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Answer Upon - How to Put the Profit Producing Power of Couponing to Work for You
When making a decision managers need to take a lot of things into consideration. Accounting has a big impact on the manager’s decisions. In this article we will talk about inventory and capitalization policiesInventory PolicyIn business keeping inventory can be very complicated. Every company ought to do inventory on their products to assure that everything is in place and to keep track of their products to have a well-managed and functioning business. Inventory is tangible property held for sale, or materials used in a production process to make a product. There are two types of inventory systems perpetual inventory systems that keep continuous records of the cost and amount of inventory on hand and what has been sold at the time of sale on a day-to-day basis. The periodic inventory system is the amount of inventory or cost of goods sold that cannot be found on a continuous ba
TIP#8...MAKE EFFECTIVE USE OF THE 18 MOST POWERFUL WORDS IN ADVERTISING.
* free, now, new, how to, save, guarantee, money, easy, simple, you, proven, love, results, discovery, fast, amazing, sex, profit.
TIP#9...ALWAYS UP-SELL.
* Offer extras when a customer requests information or places an order. Always suggest related items. Point out the added features and benefits of a higher priced item and then show the customer specifically how these features will make his life easier, safer, etc.
TIP#10...SPREAD YOUR SPECIALS AROUND--CONSIDER THE TRAFFIC PATTERN IN A RETAIL STORE.
* Set up product displays so that you force your customer to walk the entire expanse of your store. Your "impulse" buys will increase dramatically when you expose your customer to more products by well planned placement of "sale items".
TIP#11...CAPTURE YOUR CUSTOMERS NAME, ADDRESS, AND TELEPHONE NUMBER. DEVELOP AN IN-HOUSE MAILING LIST FOR ON-GOING DIRECT MARKETING USE.
* Your customer list represents your most valuable asset. Your greatest potential for sales and profits lies in the customer database. To ignore this potential is pure folly.
TIP#12...DON'T STOP AFTER THE SALE.
* Create a planned program of continuous follow-up to your customer list.
* Use ride-alongs, invoice stuffers, new catalogs, new product brochures, special sale flyer
First was the telephone. Once Alexander Graham Bell got it working, it spread like the southern kudzu vine. In less than two years after the first "Watson, come here I need you" conversation, there were enough telephones for a "central office" and someone to connect and disconnect the callers (1878).The fastest growing of the new Bells was the New Haven Telephone Company (Connecticut) There were enough people "on line" to cause them to publish a little white card with the names of all 50 subscribers. The headings were divided into four sections:residential, professional, miscellaneous and essential service listings. Thus, the first telephone "book"Early directories only listed names; numbers were not needed because operators made the connections for each caller.In 1886, when Reuben H. Donnelley established the first classified telephone directory advertising, he helped create an
Because coupons "pull in the business" they have gained remarkable acceptance and popularity among astute marketing managers. A simple explanation for their acceptance by advertisers is their overwhelming acceptance and use by the consuming public. In fact, Advertising Age (the Bible of the advertising industry) reports that 87% of all shoppers use coupons.
Another independent marketing research firm, the A.C. Nielson Co., reveals that 95% of all shoppers like coupons. And 60% actively look for coupons.
A recent article in the Wall Street Journal entitled, "In a Pinch, Snip.", states that coupon use rises, as the economy in any given area slides. 54% of shoppers surveyed said they had already stepped up use of coupons, and even more are expected to do so.
It's very easy to see why coupon advertising is sweeping the country. Regular use of good couponing strategy will provide a steady stream of new customers and high quality sales leads.
Savvy marketers cite these reasons for heavy reliance on couponing:
A. Coupons have the effect of expanding or increasing your market area. We know that consumers will travel far to redeem a valuable coupon.
B. Coupons will entice new customers that have been shopping at your competitor. It's a proven fact that consumers will break routine shopping patterns to take advantage of a good coupon offer.
C. Coupons attract new residents when they are actively in the market for products and services.
D. Coupons will re-activate old customers. Those customers that have been lured away by your competitor will start buying from you again when you give them a good reason to do so.
