Why Coupons Matter For Your Business

Believe me, they do.

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by Shane Hostetler in Building Your Local Business
Business Owner Advertising Local

Why do coupons matter? Quite simply, the world has changed and marketing has changed along with it. With the explosion of the internet, big box stores, increased education and choice, consumers have gotten sharper.

It used to be that when a local business opens their doors, they were one of two places to buy a widget or a vacuum cleaner, or car. As a result, they got all the business from that community.

Now people can buy from anyone, anywhere in the world. The web has made the world much smaller, and markets more competitive. You need an edge for your business, and coupons will give you that.

How? Coupons work because they increase the value of a product. If I have a brand of toothpaste that I like, that brand has won me over. If all factors were equal (price, quality, ease of purchase, etc.) I would choose that brand. But a coupon changes things. If I get a coupon for my favorite brand, then it’s a no brainer, I’m buying. But if a new or different brand introduces a coupon to me, the new toothpaste’s value just went up in my mind.

 I like the other one, but this one has a coupon. I think I’ll give it a try. Now, insert a restaurant, auto repair shop, even a chiropractor, dentist, or plumber, into the above scenario. As a consumer, I want value wherever I shop. I want to feel like I got a “deal” – I don’t want to be that guy who paid double what the last person paid.

Simply put, coupons create additional value.

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