One of my favorite newsletters is from Retail Specialist, Rick Segal. The following is quoted from Rick Segal with his permission:
“There has been some rather dramatic marketing news this week. A report was released by the Promotional Marketing Association that further reinforces a tool that many of us both love and hate and has been a topic for discussion in the column many times before. The topic is the use of Coupons. The use by marketers and the redemption rate is exploding due to the recession. Use by businesses has increased by 179% and that really only represents big businesses. The redemption rate is even greater when counting smaller businesses–it was a staggering 209%.
I have always believed in coupons as a powerful vehicle but numbers like this make it an almost mandatory strategy to use. Just make sure that you are delivering real value in your coupons. Make it good enough that you would be motivated to read and use.
The next tip I want to share is The Bounty in Bundling: How many bundles of merchandise are you offering your customers today? Do you have 2-fers, 3-fers, Buy one and get the second one for a dollar, or the second one is half price. I could go on and on but you get the idea.
Very few business owners ever complain about reducing the price when they are selling multiple items. Now take that to the next level– brand the package. Yes, give it a name, an identity, or something that adds a sense of value in the mind of the consumer. These can be called names such as “the Buyers Best”, “the Smart Shopper’s Choice”, “The Offer you can’t refuse”, ” The Gambler’s Choice”, “the Special Incentive Package”, The Value Pack”, “Only the best package”, “the Collection”, or “Our Signature Collection Collection”.
By doing that, it adds additional value. We have to make offers so good that the customer can’t refuse. It comes down to the Power of Packaging. Here is one other idea that we often overlook. Did you ever think of printing out a one page “Treasure Map Of Savings.” Make it look like a little booklet of savings. The way you do that is by simply using a standard size 8 ½” by 11″ sheet of paper and folding it in the middle to make an 8 ½” by 5 ½” booklet looking piece. Microsoft Word has plenty of templates that automatically set it up for you.
Lastly, I want to share some of the best ad words and phrases that have ever been written. I hope this helps.
- Secrets of
- At last
- Advice to
- The truth of
- Here is the
- Do you
- Don’t hate yourself
- How much
- How would
- This is
- Free (not in the copy)
- How to “