E. Coupon advertising provides the opportunity for additional profits through sale of related items. (Business owners often forget this.) When you offer a special "deal" on a coupon to invite a customer to do business with you, you have to remember that this same customer will probably end up buying additional items that carry a full profit margin.
In addition, you also are being given the opportunity to "sell-up" to a more profitable product or service. You would not have had this opportunity had it not been for the coupon getting the customer through the door in the first place.
F. Coupons build store traffic which results in additional impulse purchases.
G. Coupons are measurable and accountable Don't overlook that couponing is the most measurable and accountable form of promotion.
It's simply a matter of counting the number of coupons redeemed to judge the effectiveness of the offer. Wise use of this consumer feedback will guide you in creating future offers that improve your results.
Understand that the media delivering the coupon has very little to do with the response. Publications simply deliver your offer to a specific audience. It's up to you to determine what offer produces the best response from that audience. You do this through methodically testing various offers. Savvy use of this "coupon testing" technique will give you the specific knowledge you require to greatly improve all of your advertising response, your sales, and your profits.
How do you go about creating a coupon promotion that will work for YOU? Here's what I like to call...
THOM'S TWELVE TIPS FOR EFFECTIVE COUPONING:
TIP#1...MAKE A SOLID OFFER!
* OFFER DISCOUNTS..."$50.00 OFF!", "60% OFF!", (percentage discounts are only good when they are high percentages and the value of the product or service is well known.)Dollars Off discounts work best.
* OFFER BONUSES..."Buy One/Get One Free!", or "2 Free with Each Case Ordered!", "Free Batteries When You Buy One Super Flashlight", or "Free Drop Cloth with Each Gallon of Super Paint", etc.
* OFFER PREMIUMS...Offer premiums for a presentation, for a trial order, for a subscription, for a demonstration, for a new customer referral, for an order amounting to $xxx or larger", etc.
* OFFER FREE INFORMATION..."FREE booklet", "FREE brochure", "FREE estimate", "FREE details", "FREE samples", "FREE trial", "FREE consultation", "FREE quote", etc.
TIP#2....USE BOLD, COMMANDING AND SPECIFIC HEADLINES!
* "Save $50.00 on Any Portable TV....This Month Only!"
* "FREE BROCHURE...'Beauty Secrets for Career Woman'!"
* "Free Catalog Saves YOU 70% on Office Supplies!"
* "Rent Two NEW RELEASE Video Movies--Get One FREE!"
* "Buy One Dinner Entree--Get One FREE!"
* "Buy Five Cases of Copier Paper--Get the Sixth Case Absolutely Free!"
TIP#3...USE LINE ILLUSTRATIONS OR PHOTOGRAPHS.
* Illustrations work best when you show products in-use.
* Illustrations enhance credibility, aid understanding, and create desire.
TIP#4...USE YOUR LOGO IN YOUR COUPON.
* Use of logo: builds company identity and awareness (branding) in the marketplace, enhances your image, lends credibility to your offer, and improves response.
TIP #5....MAKE EFFECTIVE USE OF WHITE SPACE.
* Don't clutter. Don't cram.
TIP#5...SELL THE BENEFITS.
* Save time, save money, increase profits, protect your family, improve your standard of living, be happier, improve your health, increase your income, increase your comfort, more convenient.
TIP#7....APPEAL TO THE SELF-INTEREST OF YOUR CUSTOMER.
* Your customer is only interested in what you can do for him or her. Your customer will only buy the benefits-of-use of your product or service. Let me say that again...your customer is only interested in the benefits of use of your product....not the product itself.
TIP#8...MAKE EFFECTIVE USE OF THE 18 MOST POWERFUL WORDS IN ADVERTISING.
* free, now, new, how to, save, guarantee, money, easy, simple, you, proven, love, results, discovery, fast, amazing, sex, profit.
TIP#9...ALWAYS UP-SELL.
* Offer extras when a customer requests information or places an order. Always suggest related items. Point out the added features and benefits of a higher priced item and then show the customer specifically how these features will make his life easier, safer, etc.
TIP#10...SPREAD YOUR SPECIALS AROUND--CONSIDER THE TRAFFIC PATTERN IN A RETAIL STORE.
