Investing in affordable advertising is challenging for small businesses because often your options are either too expensive, or do not provide the reach necessary for return on investment. While developing your marketing strategy, it will be important to implement marketing actions that quickly pay for themselves.
Coupons are a form of advertisements that attract customers, as well as encourage customer loyalty for your brand. Different coupon advertising options can benefit your business depending on who your target audience is and what industry you are in.
Consumer behavior and Coupon Advertising
Before implementing an advertising strategy, it is important to know who your target audience is. Different coupon campaigns have better reach for different consumers. Amongst many demographic factors, let’s take a look at a key few that influence consumer behavior.
Age affects consumer behavior because people of similar age tend to share similar experiences and therefore have common needs. Consumers in age groups 25 to 44, tend to use coupons more than those in other generations. This may be significant to your business if your target audience falls within this age group.
Gender identity can impact a consumer’s traits, and activities that lead to different shopping behavior. Bear in mind that some of the information provided for this topic is based on generalizations for genders.
In general, women tend to engage more in thoughtful examination of messages and product attributes as well as see shopping as a pleasurable activity. Because of this, women are more likely to us coupons than men. Although targeting females for coupon advertisements may be more effective, some products like cologne are obviously reared towards men. Therefore, it is important to know that both results for genders have large percentages of people who use coupons and can most likely get you a return on investment.
Where do I start?
No matter what industry your business is a part of, there are many valuable coupon advertising options for you.
Register Tape Advertising
Register tape advertising allows you to place your ad on receipt tapes that shoppers receive in national retailers and supermarkets. For a small business this is advantageous because your brand will gain large-scale advertising at a much lower cost.
The reach for register tape advertising is simply calculated because one receipt equals one or more impressions. As you may already know, impressions don’t automatically equal sales, but unused coupons still pay themselves off because they raise brand awareness overtime.
Sending coupons, promotions and announcements through direct mail is a widely used marketing activity by small businesses. This is because along with Social media advertising, Direct mail delivers the Highest ROI for SMB’s.
Direct mail is beneficial for targeting your local market area, and direct mail response rates are the highest they have ever been! Again, you should always know your target audience first. With this marketing campaign you can use online mapping tools to target new/ reoccurring customers by segmenting your area by age, location, income, gender, and more.
Many online coupon advertising options might already be familiar to you. Whether it’s Groupon, Angie’s list or providing discounts on yelp, all are great selections for service-based industries. However, most models require a precise plan to ensure beneficial impacts for your business.
For more information about coupon advertising options or help with developing your advertising campaigns, please contact us by clicking here