Coupons come in handy when it comes to attracting customers, promoting new products, building brand loyalty, or simply moving items off the shelf. It’s an age old, yet still highly effective practice used by most business marketing towards consumers.
However, if you’re not creating secure coupons, it could be costing your business a lot of money. So, how do you know that your coupons are 100% secure against fraud?
One of the issues that can arise from not creating secure coupons is “double usage”, or people using the same coupon more than once. If the coupons don’t have unique redemptions, you may also be susceptible to offers being shared with others.
These are only a few of the problems that can stem from not knowing how to create secure coupons. At the end of the day you want to be sure your coupons are secure, so below we’ll share some coupon creation best practices along with new technologies that help ensure your coupons are not costing you more money than planned.
Coupon Creation Best Practices
There are some basic best practices that you can incorporate to increase the odds that you are creating secure coupons.
1. Make sure that restrictions are clearly stated on the coupon for both you and your customers.
Should any dispute arise, clearly stated and marked restrictions on the coupon will make resolution of the issue clear and simple.
2. Include an expiration date.
An oversight of this elementary yet crucial aspect can result in redemptions far past the time period that you have budgeted for the promotion.
3. Be sure that you’ve budgeted for all redemptions.
Think of it this way: if every coupon was redeemed at the same time, would you have sufficient resources to cover the cost?
Increased Coupon Security via Print at Home Solutions
At this point you might be asking yourself if there are any cutting edge technologies or solutions that could make your the security of your coupons even that much more air-tight. Issuing coupons online and having customers print them out at home is quickly becoming a great way to improve security. Here are some of the key aspect to these “print at home” solutions that increase security:
- Serialized PIN Tracking — By adding a unique, serialized PIN to each coupon, you’re able track when and how each one is used, preventing them from being used more than once.
- Tamper Resistant Customer Watermarking — Placing watermarks on the previews of coupons prevents individuals and fraudsters from screenshotting and then manipulating the offer and selling it or repurposing it for themselves.
- Dynamic Expiration Dates — The coupon has no expiration date, but is good for a specified time period after the it prints. This allows customers to take advantage of the offer over a longer period of time, while maintaining an element of cost-certainty for your business.
- Dynamic GS1 Databar — Dynamic barcoding doesn’t just track a category, it goes down to a more granular level such as tracking individual serial numbers. Having a Dynamic GS1 Databar on your coupons allows you to track each one individually, guarding against double use.
- POS Smartphone and Web Authentication — Major retail chains like Old Navy and Walgreens now have the capability of accepting coupons along with smartphone payment at the Point of Sale (POS). Smartphone POS transactions add multiple layers of security to your coupons through transmission technology, credential storage and web authentication. But, not all larger retailers have adapted this technology yet.
Results From Using Print at Home Solutions
Beyond additional security, Print at Home solutions offer a variety of other benefits to your coupon program and overall business. Our clients that leverage these Print at Home solutions often see an increase in redemption rate of up to 35%. These solutions also help to build brand equity, as they are often used as rewards to drive engagement and sharing on social media.
Since Print at Home solutions contain a significant online component, deals are often incentivized to go viral as consumers now have the ability to conduct large scale communication via the web. In the case of one baby and toddler food brand’s campaign, 70% of buyers shared their coupons on social networks, resulting in a revenue return of 64%.
Finally, since the usage of each coupon and information behind it’s user are tracked in such detail, using Print at Home solutions will provide valuable data and insights into your target market, products and services. A national snack brand’s recent Print at Home campaign gave them incredibly deep insights into their customers, from age and gender all the way down to hobbies and income level.
So as you can see, creating secure coupons doesn’t need to be difficult or complicated, provided you’re using some of the latest tools and strategies. Now that you’re armed with some coupon creation best practices and information about Print at Home solutions, you can rest assured that your next coupon campaign won’t run over budget due to lack of security.