Since Coca-Cola invented the revolutionary marketing technique back in 1887, coupons have been a constant mainstay of the business world.
Coupons provide a clever incentive to buy, a physical reminder of the company that produces them, and a psychological cue to inspire loyalty from customers. Yet, while some types are incredibly apt at bringing in business, not all coupons are effective. In fact, some can even be badly damaging – like the Blockbuster Video campaign for no late-fees, which prompted customers to simply keep the movies they rented.
But as coupon technology has found a firm footing in the digital world, a new generation of vouchers and discount codes are giving companies an invaluable way to reach consumers yet again. In fact, in 2007 only 64% of consumers used a coupon and in 2013 that number jumped to 92%. So amongst this veritable renaissance of coupons, companies must be sure to carefully craft their campaigns for optimal performance and the best way to do so is to analyse the science of psychological incentives.
To help you make the most of your next coupon campaign, do check out the informative data graphic below by Vouchercloud.net to learn exactly what works and what doesn’t. Take an in-depth look into the history of coupons, success stories and failures, consumer reaction to variety and learn how to launch a successful coupon campaign.
You can encourage more customers to return, attract a new customer base, promote new products and target marketing all through the use of a coupon offering.