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Posts Tagged ‘coupons’

Understanding Consumer Coupon Activity

September 23rd, 2015 1:35pm

The CoupSmart platform helps brands run promotions and collect granular consumer data. This means coupons. A lot of coupons. We’ve analyzed the millions of coupons we’ve delivered for clients, and here are some of the interesting data points we’ve found regarding the days, times and channels consumers are most active on for various industries.

CoupSmart Infographic

Couponing On The Brink Of A Digital Revolution

August 5th, 2014 10:56am

For over a century, coupons have been an effective tool for influencing and motivating consumers.  In general, the concept of couponing hasn’t changed much. However, methodologies for distributing them have changed drastically… and for good reason.

You are exposed to coupons and other promotions every day. They’re in the stores you shop at, in the paper you read, and can be found online or on your phone. The reason they are seemingly everywhere is because almost everyone uses them. In fact, the Inmar 2014 Coupon Trends Report shows that, in a three-month duration, 96% of shoppers will have used a coupon at least once.  Consumers use coupons to save money, and will look for deals that pertain to goods that they would buy normally. However, as coupons continue to evolve, we are finding that what they are capable of offering is much more than a simple discount.

Traditionally Speaking
For years, the primary methodology for distributing coupons has been through Free Standing Inserts (deals that can be found in the paper, magazines, etc.). They are used to push offers on a large scale by casting a wide net. They aim to incentivize repeat purchases, or perhaps prompt customers to buy a newly introduced product. The downside to this approach is that the targeting is very generalized.  Another limitation, and possibly the most significant, is that it is nearly impossible to gather analytical data/ information that could supply valuable consumer insights.

Coupons That Keep Up
Our world is changing, and consequently, so are consumers’ behaviors and habits. Therefore, you will need the tools that will allow you to better accommodate their expectations.  The introduction of digitally distributed offers has revamped the marketplace.  Whether you are printing an internet-delivered coupon or receiving codes straight to your mobile device, the benefits (to both the company and the consumer) are setting the bar for all distributed promotions.

Some of the key benefits include:

  • Data gathering – collect, analyze, and gain valuable insights on your consumers.
  • Strategic agility – easily fine-tune or modify offers (appearance, value, etc.) on the fly.
  • Superior retargeting – efficiently and effectively manage your promotional strategy.
  • Distribution control – retailers and manufacturers can regulate exactly how many offers will be claimed and redeemed.
  • Personalized offers – use collected data to push individualized promotions.
  • Cost savings – digital provides a cheaper alternative to print.
  • Security – combat coupon fraud by tracking your customers using tools such as embedded codes.

Digital offers work great if your goal is to:

  • Target a specific consumer population
  • Encourage a shopper to switch brands
  • Incentivize customers to repurchase goods
  • Introduce a new product or service
  • Save money while establishing a healthy consumer database

Promotions That Show Promise
Although traditionally distributed offers are still the conventional approach, digital promotions are quickly gaining momentum and are responsible for ever-increasing redemptions. In fact, the Inmar 2014 Coupon Trends Report stated that, “Overall, digital coupons are attracting more new buyers than print coupons by a margin of 35%.” In five years, it is projected that the population of mobile coupon users alone will nearly double from the current 560 million to 1.05 billion users (Mobile Coupons: Consumer Engagement, Loyalty & Redemption Strategies 2014-2019).

 

Advantages & Implications of Social Coupons

July 15th, 2014 1:27pm

What kind of coupons do you use? Where do you get them? For years, a common method to claiming a coupon has been Free Standing Inserts, a deal that can be found in newspapers or magazines.  For many companies, this has been an adequate approach for offering deals and promotions to consumers.   As our world continues to evolve, however, so has this approach.  One tool that has become increasingly purposeful is social media.   It now has much more to offer than your friends’ spring break photos and ever-recurrent status updates.  In fact, utilizing social media to push promotions is quickly becoming the unparalleled methodology for incentivizing and engaging customers. 

A mutually beneficial social opportunity
When it comes to social media, every fan and follower you have should be viewed as a potential customer. Why? Because, according to Nielsen, “The top reason for following or liking a brand, company or celebrity in social networking sites is to receive discounts and special offers.”

Facebook, in particular, is a great platform to successfully accomplish this.  Studies show that 79% of Facebook users will “like” a company page just to receive deals and promotions according to MarketForce.  A very similar outcome was found in a survey by Compete, who revealed the top reasons why Twitter users follow a brand. The number one reason (at 94%) was to receive discounts and promos.

