coupons can be an effective way to grow your business but you’ve got to make
your business but you’ve got to make
your business but you’ve got to make sure that you’re making money from it
sure that you’re making money from it
sure that you’re making money from it and you’re testing them hi I’m Evan
and you’re testing them hi I’m Evan
and you’re testing them hi I’m Evan Carmichael your friend in all things
Carmichael your friend in all things
Carmichael your friend in all things entrepreneurship and today i’m answering
entrepreneurship and today i’m answering
entrepreneurship and today i’m answering a question from one of our readers james
a question from one of our readers james
a question from one of our readers james who wanted to know if he should use
who wanted to know if he should use
who wanted to know if he should use couponing for his business and what the
couponing for his business and what the
couponing for his business and what the pros and cons were so thanks to the
pros and cons were so thanks to the
pros and cons were so thanks to the question James I know as entrepreneurs
question James I know as entrepreneurs
question James I know as entrepreneurs we’re always looking for different ways
we’re always looking for different ways
we’re always looking for different ways to grow our businesses and experimenting
to grow our businesses and experimenting
to grow our businesses and experimenting with different things with any marketing
with different things with any marketing
with different things with any marketing in general that you’re doing for your
in general that you’re doing for your
in general that you’re doing for your company you want to test it make sure
company you want to test it make sure
company you want to test it make sure it’s delivering results on a small scale
it’s delivering results on a small scale
it’s delivering results on a small scale before you expand a big mistake a lot of
before you expand a big mistake a lot of
before you expand a big mistake a lot of times that we make is we get so excited
times that we make is we get so excited
times that we make is we get so excited about a new marketing idea that we put a
about a new marketing idea that we put a
about a new marketing idea that we put a lot of dollars into it and it doesn’t
lot of dollars into it and it doesn’t
lot of dollars into it and it doesn’t work and we end up out a lot of money so
work and we end up out a lot of money so
work and we end up out a lot of money so you want to make sure whatever you’re
you want to make sure whatever you’re
you want to make sure whatever you’re trying do a little small-scale test it
trying do a little small-scale test it
trying do a little small-scale test it see if it’s working if it is you keep
see if it’s working if it is you keep
see if it’s working if it is you keep doing it spend more money on it expand
doing it spend more money on it expand
doing it spend more money on it expand the program it was not kill it try
the program it was not kill it try
the program it was not kill it try something else for coupons so there are
something else for coupons so there are
something else for coupons so there are a couple ways to do it usually it’s
a couple ways to do it usually it’s
a couple ways to do it usually it’s either one to bring in new business so
either one to bring in new business so
either one to bring in new business so you have a discount I don’t know what
you have a discount I don’t know what
you have a discount I don’t know what you’re selling but a discount on your
you’re selling but a discount on your
you’re selling but a discount on your product or service a way you can use it
product or service a way you can use it
product or service a way you can use it as a partner with other businesses so a
as a partner with other businesses so a
as a partner with other businesses so a friend of mine runs a little gym
friend of mine runs a little gym
friend of mine runs a little gym franchise where they help kids come in
franchise where they help kids come in
franchise where they help kids come in and teach them gymnastics and he’ll
and teach them gymnastics and he’ll
and teach them gymnastics and he’ll partner up with local businesses around
partner up with local businesses around
partner up with local businesses around him and allow them to give a coupon to
him and allow them to give a coupon to
him and allow them to give a coupon to their customers for discount at the
their customers for discount at the
their customers for discount at the class the idea with this is you get a
class the idea with this is you get a
class the idea with this is you get a coupon for your first class so you can
coupon for your first class so you can
coupon for your first class so you can come in either get the first class for
come in either get the first class for
come in either get the first class for free or get the first class I’ve
free or get the first class I’ve
free or get the first class I’ve discounted rate and then hopefully
discounted rate and then hopefully
discounted rate and then hopefully they’ll love it and they’ll sign up for
they’ll love it and they’ll sign up for
they’ll love it and they’ll sign up for the program and he’ll have them in there
the program and he’ll have them in there
the program and he’ll have them in there for year after year to year of the year
for year after year to year of the year
for year after year to year of the year so you may be losing money on that first
so you may be losing money on that first
so you may be losing money on that first class but you’re gaining new customers
class but you’re gaining new customers
class but you’re gaining new customers so it’s one way to do it the second way
so it’s one way to do it the second way
so it’s one way to do it the second way is to encourage
is to encourage
is to encourage assisting customers to buy more or try
