Ever since Coca-Cola printed the first coupon in 1899, businesses have greatly benefited from the growth they bring. So much in fact, that coupons haven’t truly changed in over 120 years. The only significant difference between coupons today and coupons 50 years ago is the means in which they’re delivered and used.
A recent study found that 90% of consumers use coupons. This form of marketing is here to stay and has quickly learned to adapt to a digital world. By providing coupons through social media channels, franchise owners can – and should – be utilizing this promotional tool to reap the benefits they offer.
It’s important to remember that even though you own a franchise, you are a small business owner and social media coupons are a great way to get people through your doors without incurring a steep cost to your business. Here are the top three ways your franchise can benefit from social media coupons.
As a franchise owner, you already have exposure being tied to a large brand. Coupons are a great way to remind your customer base why your brand is loved by so many people across the nation and around the world. And while you do care about the love of your brand on a national level, boosting local love is more important to you as a franchise owner, and coupon promotion on social media is a great way to achieve it.
Coupons, particularly on social media, will help you grow your audience. When people find a great deal, they love to share it with friends. By creating digital coupons, the shareability factor amplifies and more people will come to your store to take advantage of the promotion. In fact, 28% of people will share social media coupons on their personal social channels.
Even if they’re not sharing the coupon through social media, 9 in 10 Americans said they would send it to close friends and family, which can either be done through a text or a direct message within the app. The locals sharing your coupon are getting it in front of their friends and family, many of whom are also locals waiting for a good reason to go into your store.
People are more likely to buy from a particular business when a friend recommends it to them. The person who redeemed and shared your deal with friends and family already has established enough trust with your store to encourage others to go. They’re now passing on that trust to their inner circle, which in turn gets more people through your door.
71% of consumers will follow a brand on social media that distributes digital coupons. The benefit here is two fold:
You will increase the reach of your business by having more people join your online community.
You’ll build loyalty with your customers since they’ll feel as though they’re part of an exclusive club.
Many businesses still send print coupons through mailers and newspapers, but digital coupons are becoming exponentially more popular. In 2019, 31 billion digital coupons were redeemed, which is nearly double the 16 billion redeemed in 2014.
By placing a coupon on a digital channel where people have to be part of your page in order to view it, it makes your customers feel as if they’re part of something exclusive. When people feel as if they have an “in” somewhere, they want to share that “inside knowledge” with others.
When your coupon is shared on social media, it gets people talking about your store, as well as the featured product or sale. People will be more likely to discuss the promoted product and how they enjoyed or benefited from it.
While you are discounting your product, coupons are still working hard in your favor. Not only do coupons bring more people into your store, 77% of consumers end up spending $10 – $50 more than intended.
The coupon incentivizes more people to come to your store where they know they’ll be getting a great deal. Psychologically, this drives people to spend more. Because they’re saving money on one item, they become more open to purchasing additional items.
Posting your coupon on social media helps to amplify your promotion and reduce advertising spend. Coupons help you showcase your products, whether it’s something that’s been loved by many for years, or a brand new offering.
The franchise you’re a part of gives you national and/or international name and product recognition, while the coupon gives you opportunities to connect with your local community on a more intimate level on social media. When your customers share your coupon, they’re sharing with an audience who is likely already familiar with your brand, eliminating the need to push a lot of money into advertising.
By running specific codes or promotions on your social media channels, your store will see a boost in traffic, both in follow count and in-store, higher profits, less advertising spend and more loyalty among customers. With such a simple execution and a low-cost to your business, this marketing tool is a no brainer for franchise owners.
Are you ready to start your social media strategy and engage with your local community?
Get in touch with us today to find out how imLabs can get you there.