Cross Promotion

digital mobile coupon

The Digital Mobile Coupon

Digital Coupons: Audience and Redemption Growing Rapidly

digital mobile coupon

“People engaging in digital offers is predicted to reach ~51 million next year, and with 10% redemption rates (paper coupons are 1%), marketers are actively deploying digital offers as a way to monetize mobile as the mobile industry continues to explode,” said TJ Person, CEO of Koupon Media.

Numerous benefits exist with digital coupons and as a result they  are quickly gaining acceptance, resulting in rapid redemption rates. Here are some of the advantages to using digital coupons and benefits to both businesses and consumers:

digital mobile coupon shoppingBenefits and Advantages for Digital Mobile Coupon Usage

  • Research conducted in October 2013 by eMarketer indicates that more than half of US adult internet users (102.5 million people) will redeem a digital coupon, for either online or offline shopping this year.
  • That number is up 11% over last year and the number of people redeeming is expected to keep increasing with the primary area of growth being the new mobile coupon user.
  • Digital coupons are a great way to engage the new user because you can provide a direct link to your products or services via the coupon.
  • Digital coupons not only afford your business more visibility, but they can also help the conversions on your website and/or increase traffic to your store.

 

Mobile is Key

The digital coupon has been around for years, but didn’t really take off until mobile devices became more commonplace. Mobile plays a significant part in digital couponing.

– This year, more than 28% of people who own a mobile device have redeemed a coupon and according to eMarketer, it is expected that one-third of all smartphone users ages 18 and up (42.1 million people) will use a coupon acquired on a mobile device –via an app, mobile internet, mobile barcode or SMS.

– The US smartphone coupon user base is up 40.9% this year, following 60.6% growth in 2012.

– The digital coupon is no longer about the price-conscious consumer. The recent recession and rapid adoption of the smartphone, have helped push digital coupons to a more diverse and mainstream market.

– The number of people who redeem digital coupons is only expected to grow as consumers ditch their paper coupons for the convenience of digital.

Catalyst

What’s fueling this growth? There are several key factors involved:

– For one as aforementioned, the increase in new smartphone users. The number of people who use iPhones, iPads and Android devices continues to grow at a phenomenal rate and is not expected to slow down any time soon.

– Another growth driver is the increasing popularity of new mobile apps and local deals from sites like Amazon Local and Groupon that feature discounted gift certificates to use at participating businesses locally and nationally.

– Lastly, and probably most notable is the growth coming from the integration of couponing into social networks.

Nowadays, businesses are using Facebook, Twitter and other social network sites to help their coupon offers go viral, giving marketers excellent opportunities to promote their products and sell digital coupons offering benefits such as discounts or free trials. They can give away the coupons to increase engagement and ROI.

This exposure for the products or services that you offer gives you the opportunity to capture the attention of a large audience of potential customers. Often times, advertising fails simply because people do not take the trouble to actively see or read the advertisement. Offering digital coupons is a way of putting the offer directly into the customer’s hands, customized by their interests, while also achieving your business objectives. The integration of digital coupons is sure way to arouse interest with your target audience.

How It Works: Redeeming Digital Coupons

The process is convenient and eco-friendly! You don’t need to print a coupon out on your computer to bring into a store for redemption. Instead, digital coupons and offers can be redeemed right from your mobile device. An increasing number of consumers are using smartphones to access and redeem coupons both online and in person. They are finding deals through a variety of channels, which include mobile apps and mobile browsers, social networks, email, SMS, barcode scanning, and push notifications.

digital mobile coupon

The best digital coupon applications out there are Apple’s Passbook® (available on iOS operating system iOS 6 and up) and Android’s version of the same app called PassWallet. These apps come standard on all smartphones running on these operating systems, meaning the app is already pre-loaded on from the date of purchase. According to ABI Research, that is equivalent to being active in over a billion smartphones worldwide! These apps are unique as they allows users to store multiple items such as digital coupons, boarding passes, movie and event tickets, retail store cards, gift cards, loyalty cards and other forms of mobile payment. They are all categorized and easy to use. All you need to do is scan a barcode from your smartphone or tablet to check in for a flight, enter a movie, use a gift card, redeem a digital coupon, and more. It’s that simple.

Another very innovative feature, that uses location notifications, can be implemented to target a who has your business’ digital coupon or offer stored in his/her Passbook and is nearby your location. Basically, their smartphone will vibrate or sound to notify them, passing along a gentle reminder that “hey, you have a deal near you.” Similarly, when your boarding pass is loaded in Passbook, and a flight is getting nearer, you will get a reminder notification when it’s nearing the time to board your flight.

