Occasionally, I get friends who say to me, “Diane, online business changes so often, it’s hard to know the next best strategy to market my business.”
It’s true that the Internet moves faster than the speed of light! In fact, I’ve heard that some electronics producers have such a short cycle between discovery and getting it to market that they’re fixing problems with new technology while it’s in the hands of their customers. Internet marketing is often the same way: One day it’s banner ads. Another day it’s Google Adwords. Some people are suggesting that Google is gently rocking on its high horse and could be replaced in the next few years with something else. Will it be blogs and podcasting? Will it be a new technology we have not heard of yet?
One opportunity does not change and I tell people about it over and over.
Here’s what I tell them: When you go grocery shopping, do you buy your products based on the cleverest advertising? Most would say no. Then I ask how they buy their groceries and most reply that it’s a combination of need, desire, and…
Coupons.
Coupons are an absolutely amazing marketing tactic that have never grown old. Coupons have been around, it seems, as long as there have been commerce and I suspect that will be the same for some time to come!
But, for some reason, coupons are a mainstay in offline advertising, but not online advertising. Sure, sites like clickbank.com will ask for a coupon code, but never will you see an AdWords ad that says “coupon available.”
Why is that? Coupons are huge!
Did you know that one study in 2002 discovered that people spend $8 in products for every $1 coupon they used? I don’t know about you, but my calculator says that’s an 800% increase in business and my purse says “I like it!”
If you’re a business owner and the idea of $8 spent for a $1 coupon doesn’t excite you, then you should stop being a business owner and get into another line of work!
Other marketing ideas have come and gone but coupons, I think, are here to stay. Coupons offer some great ways for customers to use them, which gives business owners great flexibility in how they market their products: half-off, or buy-on-get-one-free, or a certain dollar amount off.
So what will make your coupon campaign effective?
• Coupons should create a sense of urgency: they need to come with an expiration date so that customers will want to use them before they are no longer valid.
• Coupons need to be timely: they should come out just in time for a promotion.
• Coupons should provide a real sense of value: Consumers are usually willing to spend the full amount on an item, so an item they can buy for less means a greater perception of value on the product they purchase.
• Coupons should grab the customer’s attention, force them to make a decision, and clearly spell out how to take action.
One company lets you do this: www.myVoucher.com gives you a place to sign up for a free trial period then continue with them for a small price. What they allow you to do is create online coupons for use either online or offline. If you own an online business (as most of my friends and clients do), the coupons create a coupon code you can use with your shopping cart to provide a discount to your merchandise… ultimately selling more product!
Occasionally I get a client who owns an offline store, like a restaurant, and I suggest this idea to them as a way to get local business without the expense of printing coupons.
What separates myVoucher.com from other coupon providers is that each person who signs up gets their own webpage which they can customize with their shop’s information and list their coupons with individual information. Then, they can include that URL in their advertising to encourage clients to shop at their store instead of elsewhere.
Unless you live on the moon, you’ve used a coupon in your life and know of its potential in the marketplace. It works so well in the offline world. Harness that power for your online store!
Author: Diane Hughes
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