* Set up product displays so that you force your customer to walk the entire expanse of your store. Your "impulse" buys will increase dramatically when you expose your customer to more products by well planned placement of "sale items".
TIP#11...CAPTURE YOUR CUSTOMERS NAME, ADDRESS, AND TELEPHONE NUMBER. DEVELOP AN IN-HOUSE MAILING LIST FOR ON-GOING DIRECT MARKETING USE.
* Your customer list represents your most valuable asset. Your greatest potential for sales and profits lies in the customer database. To ignore this potential is pure folly.
TIP#12...DON'T STOP AFTER THE SALE.
* Create a planned program of continuous follow-up to your customer list.
* Use ride-alongs, invoice stuffers, new catalogs, new product brochures, special sale flyer
My grandmother has always taken an interest in my personal and professional undertakings but I was still surprised when she expressed the desire to learn more about my job as a merchant account manager (not exactly a titillating position). During the course of our discussion, I explained that we generally charge between 1.5% and 1.75% for retail transactions (depending on the type of card) and over 2% for Internet and MOTO (mail order telephone order) transactions. My grandmother shook her head in disbelief and immediately determined that these fees “were too high.” “Andy, she exclaimed, “You’re making 2% profit on each transaction! How much is enough?”It was time to give Grandma the abbreviated course, Merchant Accounts 101. I explained that our company, indeed all processing banks, are governed by interchange rates – uniform rates that Visa and Mastercard charge their member banks. The
C. Coupons attract new residents when they are actively in the market for products and services.
D. Coupons will re-activate old customers. Those customers that have been lured away by your competitor will start buying from you again when you give them a good reason to do so.
E. Coupon advertising provides the opportunity for additional profits through sale of related items. (Business owners often forget this.) When you offer a special "deal" on a coupon to invite a customer to do business with you, you have to remember that this same customer will probably end up buying additional items that carry a full profit margin.
In addition, you also are being given the opportunity to "sell-up" to a more profitable product or service. You would not have had this opportunity had it not been for the coupon getting the customer through the door in the first place.
F. Coupons build store traffic which results in additional impulse purchases.
G. Coupons are measurable and accountable Don't overlook that couponing is the most measurable and accountable form of promotion.
It's simply a matter of counting the number of coupons redeemed to judge the effectiveness of the offer. Wise use of this consumer feedback will guide you in creating future offers that improve your results.
Understand that the media delivering the coupon has very little to do with the response. Publications simply deliver your offer to a specific audience. It's up to you to determine what offer produces the best response from that audience. You do this through methodically testing various offers. Savvy use of this "coupon testing" technique will give you the specific knowledge you require to greatly improve all of your advertising response, your sales, and your profits.
How do you go about creating a coupon promotion that will work for YOU? Here's what I like to call...
THOM'S TWELVE TIPS FOR EFFECTIVE COUPONING:
TIP#1...MAKE A SOLID OFFER!
* OFFER DISCOUNTS..."$50.00 OFF!", "60% OFF!", (percentage discounts are only good when they are high percentages and the value of the product or service is well known.)Dollars Off discounts work best.
* OFFER BONUSES..."Buy One/Get One Free!", or "2 Free with Each Case Ordered!", "Free Batteries When You Buy One Super Flashlight", or "Free Drop Cloth with Each Gallon of Super Paint", etc.
* OFFER PREMIUMS...Offer premiums for a presentation, for a trial order, for a subscription, for a demonstration, for a new customer referral, for an order amounting to $xxx or larger", etc.
* OFFER FREE INFORMATION..."FREE booklet", "FREE brochure", "FREE estimate", "FREE details", "FREE samples", "FREE trial", "FREE consultation", "FREE quote", etc.
TIP#2....USE BOLD, COMMANDING AND SPECIFIC HEADLINES!
* "Save $50.00 on Any Portable TV....This Month Only!"
* "FREE BROCHURE...'Beauty Secrets for Career Woman'!"
* "Free Catalog Saves YOU 70% on Office Supplies!"
* "Rent Two NEW RELEASE Video Movies--Get One FREE!"
* "Buy One Dinner Entree--Get One FREE!"
* "Buy Five Cases of Copier Paper--Get the Sixth Case Absolutely Free!"
