Coupons are cool again, according to the latest WSL Strategic Retail: How America Shops Everyday Pulse. Of all the consumers surveyed in this report, a full 52% of them said they are proud of the little ways they can save money, such as clipping and using coupons they have found both online and in circulars. While coupons and other cost-savings techniques like cooking at home and not going out as often seem reminiscent of something a 1960s housewife might do, WSL claims both modern women and men are hunting for small ways to save money this Christmas, regardless of income. As WLS puts it, this is an “equal opportunity recession.”
As most consumers “shift to thrift” this holiday season, CBA Training and Consulting Manager Mike Hockett believes the need for coupons will continue to increase and stores can take advantage of this demand in numerous ways. Here’s Mike’s Top 10 list when it comes to incorporating coupons into retailers’ marketing strategies next month:
1. Include coupons on postcards, catalogs, Web site, and any other place you can think of.
2. Put coupons in thrifty circulars, newspapers, want ads, and Web sites like Craigslist.
3. E-mail coupons to core customers.
4. Provide coupons for different social groups (MySpace, Facebook, Bible-study groups, etc.) to offer savings.
5. Put coupons good for next visit in bags at cash wrap.
6. Sponsor a coupon-trading session at your store.
7. Honor coupons from other stores.
8. Send a coupon to first-time customers inviting them back.
9. Use coupons to feature a new retail strategy like using your burn bar.
10. Give an additional discount to the first ten customers to redeem their coupons.
This Christmas, though, consumers don’t just want to walk into a store with a coupon and save a few dollars. They want added value included with their savings. Stores can meet this need by ratcheting up their customer service offerings for the holidays. By receiving other small benefits like free gift-wrapping or a complimentary cup of coffee, shoppers might be more willing to purchase higher-priced items next month. While it might not be a peppermint mocha from Starbucks, a warm drink paired with genuine customer service goes a long way when shoppers want the most value for their dollars the Christmas season. Just don’t forget to send out the coupons first!
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