introduction to voucher marketing
TRANSCRIPT
INTRODUCTION TO VOUCHER MARKETING
www.ivoucher.com
1
Create vouchers Publish vouchers
2
Monitor results
3
@outreachdigit Introduction - Company
www.ivoucher.com
- Brief history
- Developing a voucher marketing strategy
- Voucher survey results
- Perception of value
- Personalisation
@outreachdigit Introduction - Overview
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A CODE THAT A CUSTOMER USES IN ORDER TO REDEEM A PROMOTION
@outreachdigit Vouchers - Definition
www.ivoucher.com
@outreachdigit Vouchers - History
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- Financial hardship
- Vouchers make us feel
- Recognisable call to action
@outreachdigit Vouchers - Popularity
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@outreachdigit Strategy - Acquisition
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@outreachdigit Strategy - Retention
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- Acquisition: High Cost vs LTV
- Retention: Loyalty vs Sustainability
- Offset Costs: Data Capture
@outreachdigit Strategy - Development
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@outreachdigit Strategy – Data Capture
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- Acquisition: High Cost vs LTV
- Retention: Loyalty vs Sustainability
- Offset Costs: Data Capture
- Measuring Performance
@outreachdigit Strategy - Development
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@outreachdigit Survey Results
68%OF CONSUMERS SAY A VOUCHER WOULD INFLUENCE THEM TO TRYA BRAND THEY HADN’T PURCHASED FROM BEFORE
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@outreachdigit Survey Results
53%OF CONSUMERS NOW USE VOUCHERS AT LEAST ONCE A MONTH
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@outreachdigit Survey Results
55%OF CONSUMERS ARE PREPARED TO LEAVE THEIR EMAIL ADDRESS IN RETURN FOR A VOUCHER
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@outreachdigit Survey Results
51%OF CONSUMERS THINKHIGHER LEVELS OFDISCOUNTING WOULD MAKE THEM MORE LIKELY TO USE VOUCHERS
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- Counting at sight is an instinctive ability
@outreachdigit Perception of value
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@outreachdigit Perception of value
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- Counting at sight is an instinctive ability
- We judge numbers in a relative and proportional way
- This means we don’t always get it right!
Our instincts heavily influence the way we think about value, saving money and buying decisions
@outreachdigit Perception of value
www.ivoucher.com
Which of the following represents thebiggest percentage discount?
£200 off a £999 TV
A
£35 pair of sunglasses marked
down from £50
B
Buy one shirt for£60 and get the
second half price
C
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Monetary valueThe price paid relative to an offer’s perceived worth
Social valueThe extent to which owning a product or engaging in a service allows the consumer to connect with others
Psychological valueThe extent to which a product allows consumers to express themselves or feel better
Functional valueWhat an offer does and the solution it provides to the customer
@outreachdigit Perception of value
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ONLY 37% OF CONSUMERS FEEL THAT THEIR FAVOURITE RETAILERS
UNDERSTAND THEM AS INDIVIDUALSSource: 2015 Econsultancy Consumer Conversation Report
@outreachdigit Personalisation
www.ivoucher.com
3% Increase 14% Increase
21% Increase
@outreachdigit Personalisation
www.ivoucher.com
PERSONALISATION IS THE KEY TO MAKING VOUCHERS WORK LONG-TERM
@outreachdigit Personalisation
Controlling distributionControlling viral spreadTracking performance
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uN1quE codes are a UN1QuE opportunity…
@outreachdigit Personalisation
Consumer preferencesDay, time, weather, season…
Dynamic discounting
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Personalisation isn’t just ‘Hi [firstname]’…
@outreachdigit Personalisation
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Vouchers offer a recognisable call to action that can be used for both acquisition and retention
Marketers should look at developing a long-term strategy for voucher marketing in order to balance value and frequency
Instinct heavily influences the way we think about value, saving money and buying decisions
Personalisation is the key to making vouchers work long-term, and it only takes a few elements to make customers feel like they are
being personally addressed
@outreachdigit Summary
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FIND OUT MORE…www.ivoucher.com
@ivoucheruk
Sources‘Monkey Business: How baboon research explains our spending habits’ - eBay Deals www.youtube.com/watch?v=KrxH5CXezX0‘Sweetening the Till: The Use of Candy to Increase Restaurant Tipping’ – Cornell University School of Hotel Administrationhttp://www.gameifications.com/wp-content/uploads/2016/03/reciprocity-tip-restaurant-studio.pdf