TIP#3...USE LINE ILLUSTRATIONS OR PHOTOGRAPHS.
* Illustrations work best when you show products in-use.
* Illustrations enhance credibility, aid understanding, and create desire.
TIP#4...USE YOUR LOGO IN YOUR COUPON.
* Use of logo: builds company identity and awareness (branding) in the marketplace, enhances your image, lends credibility to your offer, and improves response.
TIP #5....MAKE EFFECTIVE USE OF WHITE SPACE.
* Don't clutter. Don't cram.
TIP#5...SELL THE BENEFITS.
* Save time, save money, increase profits, protect your family, improve your standard of living, be happier, improve your health, increase your income, increase your comfort, more convenient.
TIP#7....APPEAL TO THE SELF-INTEREST OF YOUR CUSTOMER.
* Your customer is only interested in what you can do for him or her. Your customer will only buy the benefits-of-use of your product or service. Let me say that again...your customer is only interested in the benefits of use of your product....not the product itself.
TIP#8...MAKE EFFECTIVE USE OF THE 18 MOST POWERFUL WORDS IN ADVERTISING.
* free, now, new, how to, save, guarantee, money, easy, simple, you, proven, love, results, discovery, fast, amazing, sex, profit.
TIP#9...ALWAYS UP-SELL.
* Offer extras when a customer requests information or places an order. Always suggest related items. Point out the added features and benefits of a higher priced item and then show the customer specifically how these features will make his life easier, safer, etc.
TIP#10...SPREAD YOUR SPECIALS AROUND--CONSIDER THE TRAFFIC PATTERN IN A RETAIL STORE.
* Set up product displays so that you force your customer to walk the entire expanse of your store. Your "impulse" buys will increase dramatically when you expose your customer to more products by well planned placement of "sale items".
TIP#11...CAPTURE YOUR CUSTOMERS NAME, ADDRESS, AND TELEPHONE NUMBER. DEVELOP AN IN-HOUSE MAILING LIST FOR ON-GOING DIRECT MARKETING USE.
* Your customer list represents your most valuable asset. Your greatest potential for sales and profits lies in the customer database. To ignore this potential is pure folly.
TIP#12...DON'T STOP AFTER THE SALE.
* Create a planned program of continuous follow-up to your customer list.
* Use ride-alongs, invoice stuffers, new catalogs, new product brochures, special sale flyer
There seems to be a well drawn line between the supporters and skeptics of Six Sigma Training. On one side companies will praise the profits they have made. However, to the skeptics, they don’t believe it is possible for one type of solution to apply to all the different types of business models.There are many companies that have had high hopes for Six Sigma. These companies often spend large amounts of money and resources on Six Sigma training only to have their dreams shattered. The money was spent, but the profits never came. Scratching their heads they often conclude that Six Sigma is a flawed methodology.The FlawsSix Sigma is certainly not a miracle drug that will transform your company into a powerhouse. Plain and simple, if you do not have 100% support from your company’s leadership… your implementation will either “fall short” or fail completely.Six Sigma can
How do you go about creating a coupon promotion that will work for YOU? Here's what I like to call...
THOM'S TWELVE TIPS FOR EFFECTIVE COUPONING:
TIP#1...MAKE A SOLID OFFER!
* OFFER DISCOUNTS..."$50.00 OFF!", "60% OFF!", (percentage discounts are only good when they are high percentages and the value of the product or service is well known.)Dollars Off discounts work best.
* OFFER BONUSES..."Buy One/Get One Free!", or "2 Free with Each Case Ordered!", "Free Batteries When You Buy One Super Flashlight", or "Free Drop Cloth with Each Gallon of Super Paint", etc.
* OFFER PREMIUMS...Offer premiums for a presentation, for a trial order, for a subscription, for a demonstration, for a new customer referral, for an order amounting to $xxx or larger", etc.
* OFFER FREE INFORMATION..."FREE booklet", "FREE brochure", "FREE estimate", "FREE details", "FREE samples", "FREE trial", "FREE consultation", "FREE quote", etc.
TIP#2....USE BOLD, COMMANDING AND SPECIFIC HEADLINES!
