Promotional vouchers are an essential way to improve the bottom line of any business, and they are especially good at encouraging new customers to visit your farm shop.
They don’t just generate additional sales but they attract new customers and bring back old ones. They are a key part of any marketing mix.
The big advantage that promotional vouchers have over ANY other marketing activity is that they only cost you money AFTER you get a sale. All other promotional channels make you pay up front regardless of the results.
Here’s 4 ways that successful businesses are using promotional vouchers to grow their sales and profits in 2021.
- They use Promotional vouchers to drive customers to their business, who then buy, other, higher margin products, for example in a restaurant this could be a better bottle of wine.
- They use Promotional vouchers to attract new customers into their business. Customers who otherwise wouldn’t have bought from them.
They use the promotion as a way to begin long-term relationships with their new customers through social media, email and follow up promotions. - They use Promotional vouchers to encourage customers who haven’t visited for a while to come back to their business.
- They use Promotional vouchers to launch new businesses or product lines.
In 2017 a series of voucher promotions I was involved with generated over €700,000 of sales for a newly launched restaurant., setting them on their way to becoming one of their area’s largest and most successful hospitality businesses.
On average a “Daily Deal” brings in 46 new customers worth £3,330 euro and that’s just the voucher value. Many of these happy customers will have spent more on higher margin products and some will become loyal repeat customers.
In the UK More than 100 million Promotional Meals were claimed as a result of a £5 Discount
If you have any doubt about the power of promotional discounts you just need to look at the UK Governments Eat Out To Help Out (EOHO) scheme.
Designed to help restaurants bounce back from the Covid lockdown, it offered customers of participating restaurants a 50% discount on up to £10 of their food and soft drinks bill.
It only applied on restaurant quiet days, Monday to Wednesday and ran for just a month from 3rd to the 31st of August 2020 and in that time more than 100 million Promotional Meals were claimed.
On the final day, 31st of August 2020, bookings were up 216% compared to the same day of 2019 according to OpenTable.
According to lumina intelligence’s “weekly hospitality leaders poll” some 80% of restaurant pub and bar operators report that the scheme was a success the majority of businesses asked 71% said they would like to see the government scheme repeated again in the future.
Here’s the numbers demonstrating the importance of promotional Vouchers.
Promotional vouchers create win-win scenarios for shoppers who save money and retailers who grow their sales.
Small businesses estimate 17.7 percent of their total comes from promotions such as discount deals, daily deals, vouchers, or similar offers.
- 89% of millennial consumers would try a new brand if offered a voucher.
- 51% of consumers prefer getting vouchers and discounts on their mobile devices.
- 59% of consumers turn to voucher websites like CoolDeals for deals.
- 68% of consumers believe that digital vouchers generate loyalty
- Online voucher users spend 24% more than regular shoppers.
- 69% of consumers love receiving vouchers.
- 93% of millennials use their smartphones to compare prices and look for vouchers
- 91% of buyers who redeem vouchers say they’d visit the same retailers again if they enjoyed the experience
And did you know that Promotional Vouchers make people happy?
A study carried out by Dr. Paul J. Zak, professor of neuroeconomics at Claremont Graduate University, looked at the neurologic effects of what really happens when people get a voucher
The scientific research, says the report, shows that oxytocin, a hormone that is directly related to love and happiness, spiked when people were given a $10 voucher.
Measures of the heart, skin, and breathing of those who were given the discounts showed:
- 38% increase in oxytocin
- 32% decrease in respiration
- 11% increase in overall happiness
- 5% increase in heart rate
The Bottom line – Promotional Vouchers are an efficient way to launch or grow your business.
There’s no doubt that any business will perform better and grow faster when they offer promotional vouchers. The key to success is to partner with an experienced provider you can help you develop the best strategy for your business.
Easy Farm shop offers you an easy way to create vouchers and publicise them on your web listing. If you have a monthly subscription you can add vouchers at no additional cost. If you don’t then you can run a voucher promotion for a small one-off cost.
Sources: Retailmenot, illumina, BIA/Kelsey, OpenTable, Statista, Dr. Paul J. Zak, CoolDeals sales data.