The effectiveness of any marketing program falls into its planning and execution. Providing the right copy, color and delivery in order to engage the consumer long enough to make a lasting impression. Regardless of how quirky or clever a marketing campaign is, it may not be enough to draw in a crowd. A great call-to-action or incentive may provide your consumer with a compelling reason to try your goods or services.
The use of coupons not only creates brand awareness but allows you to understand your consumer’s behavior–only if you track it.
Some businesses lose out on the benefits tracking coupons because the task can be seen as insignificant among all the other tasks that are required for daily operations. However, by tracking coupons, you can save money, time and be more effective in your marketing; making the benefit of tracking much greater than the nuisance.
When you don’t track coupons, here are a few risks you run into:
1. Spending more money than you need to.
It’s easy to ‘think’ a program works because of how successful it seems, but there’s only one way to find out if the return on investment is worth it, by monitoring your campaign. Perhaps a less aggressive offer would have provided you with the same response and return on investment– something that would be evident had you tally each offer and redemption that comes your way.
2. Having consumers take advantage of you.
If you’re putting out a great offer (i.e. a free product or service) there will be consumers looking to take advantage of you and your business. Setting up a system to accurately identify which consumers have redeemed the offer and preventing them from using it more than once can save you money that could be used elsewhere.
3. Wasting time not knowing if the marketing tactic or offer works.
Sure it takes a bit of additional time to record the information and offers redeemed. But using these extra few minutes will save the time and effort placed into launching the coupon and offers in the first place. If you don’t track the success (or failure) of your campaign, who is to say it works? The only way to find out is to record the offer and the way it is redeemed (either in store, online or by phone.)
By tracking coupons, you are able to figure out what works most effectively for your business. You can start making your advertising dollars stretch further by finding offers that fare better than others, or changing a marketing tactic doesn’t work for you.
If you want to learn more about successful couponing campaigns, call or email us!