For those with mobile devices not running iOS or Android, there is a solution. There’s a new mobile marketing platform available that allows you to create and send Passbook passes to phones that do not support Passbook or PassWallet app. This platform immediately detects if the mobile operating system supports Passbook and modifies accordingly, prompting user to download to view the pass in an HTML version on the landing page. The only feature lacking from this HTML version is the ability to provide location notifications.

Digital coupons are convenient, discreet, enable positive customer experiences, and are eco-friendly! Make them a part of your mobile and digital marketing strategy to give your business more exposure and help capture the attention of an expanded group of potential customers.

Statistical Source: eMarketer, Oct. 2013

cross-promote business

Cross-promote your business in the digital age

Doing Business Together Can Be a Win-Win Situation

cross-promote business

Cross-promotion campaigns have the potential for a big payoff. With the right partner and the right plan, you and your marketing partner can expand through each other’s customer base. Each of you effectively gain an inexpensive and credible introduction to potential new customers that might be difficult (or too expensive) to reach with solo efforts of networking, advertising, or marketing. Even the most time-pressed business owner can attract more customers with less effort through the right cross-promotions.

Teaming will generally be less expensive and more efficient in generating exposure than your solo efforts of networking and advertising. Cross-promoting can slash your marketing budget while doubling the impact.

An effective cross-promotion campaign can result in a big marketing payday for your business. But, for a cross-promotion campaign to work you must you join forces with another company with similar clientele and a reputation for providing quality products and service. You and your partner are, in effect, personally vouching for each other.

Cross-promotion marketing campaigns can be as simple as printing joint promotional messages on your receipts, offering discounts to customers who purchase products from you or your partner, co-producing in-store events, pooling mailing lists, sharing ad space or linking to each other’s blogs.

Credit card companies have become leaders in cross-promotion marketing strategies – often partnering with merchants that accept their cards as the preferred method of payment. (Think Visa as the preferred method of payment at the 2012 London Olympics.)

In any cross-promotional campaign, concerns about preserving your company’s core philosophy, brand image, and customer loyalty needs to be paramount. Choose your cross-promotion partners wisely. An ill-conceived cross promotion campaign can do irreparable damage to your brand. Your company’s reputation is on the line, so link up with a trustworthy business that offers something your business lacks, such as different or better resources or promising new markets.

Here are some strategies to help you choose the right cross promotion partner:

1.  Create a new market

Are your partner’s customers similar to yours? What type of customer do you want to attract? Make sure a prospective partner offers products and/or services that are compatible to those you offer. Avoid partnering with business with someone that has similar offerings. That business is your competitor. Be sure that the customers referred by your cross promotion partner are the customers you actually want to reach.

2.  Limit the number of partners and exposure

In cross-promoting you are potentially diluting your brand so be picky when choosing your partners. Start slowly. Test the waters with a small, short-term cross-promotion before investing a lot of money and time into any cross promotion campaign.

3.  Track your success

Establish some measurement tools to gauge your success (or lack of same). All promotions must be measurable and constantly monitored. Any cross-promotion campaign that’s not giving you the hoped for results should be quickly tweaked or even dropped.

Cross-promotional marketing isn’t that difficult and the payoff can be substantial but it requires meticulous planning in order to work to both yours and your partner’s advantage.

Using Digital Signage To Enhance Your Cross-Promotion Marketing

No platform is more suited for cross-promotion campaigns than digital signage – both in terms of impact and cost effectiveness. Digital signage is one of the most effective methods to increase your brand awareness using a content-friendly approach.

The use of in-store digital signage:

– Allows cross-promotion your products and services for up-selling and upgrades.
Provides a promotional channel to cross-promote value-added product and service packages at a lower advertising cost.
– Increases a product’s perceived value by rotating ads with other high-end brands to leverage your brand.

The use of digital signage has also proven to be a great enhancement and easy-to-use tool in cross-promotion campaigns, allowing you to cross-promote your products and brand by working in collaboration with alliances and partners to capture consumers’ attention and increase brand awareness to a new potential target market.

New cross-promotion opportunities now exist for non-competing brands to drive traffic to each others brands though the use of digital signage. By teaming up with local non-competing brands you can create brand awareness and new sales opportunities for your business in an entirely new target market.

Using digital signage as your platform does not change the rules for selecting your cross-promotion partner. Select a reputable company that offers compatible goods and services that you feel might interest your customers.