What is a Coupon?
A coupon is a marketing tool used to direct your customer on what to do or what to buy. A coupon can come as a ticket or a voucher that is used to purchase products for free or with a discount. It is essentially an affirmation from companies towards their consumers that they can purchase products for a lower price compared to their competitors. Coupons are usually handed out during events or holidays since no one can say no to an anniversary or birthday sale. This editable and printable ticket is distributed via mail, magazines, and newspapers; however, e-coupons are now a trend since the internet can reach a larger number of customers.
How to Create a Coupon?
May it be a promo birthday voucher or gift coupons, a coupon's main goal is to encourage consumers to buy or try the new and the old products for a lesser price. Coupons are not only limited to food coupons and gift coupons. Your favorite retailers such as Walmart and Target can actually give away promo coupons, too. Provided here is a five-step guide that will teach you how to make a coupon.
1. Feature the Company Name and Logo
Include in the coupon your company's logo and name to build your branding and promote your business. Incorporating the name and logo can make your customers recognize your brand and make them remember the great deals you offered.
2. Identify What Discount Type
it is essential to present a reasonable deal when giving out discounts for certain products. Offering a fixed percentage or discount for old or new products is a great incentive for costumers since it will likely make buyers buy the products at its full price next time. You have to decide what type of discount you are going to a certain product. Should the product be free? Amount off the unit? Or Percent off?
3. Set Expiration Dates
The expiration date is crucial in discount coupon making since most companies would want to raise their sales in a specific timeframe. Having expiration dates in your coupons is an assurance on your part that you are in control of the promotions of the product. Some deals are best offered as quickly as possible, while others are better off for a longer period of time.
4. Place Conditions or Restrictions
You have full control of how your product should be marketed. Having conditions allows you to regulate when a discount is applicable. You can have restrictions with your printable coupon where the coupon is exclusive for only one discounted product. You can also set a restriction with the use of promo codes that need to be entered during the order process.
5. Go for Internet Coupons
Almost everyone has access to the internet since you can now do anything with a couple of clicks on the internet. According to Invespcro.com, more than 57.5% of US internet users in 2016 have redeemed a digital coupon at least once. It is expected that 31 Billion eCoupons will be redeemed worldwide this year but 53% of online shoppers still use physical coupons.
What is a Manufacturer Coupon?
These types of coupons are offered directly by the manufacturers of any product. Such coupons say ‘manufacturer’ and are accepted in all the stores that sell the products of the particular manufacturer.
What is the Purpose of Coupons?
It helps in sales promotion by allowing customers to get products or services at a cheaper price than the maximum retail rate. It also enhances the customer relationship with the seller as it is a convenient way for the customers to redeem the coupon offers.
How to Use Coupons?
- Look for good deals.
- Find existing coupons online or sign up for online pages to get alerts.
- Choose the best time to use the coupons.
- Limit one coupon per transaction and one per a particular item.
- Stack coupons.
- Use coupons while paying for your shopping.
- Use online promo code.
What are the Types of Coupons?
- Discount: It gives discount offers.
- Complimentary: It provides free tickets over the purchase of more things.
- Presale: It provides access to something that will happen in the future.
- Automatic: An automated discount to a consumer after the seller receives the face value of a ticket.
- Reverse: It doesn’t provide any offer.
How to Get Coupons?
- By store loyalty programs.
- In newspapers.
- By manufacturers.
- Online shopping sites.
- In advertisements.
- With a browser extension.
- At the product package.
- With payment receipts.
- On social media sites.