What can you learn from the grocery store? Have you ever noticed that many grocery stores have coupons printed on their receipts?
Receipts with a coupon, to wise shoppers, is a way to monetize. It is something to collect and use on their next purchase. Well, in reality, it is just a piece of paper with an offer printed on it. Yes, it is just another form of advertisement!
However, when it is something a customer wants, this simple piece of paper becomes something that they will seek out. Customers will collect them, and most importantly, will use for their next purchase with you!
Restaurants do it, too. Ever been asked at your local fast food restaurant to call a particular number, leave your opinion about your visit? And afterward, you then be entered into a monthly drawing for a thousand dollar prize?
Why do you think they offer that prize—just for your opinion and your name? They want your information to use for future promotions. While at the same time, gathering vital data about their business practices and your wants and needs.
The reason why companies use these strategies is that they work. They are great, time-tested strategies, which help monetize, generate increased sales and higher profits. Many grocery store customers are accustomed saving coupons so adding what they already use to the receipt is a “no-brainer.” The receipt survey strategy works because many people like to give an opinion if someone is willing to listen. And if you throw in a prize, that’s even more of an incentive.
As a business owner, collecting feedback allows you to keep your pulse on the rapid changes in the marketplace. It also allows you to see where you are doing things right and where things may need improvement. Moreover, just as importantly, it creates another avenue for you to build your list.
Your receipts are not limited to coupons or surveys, though. How about a refer-a-friend campaign—an active referral rewards program offered on your receipts. Or highlighting your testimonial or customer feedback phone number? You can quickly set up a voicemail-only phone number for your business to collect these testimonials and customer feedback.
Most companies want data on how their customers’ view their product, service and support.
Unfortunately, many business owners that hire us have never even considered the possibility of having mini-ads, discounts, or coupons printed on their sales receipts, or other simple ways of interacting with their customers.
And even better–imagine how valuable this information can be! You may actually get some great testimonials! Once you get the testimonial, you can now use it in all your other advertising, proving to prospects that you are the best option in your marketplace. This type of feedback is great social proof that you are a leader in your industry.
After reading this, it is our hope that you never look at a receipt the same way again!
By the way, if you are ready to monetize your business more effectively and accelerate your business results, let’s connect. (Make the lets connect a hyperlink to a discovery page in a new tab) I know we can help.