Yes, I really had to say that. Since the big bang of couponing took over in the late 2000s, the practice has been adored by deal-hunting consumers and demonized by profit-conscious entrepreneurs. And how could it be any different? People love saving money when they go out shopping, and business owners love to (and need to) make a decent profit. But wait – this paradigm seems conflicting! Why?
Because it is.
And this has been especially true since daily deal sites became so popular, requiring deals to be at least 50% off the normal purchase price. And here’s the kicker – that fraction of your typical profit is slashed even further when you give the host site their cut. This may seem ridiculous to some, but in this economy, customers are looking for it and business owners often turn to it to make their doors swing. So what do you do?
You find a better way. And there is one. The good news? You can afford it (I really mean it), it’s trackable, and (when used properly) can really increase your customer base. The bad news? It will require a little marketing savvy on your part to transform them from a one hit wonder to a loyal, repeat customer. But don’t worry – I’m here with my fancy degrees and cheap laptop (cause and effect?) to help you.
First of all, the better way is www.GIsave.com, a coupon-based website geared specifically towards the military communities in the Southeastern U.S. (though there are plans to expand). More than any other demographic, military families need to find ways to stay on budget while finding new favorite places to frequent as they bounce around from base to base. As a future military spouse, I can tell you there is not one time someone has said “military discount” and my head hasn’t turned. And now, there’s a whole website of people screaming just that – and I don’t have to leave my couch or my sweats to hear it. Beautiful.
I know what you’re thinking: Why would you gear your couponing to just this one demographic? That seems silly. Well, because the military community makes up almost TWO THIRDS of the Emerald Coast economy. Scout’s honor – look it up. Not so silly. And even better, it’s not Groupon or Living Social. We’re not asking you to sell your first born child to afford the price slash. We don’t tell you how much to discount. You just come up with something you’re happy with and we make it visually appealing… not to mention able to be comfortably accessed by military families in their favorite obnoxious headbands and scrunchies (it’s OK for the 90s to live on in your own living room, right?).
Now here’s where my free advice to you lovely business owners comes in. DO NOT… I repeat.. DO NOT succumb to the desire to throw the phrase “10% off with ID” on your GI Save coupon. This is not to say that 10% is a bad discount, or that military families do not appreciate it (because trust me, they really, really do). However, doing this works against you in a couple of ways. First of all, you probably honor that discount with the simple mention of it or the flash of an ID card, don’t you? And again, thank you. But how on earth are you supposed to know how impactful your GI Save program is if you don’t make people tell you? And what about your deal makes you stand out from any of the other businesses?
So, pick a dollar amount, or offer a free something with the purchase of another something. Anything that will get that person’s attention and get them to show you their virtual or printed coupon so you have that wonderful peace of mind that what you did is working. Makes sense, right?
Now continuing the free advice, do something AWESOME when we customers make our way into your business. Make us want to come back over and over again. And, I’ll let you in on a little secret here – we’re easy. Awesome can sometimes mean a sticker. That’s right – that little shiny thing that costs a fraction of a penny can make you stick out. Seriously. So, go find something. It could be a little bonus gift, a different coupon to use on another visit, a referral program punch card that gets your new customer free/discounted stuff when they tell their friends… the list goes on and on. It doesn’t have to cost you much of anything; it just needs to be thoughtful enough that Joe around the corner isn’t doing it. Boom – you win.