Coupons are everywhere. Is your business using them effectively to pull in customers and build repeat business?

Include Coupons with Your Product

Papa Murphy’s pizza always includes a coupon with their product for a couple of dollars off the next order. They don’t have to pay for mailings or fliers. They piggy back their coupon on the product they know you’ll love and thus target their most easy prospects for a repeat purchase.

Are you promoting your business in the moment your customers are most satisfied with your product?

Sense of Urgency

Last year we had a team event at a bowling alley here in Austin. At the end of the day, our host gave us several gift cards for free games. Each of these gift cards expired in 30 days.

The deadline immediately makes people think not of if they will use the coupon, but when they will use it. Instead of just “the next time we go” the customer starts to think, “I’ll go next Friday.”

Leverage the Return Trip

Customers may return to your store for numerous reasons. After Christmas is a busy shopping time as people head back to stores to return merchandise they didn’t really want. Fresh with a store credit or cash in hand, they are primed to spend that money with you.

Every time I go to Border’s bookstore, my receipt has some kind of coupon attached. When I get that receipt I immediately think of which book I need or want to buy next.

Coupons can trigger your customers’ imagination of what they can buy from you.

Customers Will Spend More

Coupons encourage customers to spend money. Period. Even if the discount or gift card is for a significant portion of the product’s price, customers will likely pick up other items or spend more money with you during the same visit.

Coupons and Loyalty

Coupons aren’t just for attracting new customers. Like these examples show, coupons can encourage repeat business from your current customer base. Help instill the habit of shopping with you and that customer will become a long-term customer.

Fear in the marketplace influences your customers and how they do business with you.

Economic challenges and failing companies have been been in the headlines recently. This news can play mind games with your customers. They will rethink their past decisions and wonder if you will be around in the future to support them.

I’ve talked before about how to reassure customers when there are tough times at your company.

Today’s environment necessitates that you reassure customers even if you are doing great.

Communication is Key

The saying “no news is good news” isn’t enough to maintain your customers’ confidence in you.

Financial and insurance company, USAA recently sent out a message to proactively ease their customers’ minds.

The recent turmoil in the markets and news about many of the largest banking, investing, and insurance firms in the nation can make even the most seasoned investor anxious. Even in the midst of this turmoil, USAA remains strong and stands ready to serve your financial needs.

USAA’s financial strength is built on a history of prudent lending and investing practices, even in the toughest stock markets and catastrophe years. Our association is profitable, and our net worth continues to grow.

We believe having a long-term, diversified financial strategy will help you weather this crisis. Our advisors remain ready to help you reach your goals and secure your family’s future.

This message gives clarity to how USAA is different from the failing companies headlining the news.

Reassure Customers

Your customers may be worried about you right now. How can you ease their minds?

If you are truly prepared for trouble and are built on solid foundation, you have nothing to fear by honestly communicating to your customers what they can expect from you.

I went to the Apple store the other day to check out the new Macbooks. My wife wanted me to pick up an accessory for her iPod while I was there (sure thing, honey!).

After I played with the new Macbook a little, I found the iPod accessory I needed, grabbed it off the shelf, and turned around, ready to purchase.

I was lost. I didn’t know where to go.

There are no traditional registers in the store. I saw other customers sitting and waiting. I’m not sure for what.

I didn’t know if I should speak to the Apple store people in the blue t-shirts or the orange ones.

There were no clear lines.

No clear way for me to buy my selection.

I got frustrated and returned the accessory to the shelf. I turned and walked out of the store.

We ended up picking up what we needed on a subsequent visit to Target.

So how did the Apple store lose my business?

I had the product in hand. I wanted to buy. I was even willing to wait if only I knew how and where.

The Apple store is so in love with design and being different that they broke the social norms of shopping. In so doing, they risk introducing confusion to shoppers and losing money.

So now, I view the Apple Store as a “try it before you buy it” place, meaning I most likely will buy it somewhere else.

Apple still makes their money even if it doesn’t all come through their retail stores. Nevertheless, chances are, you’re not Apple. You need to convert those prospects to customers because there probably isn’t a backup to catch their money in some other venue.

Think about how you service your customers. They want to spend their money with you. Are there barriers in their way to spending money with you? Remove them and watch the cash flow.