&#; Definition
Coupons are marketing tools used by Retailers and Suppliers to incentivize customers to make purchases. A coupon is a type of discount offered to customers for a specific category, product or service.
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Customers can receive the coupon through various channels, such as , direct mail, or in-store advertisements.
Coupons are typically redeemed at the point of sale, either by presenting a physical coupon or by entering a code at checkout. They often offer a fixed discount or fixed value on a specific category, product or service. Usually coupons have an expiration date, after which they cannot be redeemed and are mostly subject to redemption terms, for example:
- Coupon only valid within a certain date range
- One redemption per household
- Basket Value must reach a certain amount,
- Coupon cannot be redeemed in conjunction with another promotions.
&#; Example of Coupon and Redeem
A Retailer wants to boost sales for a specific category or product and decides to offer a coupon promotion. They create a coupon offering a 10% discount on all purchases of that category or product to be used during a defined period of time. It can be a defined day, a period of time during the day.
Another example of a coupon is when Customer spend a certain amount of money during a specific period, they will receive a coupon with a value corresponding to X% of their purchase value to be used in their next purchase.
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&#;What is Coupon and Redeem used for
There are several benefits when using coupons as a marketing tool:
For Retailers:
- Increased Sales: Coupons can incentivize customers to make purchases they might not have otherwise made, leading to an increase in sales for the store.
- Customer Acquisition: Coupons can attract new customer to the store who may not have shopped there before. This can help to build customer loyalty.
- Customer Retention: By offering coupons to existing customers, the Retailer can encourage repeat purchases and retain loyal customers, and minimize the Churn Rate.
- Increased Average Basket Value: Coupons can encourage Customers to purchase more than they originally intended, leading to an increase in the average basket value for the store.
- Inventory Management: By offering coupons for specific products, the store can clear out slow-moving inventory and reduce Stock Aging
- Data Collection: Coupons can be used to enroll New Customers and collect customer information, such as addresses and purchasing habits, which can then be used for Targeted offers.
- Improved Retailer Image: Coupons can improve the Retailer image of the store by portraying the business as customer-focused and willing to offer discounts to its customers.
For Manufacturers:
- Increased Sales: Coupons can attract new customers and encourage repeat business, leading to an increase in sales.
- Brand Awareness: By offering coupons, manufacturers can increase awareness of their brand and attract new customers who may not have tried their products before.
- Customer Loyalty: Coupons can incentivize customers to remain loyal to the brand, reducing the chances of them switching to another brand, which can also be referred to as Switch Loss.
- Market Research: Manufacturers can use coupon campaigns to gather data about their customer base, such as which products are most popular or which promotions are most effective.
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