During a recession, people aren’t buying unless they need to. So, be careful about the special discount or price-slashing promotion that you may be considering. You might run the risk of hurting business in the future. You can offer those sales and promotions, but do it in such a way that it doesn’t make consumers feel like your giving the store away.
By offering coupons or discounts you are telling the customer that you are willing to give them a break in price. Those people who are ready to buy will respond to these offers, but if you offer discounts constantly, you may train your customers to always expect a break.
Consumers will see your promotion if they’re looking for it, and if not, you’re not going to force a purchase with any coupon or discount, no matter how enticing the offer. Before starting a coupon promotion, be sure the offer is right for your business or company. Not every type of product, or retailer, can benefit from adding coupons to their marketing mix. For some, coupons may actually lower the value of a brand.
Coupons are still predominantly used by women and older individuals. If you are trying to attract the busy, two-income household, single working adults, teen or young adults, coupons may not be the best vehicle. Savvy and frugal consumers know how to search and find coupons on the internet. You may want to offer a coupon on your own website if a printed version seems too expensive to print and distribute.
Think about what your prospects or customers are interested in and what you can afford to offer as a promotion. Distributing a coupon or discount to your target market may increase revenue and bring in more customers–just be mindful of how it will effect your credibility when the economy picks up.