* "Save $50.00 on Any Portable TV....This Month Only!"
* "FREE BROCHURE...'Beauty Secrets for Career Woman'!"
* "Free Catalog Saves YOU 70% on Office Supplies!"
* "Rent Two NEW RELEASE Video Movies--Get One FREE!"
* "Buy One Dinner Entree--Get One FREE!"
* "Buy Five Cases of Copier Paper--Get the Sixth Case Absolutely Free!"
TIP#3...USE LINE ILLUSTRATIONS OR PHOTOGRAPHS.
* Illustrations work best when you show products in-use.
* Illustrations enhance credibility, aid understanding, and create desire.
TIP#4...USE YOUR LOGO IN YOUR COUPON.
* Use of logo: builds company identity and awareness (branding) in the marketplace, enhances your image, lends credibility to your offer, and improves response.
TIP #5....MAKE EFFECTIVE USE OF WHITE SPACE.
* Don't clutter. Don't cram.
TIP#5...SELL THE BENEFITS.
* Save time, save money, increase profits, protect your family, improve your standard of living, be happier, improve your health, increase your income, increase your comfort, more convenient.
TIP#7....APPEAL TO THE SELF-INTEREST OF YOUR CUSTOMER.
* Your customer is only interested in what you can do for him or her. Your customer will only buy the benefits-of-use of your product or service. Let me say that again...your customer is only interested in the benefits of use of your product....not the product itself.
TIP#8...MAKE EFFECTIVE USE OF THE 18 MOST POWERFUL WORDS IN ADVERTISING.
* free, now, new, how to, save, guarantee, money, easy, simple, you, proven, love, results, discovery, fast, amazing, sex, profit.
TIP#9...ALWAYS UP-SELL.
* Offer extras when a customer requests information or places an order. Always suggest related items. Point out the added features and benefits of a higher priced item and then show the customer specifically how these features will make his life easier, safer, etc.
TIP#10...SPREAD YOUR SPECIALS AROUND--CONSIDER THE TRAFFIC PATTERN IN A RETAIL STORE.
* Set up product displays so that you force your customer to walk the entire expanse of your store. Your "impulse" buys will increase dramatically when you expose your customer to more products by well planned placement of "sale items".
TIP#11...CAPTURE YOUR CUSTOMERS NAME, ADDRESS, AND TELEPHONE NUMBER. DEVELOP AN IN-HOUSE MAILING LIST FOR ON-GOING DIRECT MARKETING USE.
* Your customer list represents your most valuable asset. Your greatest potential for sales and profits lies in the customer database. To ignore this potential is pure folly.
TIP#12...DON'T STOP AFTER THE SALE.
* Create a planned program of continuous follow-up to your customer list.
* Use ride-alongs, invoice stuffers, new catalogs, new product brochures, special sale flyer
Don’t think you stand a chance of getting that dream job everyone else is going for?Think it’ll probably go to some hugely qualified ubergeek with every qualification under the sun and more experience?Guess again!Here’s a little known fact about why you can beat superior competition to the interview and even the job offer – want to know why?Employers want the most suitable candidate who can do the job they need done their way and contribute most effectively to their bottom line!Being able to do this, that and the other is great but being able to adapt your skills at doing this, that and the other to the specific needs of an organisation and make it that everything you do contributes to a company’s bottom line is infinitely better.Get inside the head of the person recruiting for the role for a moment. They want the right skills, they want some decent experienc
* "Save $50.00 on Any Portable TV....This Month Only!"
* "FREE BROCHURE...'Beauty Secrets for Career Woman'!"
* "Free Catalog Saves YOU 70% on Office Supplies!"
* "Rent Two NEW RELEASE Video Movies--Get One FREE!"
* "Buy One Dinner Entree--Get One FREE!"
* "Buy Five Cases of Copier Paper--Get the Sixth Case Absolutely Free!"
TIP#3...USE LINE ILLUSTRATIONS OR PHOTOGRAPHS.
* Illustrations work best when you show products in-use.
* Illustrations enhance credibility, aid understanding, and create desire.
TIP#4...USE YOUR LOGO IN YOUR COUPON.
* Use of logo: builds company identity and awareness (branding) in the marketplace, enhances your image, lends credibility to your offer, and improves response.
