As nice as it is to be on the receiving end of a coupon, giving them out for your own business can be difficult to stomach. The hesitancy is understandable. You might think it will hurt your profit margins or even devalue your services. In reality, offering discounts can actually have several advantages that can benefit your business short and long term. Keep reading for four reasons why coupons are deeply connected to profits and how you can best utilize them.
Attract new customers
One of the best reasons to offer discounts is to help bring in new customers. No matter what your business is, consumers are always looking for a good deal; however, they’re not always looking to try something new. We’re creatures of habit after all. But if a coupon comes their way, potential customers are way more likely to try out your products or services. Adding an expiration date to your voucher can also help incentivize them to check you out ASAP.
With Captyn, you can create unlimited coupons for registrants, assigning them to individual sessions or offering them more widely. These can even be one-time or recurring. Who thought coupons could be as convenient for you as they are for the customer?
Increase sales
According to recent survey data, 96% of people admitted to searching for online coupons before completing a purchase. What’s more, 51% of respondents told researchers that they look for a coupon code almost every time they buy something online. When customers see that you are offering a discount, they may be more likely to choose your services over somebody else’s.
Coupons can also improve your bottom line by being a big relief on your advertising budget. With a good deal and quality service, word about your lower prices can spread to others with word-of-mouth advertising. It also just costs less to generate an online promo code than any printable alternatives. You can then promote those promo codes on your social media accounts and website for all to see.
While coupons can be crazy to keep track of, Captyn helps you keep organized, featuring custom reporting with billing categories for all of your financials. To entice consumers to attend a session that’s already in progress, you should also consider using Captyn to offer smart prorating. This way you can charge them the appropriate amount and get them hooked on your services as soon as you can!
Encourage repeat business
Discounts can also be a great way to encourage customers to keep coming back for more. By offering these to people who make repeat purchases or refer others to your business, you can show consumers that you appreciate their loyalty. With this in mind, you can use Captyn to set up automatic recurring credits or even scholarships to your participants. Gestures like these can help to build long-term relationships with your customers, so you’ll see a boost in your overall sales.
Build brand awareness
No matter what your business is, branding can be a powerful tool for establishing credibility, building a loyal following, and differentiating from the competition. Good branding can also get people talking. Did we mention how great word-of-mouth marketing can be? When customers see that you are offering great discounts, they could be more likely to share your products or services with others who may not have heard of you yet.
With strategic and thoughtful considerations (and a great platform), offering discounts can have several exciting advantages for business owners. From attracting new customers to building brand awareness to encouraging repeat business, coupons could ultimately be the key to your improved bottom line. Try out your coupons through Captyn today!
