The lowly coupon, once the purview of elderly women clipping on a Sunday afternoon, is growing in online popularity. Although more than three-quarters of all coupon clipping is generated by newspaper print coupons and almost 25% of all clippers are aged 65 and older, the demographics and venue are starting to change.
New data, reported by Information Resources, Inc. (IRI) and Platform-A, AOL’s digital advertising unit, reveal that almost 40% of coupon clippers would use online coupons and that percentage rises to over 50% among 18-24 year olds. In fact, as one might expect, the older the respondent, the more likely to favour hard copy coupons over online coupons.
For example, 83% of those over 65 prefer newspaper coupons. This data should not be surprising since it seems to capture the influence of several trends taking place.
First, newspaper readership is declining. More and more people are getting their news from either television or the Internet. Secondly, as the economic downturn continues and people are squeezed to find ways to make less money stretcher further, the use of discounting devices fit well into those new strategies for economic security.
As an online retailer, this information can put a little bit of sunshine into the otherwise dreary reports of a decline in Internet sales, going into 2009. Having found this silver lining in the dark cloud, you need to be able to find a way to use the growing interest in coupons to your advantage. Here are a couple of possibilities.
1. When potential buyers visit your site, offer a sign up for money saving coupons via email. Follow through with the kind of discounts that work in your space. One of the best is the discount for quantity because you are encouraging additional purchases in exchange for the discount.
2. Register your coupons with a coupon clearinghouse website. Use the search word coupon and you will find dozens of coupon sites to choose from. Explore the traffic demographics, the contents of packages offered and the pricing available to decide whether or not it makes sense for you to participate. Remember that even if participation seems a bit pricey, you may find your products being advertised alongside major brands, garnering exposure that you may never otherwise achieve.
3. Send monthly time limited coupons to your subscribers list. It’s a great way to attract repeat sales and stabilise your turnover.
4. Offer seasonal coupons or end-of-line coupons to clear your seasonal or slow selling stock quicker.
The younger your target market, the more likely your coupon strategy is to succeed online.
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