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Coupon advertising is a fantastic way to get your dry cleaner’s name and message out into your community. With the high level of local competition, you need to make sure that your advertising campaign is better than the dry cleaner down the street from you. Here are 6 Do’s and Don’ts for creating a profitable coupon advertising campaign.
The coupon craze has risen to new heights. While consumers have always wanted to save money, Google Trends shows that interest in the term “coupons” has more than doubled since 2004. And, according to research from Hawk Incentives, 97 percent of consumers look for a deal when they shop, and 56 percent are more likely to look for a deal in 2017 than 2016. Survey after survey points to the same trend: Americans are still crazy for coupons.What follows is some more research diving into the details of coupon usage.
Six months ago Rick invested in register tape advertising for his restaurant. After hearing success stories from other restaurant owners, Rick expected to get a quick return on his investment. Now six months have gone by and only one new customer has come in from the campaign. Determined to find the source of the problem, Rick goes to the grocery store to see the receipts first-hand. Much to his surprise, Rick's offers aren't nearly as good as he thought they were! His $2 off an entree pales in comparison to the other offers, and the colors he insisted on using are muddy and unappealing. Realizing he's made a huge mistake, Rick rushes back to the restaurant to call his Marketing Consultant, ask for forgiveness, and get his coupon advertising campaign back on track.
Beyoncé (another Beyoncé) has decided to drum up some new customers for her Lemonade stand. So, she sends out a great offer for her fans to get two glasses for the price of one! However, being the savvy business woman that she is, Beyoncé knows that the real profit for her is in repeat customers, not one timers. So, she sends out a ton of coupons for just three months, let's everyone know about it on Facebook, and sits back making plans to spend the incoming profits on another great cause!
Every business owner has to start somewhere. IndoorMedia's CEO, Doug Endsley, started his career working in fast food and moved on to found the nation's largest in-store advertising company. In our Business Growth Leadership Series, Doug discusses the events that led to his current success and how today's entrepreneurs can learn from his decades of experience.
It’s 8:00 pm on a Friday night, and your restaurant is packed from the bar to your booths. You have a book of reservations, and it’s standing room only. You make your rounds in the dining room; interact with everyone from families to young couples; and find them eating and drinking, laughing, and smiling. Nothing is more satisfying for a restaurant owner than a bustling, busy Friday night. The contrary is quite true, as well. Nothing is more debilitating and desolate than an empty dining room.
The coupon is not dead. Far from it—most research shows that the number of Americans who use coupons and other offers regularly tops 90 percent. In the midst of our digital age, the chance to save money still appeals to consumers, even when the method to do so is a paper coupon.
The question that must then be asked: Why do customers still use coupons? Consumers’ habits may change over time, but this area hasn’t. Understanding the psychology of coupons can greatly help in developing and maintaining a successful marketing strategy for your business. Here are some reasons why coupons remain a powerful force in today’s retail environment:
Groupon was a commercial darling in the early 2010s, and though its popularity has cooled over the years, it remains a consideration for restaurants and other local businesses that are looking to increase their customer base.
Groupon, along with similar services such as LivingSocial (which Groupon recently purchased) and locally focused deal websites that may be available in your city, offers consumers a chance to receive value from a business, which in turn can benefit the business sponsoring the deal. Sound familiar? Coupon advertising’s goal is the same: Offer value to draw customers.
No matter how you look at it, your customers are the bread and butter of your small business. You could be a master of your craft, but without a solid group of consumers—both new and return—your services will never gain the recognition they deserve.