Coupons don't count!

Transcript

1. The Louisiana Press! Serving Louisiana Newspapers since 1880! ! Reprinted from The Louisiana Press Association Newsletter ! ! ! Coupons ... Don't Count! by Chuck Nau ! ! Did you sell a coupon ad for your newspaper, today? ! Did you sell a coupon ad to your advertiser or did your advertiser schedule a coupon ad with you and your newspaper to count responses to her advertising in your newspaper? ! If you did, you may be putting your advertiser's advertising investment, your newspaper's reputation and franchise, and your own sales career AT RISK! ! Coupons ... don't count! ! Coupons are a promotional tool used by knowledgeable retailers giving bearers of the coupon an extra bonus, in the form of a price reduction, and to promote a specific product or promotion within their store for a limited time basis. ! Coupons ... don't count! ! Coupons are a call to action used by knowledgeable retailers to motivate potential buyers to act now to receive a limited offer or price or to participate in a time sensitive promotional event. ! Coupons ... don't count! ! Coupons should NOT be used by a retailer or potential advertiser to count response in a particular media vehicle ( ... direct mail, Internet, magazine, newspaper). If a retailer or potential advertiser wishes to count or TRACK response to a particular advertisement or a series of ads, the retailer should monitor a variable (total number of transactions, sales totals for ALL inventory, sales totals for ADVERTISED item(s) or revenue) over a given time period.
2. ! In other words, a good method to track advertising effectiveness is to track revenue changes. Two weeks PRIOR to scheduling their first ad in an advertising campaign, the retailer should review total revenue for the entire store in a given time period (e.g. each day). The retailer should then monitor total revenue DURING the advertising campaign (e.g. while the ads are running) and, finally, the retailer should analyze total revenue for the entire store in the same given time period(e.g. each day) two weeks AFTER the ad campaign is completed. ! In this manner, the retailer is able to observe any revenue shifts due, in part, to their advertising investment. ! Many variables may affect the response to a retailer's coupon offer - price, merchandise, percent of discount offered, coupon face value, store inventory, media used, weather, competitive offerings and location of the coupon within the media (... location on the page, page location within the vehicle, coupon location among other coupons within the vehicle). Additionally, market characteristics or demos may preclude high coupon redemption plus the age old adage ... I forgot it! ! Coupons ... don't count! ! Coupons are a promotional tool. When a retailer or potential advertiser considers using a coupon, he is reducing his profitability on that particular product or service. Non - coupon ads that include a simple, easily recognizable layout, with a dominant element (illustration/artwork) or theme, and an attention-grabbing benefit headline may generate a more loyal and profitable customer! ! When a retailer or potential advertiser tells you they are planning on using a coupon in their advertising, be sure to ascertain what marketing strategy they want to accomplish by using a coupon. ! Last but not least, whether your potential advertiser is planning to use a coupon or not, a successful selling strategy for you, your newspaper, and your (potential) advertiser to ALWAYS utilize is selling an advertising CAMPAIGN as opposed to a single ad or single ad insertion. An advertising campaign selling strategy affords your advertiser, your newspaper, and you a number of benefits. Major benefits include, but are not limited to, frequency which builds awareness to your advertiser (‘who they are and what they do’), time and advertising investment costs savings and creating, if not enhancing, results. ! An advertising campaign selling strategy consists of five components. The elements of an advertising campaign include a series of ads, within a timeframe, with a budget, to meet an identified need, problem or opportunity with an anticipated goal or outcome. If one of these elements is NOT present at the onset of your advertiser's schedule, in all likelihood, you will find yourself selling single ads again very soon to this advertiser. ! Coupons ... don't count! ©Murray & Nau, Inc.