Small Tips that Make a BIG Difference
By: Chris Barr
The current economic situation has most buyers demanding more out of their hard-earned dollars than ever before. With most shoppers sticking to a tight budget this year, the best deals will determine where and how they spend their money. This means that it is more important than ever for advertisers to create compelling offers and effective marketing techniques.
Consumers frequently rely on newspapers, flyers, inserts, and print advertisements to obtain money-saving coupons from local businesses. The current economic slowdown has resulted in a massive resurgence of coupon usage.
A recent study by ICOM Information and Communications found
that 67% of shoppers surveyed were more likely to use a coupon in a recession. The ICOM study found that 71% of consumers aged 18 to 34 are more likely to use coupons in a recession. This compares to the 68% of shoppers 35 to 54 and 63% for shoppers aged 55 and older.
5 Tips to Improve Your Offer:
1. Make the offer clear and concise. For example: $10 Off Any Order. Your customer knows the value of a dollar and can quickly assign a value to the offer.
2. Keep the math simple, never assume the consumer knows the value of your offer. For example: Save 20% (a $30.00 value!)
3. Remember the word “FREE” is king. Get your customers to take action or visit your store using this magical word. Remember, once you capture a customer’s interest with a Free Offer, they will likely purchase additional items or services. Be ready to sell and have a follow-up plan.
4. Include everybody in your offer. Don’t narrow your customer pool unless you want to do so intentionally. For example, a “Free Kids Meal” limits your customers to people with children. What about everybody else? Be smart, don’t cost yourself valuable potential customers.
5. Limit the restrictions on your ads. Restrictions hurt your response rate. For example: Only valid on Mondays. Not good with any other offer. May not be used in combination with other purchases. Only valid when sun is out and temperature is between 50° and 75°. Must be used by a Gemini during a Full Moon…you get the point
Your customers are likely working harder than ever to pay the bills in this tough economy. As advertisers we need to do the same. Use time-tested advertising strategies and incorporate these best practices into your next flyer or print advertisement. By doing so you will reduce the risk-factor of your ad and generate a solid response rate. Best of luck!