There are few consumers today who aren't looking to save a little money. While the recession may be officially over, many people are still on the path to recovery or have developed a enduring tendency toward frugality. Today's consumers want their relationships with brands and service providers to supply them with added value, and they're more willing than ever to shop around for businesses that fit the bill. For this reason, it's critical that companies are invested in providing the right kind of loyalty rewards that will inspire long-lasting relationships and encourage increased spending in even the most cost-conscious of customers.
There are many marketing solutions businesses can use for these purposes, but few are as effective as printed coupons. Offering highly customized discounts in this convenient form can be an effective and budget-friendly way to show customers their business is appreciated. PromoPoint Marketing noted that in 2010 alone, 3.3 billion coupons were redeemed, showing just how strong interest in the cost-saving medium continues to be. This resulted in huge savings for consumers, reaching $3.7 billion.
According to Valassis, this enthusiasm for coupons is unlikely to slow down anytime soon.
"Consumer shopping behavior has been forever impacted by the slow economic recovery as savings habits have become a way of life," said Suzie Brown, executive vice president of sales and marketing at Valassis. "Recognizing this increased demand, marketers continue to be strategic in their promotional strategies to deliver value while still promoting loyalty and meeting their brand objectives in a highly competitive environment."
Putting print into practice
So how can businesses harness their customers' love for coupons into increased loyalty and stronger results? One excellent way to do this is by not only using targeted discounts as part of an established loyalty program, but to implement them in conjunction with events and promotions. For example, one tax preparation service opted to use Discount Dining Dollars cards from Entertainment Corporate Marketing Solutions as a way to entice consumers to attend store openings, as well as to thank customers for completing their tax returns with the business. In another case, a leading retailer decided to give out coupon booklets to early shoppers on Black Friday as a way to build excitement and reward those individuals for choosing their store.
Creating discount rewards using printed formats is a simple, low-cost way to appeal to consumers and provide a great tangible incentive to use in-store or during other in-person customer contacts. By presenting consumers with added-value discounts, any business can provide people with incentive to shop with their brand or perform other desired actions.