to deal with enquiries, fulfilling the sales and you may run into technical difficulties or your customers may redeeming those and finally you will be delivering a service or product at a discount which minimizes or wipes your profits altogether. And all in the name of trying to acquire new customers/build loyalty.
The benefit of those, however is that those are promos and codes that created online are traceable and you will get an idea from those who will buy the service who your customer might be. This is especially useful for a new business if you don’t really know who your customer(s) might be or looking for expansion into a new demographic, for example.
Then there is also a second way to create codes and promos – offline. The old fashion way was to produce paper coupons and pay someone to distribute them in your area. The challenge with that is how do you know those have actually been delivered and actually been seen/acknowledged? There is no way, but there is a new way now to use this approach which comes with GPS tracking.
Some of the main benefits using codes, vouchers and promos are –
- Allocate resources smartly
- Set deadlines to redeem
- Increased exposure
To really stand out in the current market and appeal to today’s consumer, you really need to double up on marketing in every direction. If you choose to go with discounts/vouchers, then offline and online approach is best to use. Don’t forget that after all the marketing efforts, you still need to deliver a service/product and this is what really going to stand you apart from competition. Happy customers are more likely to leave a review or recommend you and in today’s economy this is still the best marketing and most cost-effective.
We hope this information has inspired you to grow your business and try something new! As you may know November and December are most important months for any business that sells something to somebody and with as much as 30% of the yearly revenue coming from these two months, you surely want to maximise your marketing efforts. Don’t miss the opportunity to try District Discount Codes at a Special Black Friday Promotional Price and target your local customers with online and offline approach to coupon marketing. Ready to create your first campaign? Check out https://www.districtdoorcoupons.com or Call Us on +44 203195 3927 and speak to one of our representatives TODAY