If there’s one thing we know at Signpost, it’s helping local businesses create the perfect voucher marketing campaign. Using our experience and the feedback we’ve received from merchants, we wanted to highlight five important factors to keep in mind when creating your next successful campaign.
While every business model is unique, we’ve found that in creating a successful offer it’s critical to not only weigh the costs associated with acquiring a customer (the marketing that goes into the promotion, discounting your product or service, etc.), but also to analyze the value that’s attached to that customer (the profit that their business is generating). A successful deal increases the value of your customers, by getting them to do things like spend more money when they visit, or by providing them with incentives to become a regular customer. Running an online deal may not make sense for a lot of local businesses, but yours might find success when adhering to the following tips:
- Use a high-margin product or service. Doing so eliminates cash loss, while increasing customers’ perceived value of your product. By highlighting your premium products and services, customers are more likely to check out your business and develop an interest in returning to it.
- Upsell once you get the customer in the door. Run a skydiving business? Sell t-shirts, custom videos, or other promotional packages onsite to increase profits. Run a hair salon? Offer clients an option to purchase a color treatment along with the discounted haircut they’re getting. Don’t forget that daily deals are a way to showcase your business, and one way of doing that is by enriching the customer experience.
- Create a reason for customers to come back. Quite simply, repeat and regular customers help to offset the costs associated with the original discount that was granted in the deal. It takes multiple visits to convert a daily deal customer into a “regular,” so whether it’s offering a two-for-one promotion, or discounts on monthly/annual memberships, identify ways to keep people coming back.
- Craft a strategic offer. In an effort to get new people in the door¾that also have the potential to become regular customers¾it’s important to make your deal exclusive. Make it available to new customers only, to people that live in a specific location, or so that it’s only redeemable during off-peak hours or seasons. While it’s good business to provide the same high quality product to your existing clientele, the goal is also to remain sustainable. Attracting and retaining new, potential long-term customers (especially during slow business periods) is an effective way of doing that. Be sure to structure your promotion in a way that benefits both you and the customer.
- Think of it as a marketing tool. An attractive voucher marketing campaign can summon thousands of visitors to your website, Facebook page, or Twitter feed. A great offer that accurately represents your business has the power to strengthen your online presence immensely. Even if people don’t purchase the deal it’s an opportunity to bring your company incredible exposure, so be creative and take advantage of this valuable advertising tool.
We hope that these tips will help you in developing that next successful deal and, as always, we welcome your suggestions! One thing to think about before creating that next offer is, ultimately, what makes a deal attractive to your customers and what’s best for your business? We think that by following these helpful suggestions, you’ll find that you will not only have increased the value of your customers, but of your company, as well!