As a business, the single most important concern is to continually increase your profits. Although other factors come into play, earning a profit is absolutely necessary to keep your business afloat. Effective advertising methods are a great way to earn a profit and make customers aware of your business, including the products or services you offer. Our goal here at That’s Biz is to help local businesses learn how to effectively use digital marketing and advertising to increase their profits.
One effective advertising method that has proven to increase profits, while keeping customer interests is restricted-use coupons. Restricted-use coupons allow businesses to maintain control over how often they are offering discounts on certain products or services. At That’s Biz, we have seen an increase in profitability of approximately 4.7% for customers who use restricted-use coupons. Read on for our tips to consider when using restricted use coupons for your business.
The first important aspect to consider when using restricted-use coupons on your website is the inclusion of specific coupon details. Be sure to include information such as how often the coupon may be used before the expiration date. The expiration date is also important to add, so that you can limit the amount of times each coupon is available for the customer to use. This will hopefully decrease confusion for consumers and limit the amount of contact they have to make with you, the business owner.
One of the main reasons that restricted-use coupons are so useful is because of limits they put on customers—therefore increasing the amount of control the business itself has. When implementing restricted-use coupons, it is important to limit coupon usage to certain times of day and/or days of the week. For example, state something like, “Coupon valid only on Friday, Saturday, and Sunday between 11AM and 2PM. Not only will this decrease confusion for online shoppers, it will also provide a sense of urgency. If consumers become aware that they only have certain days and times that they can use coupons, they will be more likely to make a purchase right then and there.
Use Dynamic Expiration Dates
Using the dynamic expiration dates feature gives customers a certain amount of time (X days) to use the coupon after it has been viewed. For example, the customer may have 30 days to use the coupon after opening it in their email, which should be specified in the details. This will, again, provide a sense of urgency for customers to purchase products or services if they are aware they only have a given amount of time to use the coupon after first viewing it. In addition, this provides you, as a business owner, with some flexibility. You can continue offering the coupon to various customers, without having each coupon expire at the exact same time.
Email marketing is an extremely powerful and necessary tool—technology is a requirement for a successful business in today’s world. By continually providing customers in your email club with restricted-use coupons, you are drawing their attention back to your business, and once again creating interest in your products and services. Contact That’s Biz today for more information regarding digital marketing and other effective advertising methods, including restricted-use coupons.