Billie Jean King said, “Champions keep playing until they get it right.” Of course, despite her success, she did have a few failed moments. However, King persevered and became a tennis phenom who won 39 Glam Slam titles during her illustrious career. Sports, like other competition, teaches how success can be achieved via failed attempts.
Competitive pressures abound in the marketing landscape today. As a Marketer, it is sometimes difficult to decide on the best course of action. However, one fact remains pretty clear—many consumers can be converted to a customer with the right motivations. Marketers must evaluate their desired target’s online behavior and act on it.
Many consumers would try new or continue to buy existing products if the product is affordable or offers lower risk to purchase. Consumers are still seeking value around every corner to extend their budget. Remember that value is not just about price but also includes quality. Couponing has long been a method to gain consumer trial via a lower cost (or risk). In the past, coupons have been a resource for consumers to take advantage of online/in-store promotions and discounts, pre-printed inserts, and have been a driver to consumers’ consideration set on where to shop. Other trial tactics include free shipping, a website’s ease of navigation, and a flexible return policy. Of course, low prices tend to lead the list with consumers and coupons can provide this benefit.
When deploying coupon tactics, businesses can realize increased spending with new and existing customers. Hence, there are clear advantages and enhanced returns on investment by offering coupons.
So, the next time coupons are bought up in a discussion, don’t immediately dismiss this as a viable option! Think about the ability of coupons to build loyalty and brand preferences, incentivize consumers to spend more, and increase conversion rates of consumers who many not have otherwise had your brand in their consideration set.
Adele Lassere is a marketing/advertising consultant with 20+ years experience, freelance writer and author of “Elements of Buying” (self-help advertising guide); available at Amazon.com. Adele was listed as Black Enterprise’s 2011 Top Execs in Marketing & Advertising and Black Enterprise’s 2013 Top Women Executives in Advertising & Marketing. Contact: firstname.lastname@example.org