Social coupons FTW
The benefits to using social media platforms are multi-faceted, and can propose many advantages to the company and it’s customers. 

  • Motivate purchases and increase your sales revenue
  • Boosting your fan page and/or number of followers
  • Raising your brand awareness
  • Facilitating customer engagement and interaction

To get the most out of your social marketing campaigns, you can use CoupSmart’s services to deliver content that goes beyond engagement. We not only help you distribute social coupons effectively, but most importantly, we help you learn more about your customers by capturing psychographic and demographic data.  By doing so, you can easily turn your fans into customers, and then use the collected data to retarget a particular sample of customers, or even engage them individually.

Even More Evidence of the Potential of Couponing for Back-to-School

August 6th, 2013 12:00pm

Several weeks ago I wrote a post detailing the potential that exists for digital coupon promotions during the highly profitable back-to-school shopping season. This past week I came across a very well done research brief from The Center for Media Research that enumerates some helpful statistics which reinforce the points I made.

In 2013, back-to-school spending is estimated to reach $26.7 billion. Combine that with estimated back-to-college spending, and the number jumps to $72.5 billion.

The incredible potential revenue in this season is no secret to CPG companies and retailers. Consumers are going to spend for back-to-school, but in this economic climate they are doing more than ever to get the most bang for their buck. According to Pam Goodfellow, the Director of Proper Consumer Insights, parents this year will “comparison shop online and around town… even more than once… to find bargains and… the best value”. To highlight the consumers’ willingness to hunt for the best price, the brief states that in addition to going to the same back-to-school store they did last year:

  • 61.7% will shop at department stores, up from 59.9% last year and the highest in the survey’s history. Additionally,
  • 51.5% will shop at a clothing store,
  • 40.6% will shop at an office supply store,
  • 37.3% will shop online and
  • 25.9% will shop at an electronics store
  • 19.6% will hit their local drug store
  • 13.7% will look for goods at thrift/resale stores

These data demonstrate clearly that every outlet, retailer and brand will need to do everything it can to show potential customer that it has more to offer than its competitors.

The data also hint at the potential in coupon promotion for the season. A well-crafted coupon can not only drive the sale of a specific product, but also bring the consumer into the store, where they can be exposed to more of what the brand has to offer, increasing sales of related products. In addition, a coupon can generate improved brand awareness and, if it’s supported by the right software, can track purchases and gather useful information about a customer base. This information would be especially invaluable as the brand plans for next year’s back-to-school frenzy.

Need helping crafting your perfect coupon? Click here for our free whitepaper.

Image courtesy of Flickr

Does Your Brand Have A Social Strategy For Back To School Shopping?

July 10th, 2013 8:00am

Emerging trends in social media and mobile-based commerce suggest that brands on Facebook should be planning ahead. Shoppers of all ages – not just the students – are interacting with their preferred brands online and on mobile devices more than ever before. 54% of respondents in a Brand Keys survey prefer to shop online, up 14 percentage points from the previous year.

The same survey indicates that mobile commerce as a whole is projected to generate $17.2 billion in sales in 2013, an increase of 48.3% from 2012. In addition, almost seven out of ten tablet owners use their devices to shop online for back-to-school and college items. As users become more and more inclined to access content via mobile, it is important that brands capitalize on this opportunity.

How can a brand take advantage of the evolving zeal surrounding online and mobile commerce? Simple: use social media to engage with your fans and potential customers. A strong and effective social campaign does at least one of the following: raises awareness, drives traffic and thereby generates revenue from your fans. This is, of course, easier said than done.

Product discounts such as coupon promotions are arguably the best way to interact with customers because they tie together awareness, customer engagement, and web traffic while also generating revenue. Social media offers an excellent platform for turning clicks into conversions and fans into customers. In addition, since 23% of all time spent on mobile applications is spent on Facebook, the opportunity is ripe. The key however, is using the right technologies to quantify ROI, gather data, and follow up on sales in order to turn one-time conversions into dedicated fans and repeat customers.

Playing the mobile game is also critical for brick and mortar storefronts. 52% of adult cell phone owners use their devices in-store to check prices and help with their purchase decision. Furthermore, even these brands without e-commerce outlets can benefit from discounts and promotions on social media. By offering fans (and in-store customers) special deals through Facebook, brands can drive traffic from their fan page into the storefront while also raising awareness and yes, generating revenue.