Promotions are used to offer financial discounts or rebates when purchasing a service, product, or materials. Customarily, coupons are issued by manufacturers of consumer packaged goods or by retailers, to be used in retail stores as a part of sales promotions. They are often widely distributed through the mail, coupon envelopes, magazines, newspapers, the Internet (social media, email newsletter), directly from the retailer, and mobile devices such as cell phones. Since only price-conscious consumers are likely to spend the time to claim the savings, coupons function as a form of price discrimination, enabling retailers to offer a lower price only to those consumers who would otherwise go elsewhere. In addition, coupons can also be targeted selectively to regional markets in which price competition is great.
Promotions are configured in the business configuration and are available for businesses to manage. Businesses can choose to set up as many coupons or discounts for their service and product offerings. The difference between promotion Discount and Coupons is that:
- Discount is applied without code which may not be advertised by the business. Imagine if you have a loyal or upset customer, and you feel like you should give them some discount as a good gesture. In that case, the salesperson can apply for a discount. This is really used for the internal sales process.
- A coupon is applied with a promotional code which is usually advertised by the business. The coupon is a request from the customer who will provide a valid coupon code in order to apply for the promotion.
Why Should You Consider Promotions
The number of people looking for a discount during a sales process is incredible, and even more incredible is how customers will give you heavier weight if you were providing promotion along with the valuable services you are providing. Online promotions have changed our shopping behaviors. It’s due to the customer experiences that online offers from email promotions, coupons, online ads, and so on. 69% of shoppers now seek more deals and coupons online (source: Brand Report)
Virtual Incentives provide solutions that help businesses connect with their most valuable customers and partners in ways never before possible. Jacktrade is powered by a simple, customizable virtual solution that closes the gap between action/achievement and rewards, rebates, and offers. Here are some stats that would help you understand the power of incentives.
- 60% of consumers have gone into a store because they received news about an online promotion via email (source: MarketingLand)
- 60% of marketing emails sent on Thanksgiving Day were opened on smartphones (source: MarketingLand)
- 44% of email recipients made at least one purchase last year based on a promotional email. (Convince and Convert)
- 27% of consumers were more likely to say their favorite companies should invest in more email (source: ExactTarget)
- 69% of shoppers now seek more deals and coupons online (source: Brand Report)
- 82% of consumers say that finding a great deal on a product online made them feel smarter (source: Brand Report)
- Millennials Love Discounts - Nearly a third (34%) of millennial internet users look for online coupons on a weekly basis, and another 40% do so with printable coupons. -eMarketer
- Coupons Increase Basket or Deal Size - Coupon users spent an average of 46% more at checkout than regular shoppers. -Deal Nerd
How Jacktrade Helps
Jacktrade's promotions module is integrated with order management, customer segmentation, business locations, and customers. You can utilize this type to meet your needs for your sales goals, and here are a few ways this can help:
Personalize Your Promotions - With integration with the customer module, you can personalize customer data like first name, last name, email address, etc. while creating email marketing that will incorporate personalization.
Optimize Promotions For Mobile - Jacktrade newsletter is built with keeping mobile screens in mind as emails are mostly checked on a mobile phone. Statistically, 90% of mobile device users have at least one subscription to access coupons, promotions, and special discounts. -CTA
Referral Programs Work - With integration with customer segmentation, you can create promotions that target for 1st time-satisfied buyers that appreciate your services to refer you to their friends. Asking for a referral with a promotion goes a long way. 64% of marketers believe word-of-mouth marketing is the most effective marketing tool and only 6% of them have mastered it. -Invesp
Be Customer-Centric - Your customer experience providing digital experience is more important than ever. Being customer-centric means you can appreciate your customers back while they are not asking for it. You can reward your loyal customers by creating segmentation for 2nd-time buyers, and building a customer loyalty program quickly with our integrated platform. More than 50% of organizations will redirect their investments to customer experience innovations. -Gartner It's also important to recognize what your customers are doing and their intentions. If your customers were interested in your product and services, reminding them that you still exist and even throwing an incentive to bring them back into your sales pipeline could only benefit you. If you don’t take these chances, you miss all of it. 79% of consumers say they are only likely to use a brand’s promotions if the promotions are tailored to previous interactions. -Marketo
There are so many other ways, you can utilize Jacktrade’s promotion module to serve your brand's purpose and goals.