Even the world’s richest men use coupons

There is no doubt that the COVID-19 pandemic has fundamentally changed the way businesses operate. Many retailers across the globe have closed doors, while some are slowly trying to reopen and survive. In the same way, the situation has also caused a major turn in the way consumers behave.
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There is no doubt that the COVID-19 pandemic has fundamentally changed the way businesses operate. Many retailers across the globe have closed doors, while some are slowly trying to reopen and survive. In the same way, the situation has also caused a major turn in the way consumers behave.
Businesses are operating differently; people are buying differently and even thinking differently. While the COVID-19 crisis continues, high stakes for businesses remain on the line, leaving the entrepreneurs on the edge of analysis paralysis.
Essentially, both are coming to terms when it comes to business-to-consumer relationship. As we continue to feel the impact of this deeply unsettling situation, coupons play a part in serving the interests of both parties.
In marketing, a coupon is a ticket that can be redeemed to purchase an item or avail a service at a discounted price. But how does it benefit the business and the consumer? Let’s break it down.

For the consumers

A lot of people prefer to buy products that are on sale or cost less than the original price.
If you have become a frugal shopper, it is so easy to save cash when shopping using coupons. And if you know how and where to get coupons in huge numbers, the bigger the savings. But if you are too embarrassed to use the coupons and just throw them away instead of using them, then you do not get the discounts. Using coupons does not make one look cheap or poor.
Fun Fact: Many millionaires use coupons. Even the world’s richest men, Warren Buffet and Bill Gates have been spotted using coupons.
Coupons offer immediate value and savings. More importantly, the promotion or discount lasts for days, weeks, or even a month. So, if you do not have the time to go out and catch the limited sale, securing a coupon is what you should do.

For your business

Why are coupons good for your business? Offering coupons is essentially a form of marketing that helps you to boost your business and generate additional traffic by introducing new customers to your business.

Since many consumers are motivated to spend on products and services with discounts, coupons will drive them to your store. By offering great deals through coupons, it ensures the consumers can save money. As you continue to draw in more people to buy, word-of-mouth recommendations will help develop a brand image by boosting brand awareness. In the process, it can help your business make money too.

Fun Fact: When a coupon drives traffic to your store, these customers may then opt to buy other nondiscount products and services.

Compared to traditional marketing, coupon offers are easier to track. With a good marketing database, you can count the number of people who redeem a particular offer real-time.
It is safe to say that couponing serves both the consumers and the business. The more coupons, the bigger the savings it is for the former; the more consumers who redeem their coupons, the better mass exposure and bigger profit it is for the latter.
Using a coupon is a simple and easy way to save money on the grocery bill, personal hygiene, and other basic needs. It is not as complicated as many might think.
In times like these, consumers are adapting new habits and behaviors, so are the businesses around the world. People are looking at marketing through a brand new lens. It is time to push the consumers and businesses out of their normal routine.
So, if your question is if you should use coupons, then YES.

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