Saving isn’t Just About Clipping Coupons
Caitlin Mota / November 2014
We’ve all heard about those people that spend hours a day sifting
through piles of circulars and clipping out every single coupon they
come across. Those who have become experts at “extreme
couponing” cash in big when they reach the register, many of them
buying hundreds of dollars worth or items for a very small fraction
of the price.
Hearing all of these stories encourages anyone to want to save a few
bucks. You take your shot at couponing, and as expected you are not
as successful as those you see on television. A little disappointed,
you head back home but are still satisfied knowing you didn’t break
your wallet.
On the drive home , you begin to think that well you didn’t have the outcome like those on television, you did still save quote a bit of money. it almost seems unreal how much you were able to save. Your local grocery store has an item on sale, and now on top of that you have a coupon the drops the price even further. It makes you wonder, “How does this company make any money?”
You put all of your items away when you get home. It’s been a long day; you relax by taking a hot shower and decide to try the new shampoo you bought at a bargain price. When you wake up in the morning, you realize you have no frizz and your hair looks healthier than ever before. Right away, you know there is no turning back to your old shampoo.
That’s exactly how these companies are making money. The purpose of coupons aren’t just to drive someone to buy a product while it’s on sale, companies want you to buy this product all the time. Are companies always successful by doing this? Of course not, but by trying the product the consumer becomes more likely to purchase the item, even if it’s not on sale.
So, how can small businesses cash in on customers looking for a bargain?
A popular way many companies are attracting new customers and clients is to create an account with Groupon or LivingSocial. These two websites offer goods or services at a fraction of the price.
For example, a fitness club offers their $100 monthly membership for $50 through Groupon. Here’s the catch: Groupon takes a chunk of the net profit for every gym membership that is sold. If your business is looking to make a quick profit, coupons and special promotions aren’t the way to go. Running specials, whether it be on Groupon or through other marketing material, allow you to create long-term clients by allowing them to try out your services for a fraction of the price. Gaining a dedicated client is far more valuable than creating quick venue.
With the holiday season upon us, lines at retail stores are expected to be out
the door. Thanksgiving and Black Friday sales continue to bring out more
customers looking to save on high end products. These sales, alone, don’t
generate revenue for businesses. Most cases, in order to see a profit,
businesses must sell insurance packages and company services along with
that laptop that goes out the door for $150.
While Black Friday sales aren’t about creating long term customers,
there is a great opportunity to sell your businesses services.
With today’s economy, creating happy and dedicated clients are the key to a
successful business. You cannot make your clients feel as though they are
just a paycheck for yourself. Creating a personal relationship will keep clients
coming back for more, bringing in more business and great reputation.
So if you’re looking for long term, satisfied clients, running specials is a
great way to establish yourself. Looking for quick profits will add a few
bucks to the bank, but ultimately don’t lead to a growth in business.
Keep your focus on satisfying clients, and the outcome of success
is guaranteed.
If you want to learn more about branding your business message or giving your business the right type of media exposure, give us a call at 201-725-3181. We are currently offering a free 30-minute phone consultation.
