The first page of the latest Discount Voucher Report I have run for my newsagency shows that 28% of vouchers issued between February 1 and May 16 this year were redeemed. Of these, 18% were redeemed the day of issue, 40% redeemed between days two and seven and 42% redeemed more than seven days.
We have been running this program for fifteen months. It took between three and six months to really settle into the business fro the over the counter promotion through to measurable shopper awareness. Now, it is a considerable traffic driver and shopper engager.
A check of reports by other businesses and business consultants online and at business media sites indicates that the 28% redemption is at the high end. We know from our sales data, especially for magazines, cards and plush we are seeing discount voucher driven specific engagement.
I look at this data monthly as it has become a key measure of shopper engagement. It guides business decisions I make such as tweaking the loyalty program settings as well as encouraging team members by showing the positive impact of what they are doing.
Click on the image to see the detail. This is the first page of a report detailing all engagement. I use other reports for more detailed shopper trail analysis.
While I appreciate suppliers promoting brand-based loyalty offers in our businesses, I prefer the program I offer as it promotes my business and this is what matters most to me.
What we are doing in this business is easy for anyone to do. Any computer software should be able to offer you something like this including the reports. It’s much easier than getting cards made and having customers sign up for a program that may not be relevant to them given how often they can shop your business.