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Should you coupon?
How often to coupon?
Let me share with you some thoughts and insights about couponing.
If we look at couponing in general, there are many people out there who want couponing, especially if you’re offering a course, an ebook. A lot of people these days want things for free.
You have to give certain things for free to attract the customer because you want either the opt-in, their email address, and then eventually, you build them up as a customer or client. It’s just a building block to continue to move forward. That’s all fine and dandy.
But what happens when you start getting a ton of people asking you for coupons?
Let’s say you have a course here, and people ask, “Hey, do you have a coupon? Can I get a coupon? Is there another deal or discount?”
What I found and discovered over the years is that some people buy straight out your product because they want it. There’s enough value packed into that product.
Other people are looking for a deal. These people are the right customers still to have, but they don’t mind the deal.
And then you have some coupon-heavy users. They only buy coupons. These are not always the best customers and clients to have.
You have these three levels, and of course, there are little in-between levels there as well. So, what you want to do is pack enough punch or value into your product or service to buy it.
But of course in things like Black Friday, Cyber Monday, New Year’s Special, Christmas Day — all those sales where you have a lot of stuff you compete for, you have to understand that you, yourself as a business,
the more that you coupon, the more that you’re training your customers to look for coupons and wait on their purchase for a coupon.
In my business, we don’t coupon all the time.
We offer discounts or promotions during the launch. That is typically the big thing.
Here and there, we’ll throw in some coupons. Especially for older customers. Customers that have been with us for a while to continue their education. To keep pushing them forward because they’ve already invested in us. So we’ll go ahead and invest in them.
But initially, the first time customers, to give them a coupon — I understand that sometimes you have to play to acquire that first customer or that first-time customer.
But if you’re training people to get coupons and discounts continually, you’re going to do yourself a disservice because then they’re just waiting for that coupon.
The one big issue I always find myself when buying things on discount
If I bought a software program that had a 30-day money-back guarantee and I purchased it. Sixty days later, I see it on sale for 50% off.
I’ll email the company and say, “Hey, I just bought this maybe 30 days ago. If I had got it 30 days later, I would have had the coupon, 50% off. I would have paid half-price.”
Your current customers aren’t going to like that. For me, it’s like, I feel like I paid double. I fell like I got ripped off.
So, you have to think about when you are couponing, how are your current customers going to feel as well.
That could also create bad feelings and emotions for people that paid full-price. It can lead them to become more like an unhappy customer rather than a good or positive customer.
If you look at our courses over here, we do still have some coupons here and there.
Here’s one, for example — “moreinput8” is the coupon code. We’ll apply the coupon code. It does remove some money from that course.
There are some coupons that we do leave up for people who attended a webinar, a class, and a coaching session. Gives them some insight to continue their education.
We do have coupons, but ultimately, you have to watch that fine balance between couponing and over couponing — where people are just expecting to always buy on sale.
In that case, why don’t you hike the prices of everything, and then you just always couponing? Because that’s the other business model that you could take.
The other approach
Let’s say — normally, you have a product at 395.
If you have a coupon type of people who constantly want coupons, you probably have to hike your prices — 495, 595, and constantly give coupons.
Even though they might, in the end, pay still that 395, they may feel better because they’ve saving anywhere between $100-$200.
It’s their feelings that you are taking into account. This is the way the game is played.