Price, sales and coupons have a huge impact on customer loyalty. Studies have shown time and time again that customers will ditch a brand they are loyal to if they find a similar product of the same quality at a lower price. In the eyes of a consumer, coupons are exciting, so brands need to be able to capitalise on them to make the most out of their offerings.
This is especially true given that customers will often spend more if it means they can get a coupon. A study called the Valassis Coupon Intelligence Report has shown that two out of three shoppers will only buy something if they happen to have a coupon for it, showing that brands need to be careful when navigating discounts.
Giving Customers the Power
When it comes to shopping, it’s the consumers who want to be in charge. Brands that dropped coupons in favour of offering normal sales found that their sales plummeted by 20%. Customers want to be able to choose when, if and how they use a coupon. The casino sector is a prime example of how this can be used effectively. One way they give customers freedom of choice is by offering free spins, as well as deposit bonuses to new sign-ups. Sometimes this is in the form of a coupon, and other times it’s linked to the account. There are even full sites dedicated to listing the casino sites that offer the best discounts. By giving the power back to the customer, casino sites see higher registrations overall. Customers also have the choice of opting for free spins or a no-deposit bonus, so they can play the games they want when they want.
Customisation
Brands that want to optimise coupon effectiveness need to embrace the practice of customisation. Customisation is a great way for you to connect with your customers on a higher level. It’s possible to use tech so you can invest in areas such as data collection, as well as using related analytics as a way to try and give customers exactly what they are looking for. If you combine this with an opt-in mobile app, then you can understand customer shopping patterns much more efficiently. You can also track them when they are shopping with you.
Retail stores have to remember that it is not their goal to try and get the shopper to go to their store. It is their goal to get them to come back time and time again. Customisation is a key trick that you can use to try and entice new customers to shop with you, while building loyalty with customers. This is a key step in getting your customers to shop with you, and it is also so important when it comes to maximising the effectiveness of your coupons.
So as you can see, maximising coupon effectiveness is key if you want to stand out from the crowd while ensuring you take steps toward solidifying your brand as a key player in the retail market. Why not see if you can adopt these strategies today?
