Couponing is a tried and tested marketing strategy that can boost customer loyalty and grow your revenue stream. Plenty of innovatons are taking place in the coupon industry, among them instant redeemable coupons.
Many customers look for promotions, deals, and discounts. Unlike the traditional, time-consuming newspaper clippings, instant redeemable coupons, or IRCs, allow you to offer customers attractive discounts at the point of purchase. As such, IRCs deliver better conversion and engagement rates, which translate to improved sales.
A lot goes into designing IRCs that speak to your customers and encourage redemption. Here are tips to help you get the most from your coupons.
Understand Your Marketing Objectives
Before creating coupons and launching your discount campaign, be clear about your objectives. Examples of marketing objectives for a coupon campaign include:
- Supporting product clearance for restocking
- Improving point-of-sale purchases
- Encouraging repeat purchases
- Retaining customers
- Defending a market position
- Promoting brand loyalty
Coupons can be an inexpensive way to boost sales, but be sure that your business can actually afford the discounts.
Get Your Target Audience Right
Without careful consideration of the target audience, even the most creative IRC campaigns can flop. Some offers and discounts will resonate better with a certain type of customer.
Consider your customers' shopping habits, pain points, and preferences when designing IRCs and planning your campaign. Use your existing sales and customer relationship data to gain further insight into your customers' buying patterns.
You can create target groups based on data such as a customer's age, geographical location, socioeconomic status, hobbies, and product preferences.
Pay Attention to Design
Consider both your marketing objectives and the characteristics of your target customer when designing IRCs. Pay particular attention to the coupon headline as this is what draws potential customers to your product. After all, consumers typically only glance at product and coupon headlines before making a purchase decision.
Design a precise and captivating headline that speaks to the needs and wants of your audience. The headline should clearly show the consumer how he or she stands to benefit from redeeming the coupon.
Another important design consideration is the image. Design an image that not only supports the message in the headline but is also relatable to your target audience. Grabbing a good deal should be a happy event, so try to infuse an element of positivity into your coupon images.
Create a balance between text and image. This way, customers can easily access important details such as the expiration date, hour, and contact details without losing the emotional connection that a picture provides.
Lastly, consider your target market when choosing the text font and color. Some customers are visually impaired while others may have color blindness. Legibility issues can easily sway the customer's purchasing decision.
Create a Sense of Urgency
One of the reasons why well-executed discount programs work so well is that they are short-lived. Generally, humans tend to prefer scarce and temporary things. Leverage this consumer behavior by including a visible expiration date on your coupons.
Reinforce the expiration date with urgent messaging that lets the customer know that the discount is time-sensitive. Lastly, be sure to include a compelling call to action to remind customers what they need to do regarding the coupon.
The printing company you choose to work with will make all the difference where your IRC campaign is concerned. Be sure to work with an experienced company that understands the ins and outs of couponing as a marketing strategy.
At Daniel Label Printing Inc., we are a global leader in coupon printing. If you need folded coupons and IRC labels, you can trust us to get your job done. Call us today to get started.