Couponing for Greater Profits

Sometimes, customers need that little extra incentive to come calling at your small business.

Consider the coupon.

Long viewed as the housewives’ shopping companion (Grandma loved it when the 7-cents-off creamed corn hit the paper!), coupons in this century have taken on a life of their own, with blogs and videos showing extreme shoppers taking their couponing expertise to the extreme.

For the average consumer, though, coupons have become more than the circulars you receive in the mail or your Sunday newspaper. E-coupons—those scanable coupons from your phone—are becoming more routine. And more businesses are getting in on the action.

Small business owners would be wise to look into this method of bringing in and keeping more customers in the loop. What’s more, coupons are a great way to track your customers’ shopping patterns. Some approaches to consider:

• Discounted merchandise/services. Set realistic percentages that serve a dual purpose: maintain profit margins while increasing visits. You’re the boss and know exactly when a discount might be too steep.
• Go “E.” Never pay to print another coupon again. Place coupons on your web site (let customers print them out) and accept coupons on phones and tablets.
• Sure, you can accomplish the Buy One-Get One through in-store signage, but when you send out a coupon you create a buzz among potential shoppers to make a special stop at your business.
• Limitless opportunities. It’s a broad canvas: newspapers, local penny savers, mail packs – you name it. Source an option that cost effectively works for you.

Related Article: 3 Top Myths Surrounding Product Discounts

Also, follow the footsteps of some major retailers and select an item or service for which the coupon never expires. So, add coupons to your marketing repertoire and watch incremental business grow.