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Retail Coupons and Discounts for the RIGHT Reasons

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Published on Jan 19, 2012

Increase Retail Revenues by 20% in 30 Days. Visit http://www.vexxt.com for more retail marketing ideas.

Raw Transcription: Hi everyone, this is Mike Johnson from vexxt.com. In this video, I want to talk about the right reasons to discount. Remember, discounting coupons aren't always a bad thing. No, your coupon does far more than bring in the customer for a special deal. In fact, it has a critical other purpose; it's providing you customer data and essentially growing your list. Here's the deal. Whether you provide coupons online or in print...and I always tell people not to give up on print, print really does still work. That's for another video but, think of print in terms of a consistent ongoing channel for your marketing. Well, now you're directly tying the customer to a specific readership or fan base. If you are advertising on social media, marketing with your coupons or something, you know how many people have seen it and acted on it. Same goes with direct mail; you're seeing actual proof in return on investment there. So, don't be afraid to use coupons for tracking and list engagement. It doesn't only have to be about price because, generally, most businesses shouldn't compete on price. But, what if you have the customer fill out their name and email on the coupon to make it valid? That means they are submitting contact info without even the employees having to ask for it and you know what brought them in. You can take it even further by having them sign up for specific services. At that point, you just have to be creative. Another thing is the idea of your list as a way to up-sell or bundle through couponing or discounting. Here's a perfectly good example where the 'choose your own adventure books' - the kids books that a lot of kids have had experience with - nowadays, they are simply a commodity. At a used bookstore, they're probably 10 or 50 cents each. At the library, they're free. Even like Barnes & Noble or something, we're probably not talking more than $5 or $6 per book. But, when you transition to a bundle and in this situation the Grande Enchilada library, you're talking about almost $150 worth of books at one time - for children's books at that! So, think of creative ways you can offer customers coupons and discounts: 1) to grow your list, 2) to track what they're doing, and 3) understand buyer behavior. Especially, with these bundles, that gives you surreal insight into what your market will sustain and keeps them from comparing the apples to oranges in terms of price online or in your store. So, discounts aren't always a bad thing; just be careful how you use them and make sure you can track it for positive return on investment. So, for more tips like this and pretty soon introducing the new coaching bundle, go to vexxt.com.

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