I know that I’ve been posting quite a few infographics lately, but I love so many of them from KISSmetrics because they highlight the importance of measuring for success.
You can’t plan and manage effectively if you have no idea what motivates your customers or what effect your decisions have on your business. Case in point: coupons. A lot of small business owners got burned by jumping on the bandwagon of group discount sites like LivingSocial and Groupon, yet others say that the services have had a hugely positive impact on their business.
The key to understanding the difference is in understanding the who, what, when, where, and why of coupons. Only certain people use coupons and those people only use them at certain times and places, for certain products/services, and for certain reasons. If you don’t understand these elements of offering coupons, you’re gambling your business’ success when you decide to invest in coupon offers.
If you’re thinking of offering coupons or other discounts to your customers, first take a look at this infographic from KISSmetrics first to see if coupons are the right promotion for you and your customers.