Long relied on by marketers to help drive sales, over the past 120 years, coupons have kept consumers searching, snipping and congratulating themselves in pursuit of a deal. Recent history has
shown that the ubiquitous consumer deal provides not just a money-saving opportunity, but a personal experience.
From competitive sport and aspirational escape to virtual community and
personal affirmation, the Deal has become a worthy challenge for American consumers. The primary driver of change in this arena can be paralleled to the evolution of consumer Internet use. The digital
landscape, through a combination of local, social and mobile opportunities, has elevated deal-seeking to a deeply engaging and in some cases, personally fulfilling pastime.
The
traditional coupon -- the stack we find in the Sunday circulars, for example -- is not as compelling to the millennial consumer as it was to his/her Boomer parents once upon a time. Many consumers
have been conditioned to seek best prices before buying. They treat the hunt as a game to be won and the retailer as a challenge to be conquered, and employ a range of technologies and services to
ensure they are getting the best bang for the buck.
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However, when a new set of rules are attached to coupons, they can be converted from a “one and done” experience to a vehicle
for creating an authentic connection with your target buyer and building loyalty. Marketers can appeal to the next generation of deal seekers by reinventing the coupon and aligning it with
evolving consumer expectations.
Tips for reinventing the daily deal include:
Make it personal
The magic of coupons 2.0 lies in EXPERIENCE. A
range of opportunities exist to create a strong brand experience within the coupon conversion. When a coupon is offered as a reward for a positive action -- as a validation of work well done,
consumers get a double rush. They feel a personal connection to the brand that confers the approval points along with the deal. This connection and personal fulfillment is what drives loyalty. For
example, providing a discount or deal for taking a step to improve one’s health (losing weight) or taking an eco-conscious action (biking instead of driving) truly makes the coupon a reward, not
an entitlement.
Make them earn it
Handing out coupons without any work involved reduces the likelihood of redemption. Combining fun gaming
elements like challenges and badges with your rewards is a great way to engage and entice your customers, and encourage deeper interactions with your brand. An interactive contest? Great. A treasure
hunt that leads to a world of killer coupons that ascend in value as you level up, allowing you to barter value with teammates and snatch competitors coupon gold? Even better. Games have been
demystified as a guy thing (55 percent of online gamers are women), and provide interesting techniques to keep customers of all demographics interested and engaged.
Tie it to a larger
purpose/wallet activism
Today’s new generation of shoppers, especially the coveted millennials, are motivated by the “triple bottom line” -- goods
and services that offer financial competitive advantage, social equity and the confirmation of corporate citizenship. A slamming 92 percent of moms today want to buy a product that supports a cause.
By transforming a coupon into a true indicator of social accomplishment for completing an action for the greater good (community, environment, education etc.), you make the coupon a badge of honor.
Make it SUPER easy
Thanks to advances in analytics, mobile and location-based technology, marketers can now make offers more targeted
and personalized –- and the investment is paying off. eMarketer recently estimated that 47 percent of consumers redeemed digital coupons in 2011. Apps like Scoutmob have also popped up, feeding
into 20- and-30-something’s love of quippy, sassy copy and excellent one-time deals in their neighborhood. By offering a consumer a highly relevant coupon that will make their lives
easier, redemption rates will follow.