When times get tough, consumers look for coupons and deals so that they can continue to do the activities that they enjoy the most. Many businesses struggle during economic downturns because consumers are not out spending money as often as they did before. There are things you can do to survive as a business owner. It is important to be proactive and attract customers to your business.
The Reasons Why Coupons Help Businesses in an Economic Downturn
- Coupons attract customers that are looking for less expensive options. Even in difficult times people still want to celebrate special occasions or to take their child out after a baseball game. When money is tight, they look for coupons that will allow them to do these activities for less money.
- Deals will get the consumers into your shop. Consumers often spend more than just the offer on the deal. Some coupons like offering a free appetizer with two adult dinners are great because the customers are spending more on the dinners than you are giving away on the appetizers. The coupon is doing the job of getting them in the store.
- Coupons help attract new customers to your store. In difficult economic times, consumers are more likely to stick with the places they have already tried. However good deals on your products can help bring them in the door. Once they realize the many benefits of doing business with you, you will have repeat business even without a coupon.
- Coupons make customers aware of your store and services. A coupon is another way to advertise your services. Even if, the consumer does not use your coupon, he’s become aware of your business and is more likely to go there in the future. Choose a targeted market for your coupons.
Coupons Give Businesses More Opportunities to Survive During an Economic Downturn
One of the keys to keeping your doors open is to keep customers coming in to your store. Coupons and regular deals give you the opportunity to attract customers in on a regular basis. It is important that you find the sweet spot when it comes to your coupons. Many small businesses cannot afford to give massive discounts to customers through some deals. You can find the perfect amount by looking at your profit margin on the items and then figuring out the middle amount to give a discount. This allows you to continue to make a profit on the items you sell while attracting customers in to your store.
Once you have a customer in the door with a coupon in hand, it is important to provide excellent customer service. This applies if you are a retail store or an online store. The way to keep your customers coming back is to have your customers leave happy. These customers are more likely to tell friends about your store.
In difficult economic times, it is important to keep attracting new customers and to retain your current customers. Deals for loyal customers can help you to keep your customers coming back to the store. This can be as easy as getting $10.00 off of every $100.00 you spend in the store. It is important to find the deal that works best for your customers. You can also offer referral discounts for your customers.
Make sure that you are using your coupon marketing strategies wisely. When you issue a coupon, it should have a clear expiration date. It should also state limits like only one coupon per purchase. Paying attention to these items will help you still be able to make a profit on each transaction in your store.
A business owner can survive an economic downturn through careful marketing practices and a sound business strategy. It is important to look at all aspects of your business to make sure you are managing it wisely. You may need to cut back on the number of employees or change the items that you offer for sale in order to widen your customer base. You may also want to redesign your website. Then you can use the strategy of using well-planned coupons and deals to attract new consumers to your store or website.
About the Author
Miriam loves to save, save, save. She is an expert at scoring the latest deals online and in the store. She tries to never pay full price for anything from groceries to clothing. She is excited to share her savings strategies with you.
Images via adamr and stockimages (FreeDigitalPhotos.net)
Originally posted on May 1, 2013 @ 11:25 am