TIP #5....MAKE EFFECTIVE USE OF WHITE SPACE.
* Don't clutter. Don't cram.
TIP#5...SELL THE BENEFITS.
* Save time, save money, increase profits, protect your family, improve your standard of living, be happier, improve your health, increase your income, increase your comfort, more convenient.
TIP#7....APPEAL TO THE SELF-INTEREST OF YOUR CUSTOMER.
* Your customer is only interested in what you can do for him or her. Your customer will only buy the benefits-of-use of your product or service. Let me say that again...your customer is only interested in the benefits of use of your product....not the product itself.
TIP#8...MAKE EFFECTIVE USE OF THE 18 MOST POWERFUL WORDS IN ADVERTISING.
* free, now, new, how to, save, guarantee, money, easy, simple, you, proven, love, results, discovery, fast, amazing, sex, profit.
TIP#9...ALWAYS UP-SELL.
* Offer extras when a customer requests information or places an order. Always suggest related items. Point out the added features and benefits of a higher priced item and then show the customer specifically how these features will make his life easier, safer, etc.
TIP#10...SPREAD YOUR SPECIALS AROUND--CONSIDER THE TRAFFIC PATTERN IN A RETAIL STORE.
* Set up product displays so that you force your customer to walk the entire expanse of your store. Your "impulse" buys will increase dramatically when you expose your customer to more products by well planned placement of "sale items".
TIP#11...CAPTURE YOUR CUSTOMERS NAME, ADDRESS, AND TELEPHONE NUMBER. DEVELOP AN IN-HOUSE MAILING LIST FOR ON-GOING DIRECT MARKETING USE.
* Your customer list represents your most valuable asset. Your greatest potential for sales and profits lies in the customer database. To ignore this potential is pure folly.
TIP#12...DON'T STOP AFTER THE SALE.
* Create a planned program of continuous follow-up to your customer list.
* Use ride-alongs, invoice stuffers, new catalogs, new product brochures, special sale flyer
Many home based travel agents do not know the advantages of a coastal vacation call center. These entrepreneurs who operate a travel agent business rely on themselves or family members to handle sales calls and close the deals. Many of these people lack sales or marketing experience. This lack of knowledge often contributes to the failure of many home based businesses.Employees of a coastal vacation call center train to assist customers seeking great deals on family vacation packages. The employees speak to customers refereed by the owner of the travel agent business. The employees answer any questions, handle objections and close the sale for the owner of the travel agent business.Some who own a travel agent business do not use a coastal vacation call center because they fear the call center representatives will steal their business. The sales representatives at the coastal vacation ca
TIP#8...MAKE EFFECTIVE USE OF THE 18 MOST POWERFUL WORDS IN ADVERTISING.
* free, now, new, how to, save, guarantee, money, easy, simple, you, proven, love, results, discovery, fast, amazing, sex, profit.
TIP#9...ALWAYS UP-SELL.
* Offer extras when a customer requests information or places an order. Always suggest related items. Point out the added features and benefits of a higher priced item and then show the customer specifically how these features will make his life easier, safer, etc.
TIP#10...SPREAD YOUR SPECIALS AROUND--CONSIDER THE TRAFFIC PATTERN IN A RETAIL STORE.
* Set up product displays so that you force your customer to walk the entire expanse of your store. Your "impulse" buys will increase dramatically when you expose your customer to more products by well planned placement of "sale items".
TIP#11...CAPTURE YOUR CUSTOMERS NAME, ADDRESS, AND TELEPHONE NUMBER. DEVELOP AN IN-HOUSE MAILING LIST FOR ON-GOING DIRECT MARKETING USE.
* Your customer list represents your most valuable asset. Your greatest potential for sales and profits lies in the customer database. To ignore this potential is pure folly.
TIP#12...DON'T STOP AFTER THE SALE.
* Create a planned program of continuous follow-up to your customer list.
* Use ride-alongs, invoice stuffers, new catalogs, new product brochures, special sale flyers, preferred customer sales and discounts, customer appreciation events, more coupons. Keep your customers coming back to YOU!
© Copyright 2005 Thom Reece
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