Blog
Discount & Voucher Programs: Rewarding Customers So You Can Be Rewarded Back
There is significant competition in every market. So to win or attract customers, various marketing strategies are used by businesses– including the use of effective and easy-to-access loyalty programs.
One of the strategies they use is coupon and discount voucher programs. Mind you, this is the most popular loyalty program that almost every business uses nowadays.
To attract more customers, you can also use this program. Read this blog to learn how.
What Are Coupons And Discount Vouchers?
Coupons are a form of discounting used to reduce the cost of goods and services. They are typically printed and given to customers when they purchase specific products or services. However, due to technological advancements, and overall efficiency for the modern-day consumer, coupons can now also be provided online.
Discount vouchers are a great way to save money on purchases. They provide a discount off the regular price of the item, and they are usually available in either print or electronic form. Discount vouchers can be found at most stores, and they can be used to purchase anything that is sold in those stores.
The Difference Between A Coupon And A Discount Voucher
People nowadays love to save money, which is why so many people are interested in coupons and discount vouchers. But what’s the difference between the two?
Coupons are promo codes you can use at checkout to receive a discount on your purchase. When you use a coupon, the store subtracts the value of the coupon from the price of the item before calculating your final bill.
Discount vouchers, on the other hand, are real discounts when you spend money at a particular store or restaurant. Unlike coupons, which are specific to one product or service, discount vouchers can be used anywhere money is spent. You show your voucher to the cashier and receive your discount accordingly.
Why Do You Need to Consider Digital and Mobile Coupons?
Digital and mobile coupons have become increasingly popular in recent years.
Here are some reasons why you should consider using digital and mobile coupons:
- It is easy to use: Digital and mobile coupons can be accessed through apps or online browsers, making them convenient for both shoppers and store employees.
- They’re interactive: Many digital and mobile coupons allow customers to enter the code before checkout to receive a discount. This makes shopping more fun for kids and adults alike!
- Relevant and Timely at all times: Coupons can be used at any time, including during peak shopping periods.
- They’re versatile: Digital and mobile coupons can be used with any item in a store, not just groceries. This means that you can save on clothes, appliances, electronics – even pet supplies!
Why Are Coupons And Discount Vouchers Important For Your Business?
Coupons and discount vouchers are important for shoppers because they can save money on purchases. Who doesn’t want a discount on that hefty price tag, right? Showing customers that they can get something at a discounted price fuels their urge to spend on that purchase because, in their minds– it’s a cheap deal after the discounts and coupons.
They are also an excellent way to get people to try new products or services. In short, it’s a marketing stunt that can help businesses increase sales.
Aside from that, coupons and discount vouchers are an essential part of the shopping experience for consumers.
In fact, a survey among UK consumers showed that 75% of respondents have used 1-5 vouchers, offers, and online promotion codes when shopping online. Not to mention, 51.9% of British consumers also would often wait until a product is presented on discount or can be availed with a coupon.
By making your customers satisfied with their shopping experience, you will make them come back for more. And the more they come back, the more likely they will become your patrons and purchase more items. Even 20% of consumers have agreed that offering digital vouchers, offers, and online promotion codes improved a company’s brand image.
Best Types of Coupons And Discount Vouchers
Your business can use several types of coupons and discount vouchers. Check them out below.
Percentage-based Discount
A type of coupon and discount voucher is a percentage-based discount. They divide the price of the good or service by a set percentage before calculating the final cost to the customer.
This allows customers to save money on their purchases without calculating percentages themselves. The most common percentage-based discounts are cash and carry, where customers can buy items at a discounted price and receive cash back or vouchers, which can be used at a future time to purchase the same or similar product at a discounted price.
Free Shipping
When shopping for items online, many people like to know that their purchase will come with free shipping. Many stores offer free shipping on any order that is over a certain amount of price, so this is a great way to get your shopping done without spending a lot of money.
Another way of looking at free shipping is as a customer perk. In this case, the retailer gives its customers something extra without asking for it. This might be anything from exclusive offers and discounts to preferential treatment regarding returns and exchanges.
Discount Codes
Discount codes are a great way to save money on your purchases. They allow you to get discounts on items in the store by entering the code at the time of purchase. You can also find discount codes online, and many stores offer them through their social media pages.
When shopping for discounted items, it is essential to remember that some discounts are only valid for specific items or quantities, so be sure to read the details before making your purchase.
Conclusion
In conclusion, a coupon and discount voucher program can be a great way to reward loyal customers. This allows them to save money on their favourite products while promoting repeat business. This can encourage them to return and share a positive shopping experience with others.
Realistically speaking, it’s a simple program to set up. It’s also relatively helpful in increasing customer satisfaction and loyalty, making it easier for the business to retain customers and grow its market share.
If you want to have a coupon and discount voucher program that suits your marketing strategy that can attract your target customers, DX United can help you.
When you work with us, you will have the ability to manage your coupons and discount vouchers given away. We can seamlessly integrate coupons and discount vouchers into your loyalty rewards program and personalise it to the needs of your customers.
Aside from that, you will have access to our thousands of partner brands that also offer coupons and discount vouchers on their end. DX United takes pride in partnering with brands across the US, UK, and Europe to provide our clients with the best and most exclusive rewards for their loyal customers.
We’re sure that when they see how many deals they can get, they will feel more valued as your customer.
Ready to make your customers happy? If you are, then book a demo call now.
FAQs
What are the best ways to reward loyal customers with a discount?
Offer discounts or cashback to customers. Providing discounts to returning customers is one way to cultivate loyalty. If you want to give discounts, tuck a coupon into the bag when you’re ringing up a sale, and tell the buyer about it, so they don’t miss out.
What makes discounts so attractive to customers?
The loss aversion principle is the main reason why discounts attract customers. Moreover, discounts give the customer a sense of happiness by releasing oxytocin, generating excitement, and making them feel smarter by saving money.
How effective is discounting?
You can increase your sales by offering discounts, but you can also decrease your profits. Do some planning before reducing your sales price so you can still make money on the extra orders: Calculate your profit margin, markup, and break-even point. Make a profit by calculating the best discount price.
11 November, 2022