The Importance of Coupons for Your Business

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With the recent turbulent economy, shoppers are growing more and more price-conscious. Consumers are relying heavily on coupons for discounts on their purchases.

As a business owner, knowing and understanding this fact will help you strategize for your business. According to the latest Online Shopper Intelligence survey, one-third of online shoppers surveyed said they generally use coupon sites while shopping online.

Here are few more facts from the survey:

  • Coupons can make or a break a sale — 57% of consumers who used a coupon code during their last online purchase said that if they had not received the discount, they would not have bought the item.
  • Consumers who use a coupon spend almost twice as much — the small discounts consumers receive encourage them to spend more money.
  • Coupons can increase customer satisfaction — They are an effective way for retailers to build good relationships with their consumers.
  • Coupons can increase customer loyalty – With customer satisfaction, comes loyalty.

What consumers are saying here is that coupons are important to them, and therefore should be to you as a small business owner. Coupons don’t necessarily have to be giant discount giveaways. In fact, as mentioned above, coupons have a high ROI as even a small discount encourages consumers to spend more money.

So, if you’re not using coupons to offer discounts to your current and future customers, you are certainly missing out on a great marketing mechanism. Consider that your competition is likely using coupons, which will lure customers to them and away from you.

Start making an effort to offer coupons. Make sure your audience sees it in your advertising, and test the placement of your coupons directly on the web’s top coupon sites.

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