If you are looking to attract new customers and turn as many of them as possible into regular customers, it’s easy to see vouchers as a crucial piece of the puzzle.
In research mentioned by smallbusiness.co.uk, 68% of UK consumers said that a voucher would tempt them to sample a business they had never previously used. However, whether vouchers can work for your business will depend on how exactly you build them into a marketing strategy.
You Could Attract Customers of Higher Number and Spending Power
Here are a few pretty encouraging figures: in a study to which Marketing Week refers, it was found that promotions such as vouchers influence 28% consumers to spend more and 25% to buy products they would not otherwise have purchased.
How Have Vouchers Worked for Other Companies?
Fortunately, it isn’t hard to find examples of how various companies have benefitted from launching their own voucher program. Cab booking app Kabbee has constantly acquired new customers from a ‘Refer a Friend’ program that rewards both the referring customer and the new one.
In 2015, Cristina Astorri – at that time Kabbee’s marketing director – hailed the program as “a great customer acquisition channel for us,” adding: “We are seeing a steady growth month on month in the number of people that use it – it’s the most successful voucher program we have.”
Meanwhile, insurer Aviva has offered customers retail vouchers from Amazon and Marks & Spencer. In 2015, Rachael Laurie, then the head of customer marketing at Aviva, reported: “The feedback we get from customers is that vouchers continue to be warmly received, and many consider this type of reward the next best thing to cash.”
Time to Play Matchmaker: Should You Partner with Another Brand?
The example of Aviva shows what can happen when you team up with another company to offer vouchers redeemable on products they stock. However, if you do go down this route, you should be strategic about exactly which brands you choose as partners for your voucher campaign.
“We work with partners whose ethical standards and values match those of Sainsbury’s, as well as making sure that their services and products are not in competition with what we offer,” a Sainsbury’s spokesperson has claimed, revealing an approach that your own business could take.
Should You Go Print or Digital with the Vouchers You Offer?
Offering vouchers digitally is viable in ways that you might never have previously realized. Companies can, for example, use hyper-local targeting via mobile devices to offer digital vouchers to customers located close to a particular retail store with which those vouchers are redeemable.
Nonetheless, there’s an exciting tangibility to print vouchers – a quality made all the more special given how much rarer it can feel in our increasingly digital world. This would be a good reason for your business to look into buying one of these slitters cutters creasers with which you could make perforated vouchers – vouchers which could soon end up in the pockets of your target customers.