assisting customers to buy more or try
assisting customers to buy more or try new product or services you might be
new product or services you might be
new product or services you might be offering so example the salsa school
offering so example the salsa school
offering so example the salsa school that I’m involved in will often as a new
that I’m involved in will often as a new
that I’m involved in will often as a new introductory workshop so if they’re
introductory workshop so if they’re
introductory workshop so if they’re usually they’re selling salsa classes
usually they’re selling salsa classes
usually they’re selling salsa classes but they might have a new type of dance
but they might have a new type of dance
but they might have a new type of dance that they want to introduce it could be
that they want to introduce it could be
that they want to introduce it could be West Coast Swing or could be kazoomba
West Coast Swing or could be kazoomba
West Coast Swing or could be kazoomba could be cha-cha whatever it is they
could be cha-cha whatever it is they
could be cha-cha whatever it is they might put on a special deal if you sign
might put on a special deal if you sign
might put on a special deal if you sign up for this salsa class you can also get
up for this salsa class you can also get
up for this salsa class you can also get this kizomba class their West Coast
this kizomba class their West Coast
this kizomba class their West Coast Swing class at a discounted rate and
Swing class at a discounted rate and
Swing class at a discounted rate and it’s to encourage people to try it to
it’s to encourage people to try it to
it’s to encourage people to try it to see people are interested in if they
see people are interested in if they
see people are interested in if they like the class if they like the
like the class if they like the
like the class if they like the instructor and if they do it all works
instructor and if they do it all works
instructor and if they do it all works out then they’ll come back for more and
out then they’ll come back for more and
out then they’ll come back for more and they’ll keep coming back and keep coming
they’ll keep coming back and keep coming
they’ll keep coming back and keep coming back and so even though you lose a
back and so even though you lose a
back and so even though you lose a little bit of money on that first class
little bit of money on that first class
little bit of money on that first class again the idea is that they keep coming
again the idea is that they keep coming
again the idea is that they keep coming back over and over and over again you
back over and over and over again you
back over and over and over again you want them to try whatever your product
want them to try whatever your product
want them to try whatever your product or service is so those are the two most
or service is so those are the two most
or service is so those are the two most common methods one get new people in and
common methods one get new people in and
common methods one get new people in and to get current people to try out
to get current people to try out
to get current people to try out whatever new product or service that you
whatever new product or service that you
whatever new product or service that you have the danger here is that you spend a
have the danger here is that you spend a
have the danger here is that you spend a lot of time and money fulfilling these
lot of time and money fulfilling these
lot of time and money fulfilling these coupons and they’re not going to
coupons and they’re not going to
coupons and they’re not going to continue buying from you and this is the
continue buying from you and this is the
continue buying from you and this is the biggest fear that a lot of people have
biggest fear that a lot of people have
biggest fear that a lot of people have had with couponing sites like Groupon
had with couponing sites like Groupon
had with couponing sites like Groupon where they get bombarded with business
where they get bombarded with business
where they get bombarded with business new customers come in but they only by
new customers come in but they only by
new customers come in but they only by that deal and they never come back and a
that deal and they never come back and a
that deal and they never come back and a lot of groupons that people have have
lot of groupons that people have have
lot of groupons that people have have purchased that’s exactly what happened
purchased that’s exactly what happened
purchased that’s exactly what happened you know the businesses get slammed all
you know the businesses get slammed all
you know the businesses get slammed all these customers come in at the same time
these customers come in at the same time
these customers come in at the same time over a short period of time they’re just
over a short period of time they’re just
over a short period of time they’re just buying that deal which is at a steep
buying that deal which is at a steep
buying that deal which is at a steep discount and then they never come back
discount and then they never come back
discount and then they never come back again to that business and so that’s a
again to that business and so that’s a
again to that business and so that’s a loss right if you’re losing money on
loss right if you’re losing money on
loss right if you’re losing money on your first transaction and then the
your first transaction and then the
your first transaction and then the customer never comes back to you again
customer never comes back to you again
customer never comes back to you again that’s a big loss to you hopefully made
that’s a big loss to you hopefully made
that’s a big loss to you hopefully made a good first impression with them maybe
a good first impression with them maybe
a good first impression with them maybe they’ll refer somebody on to you but
they’ll refer somebody on to you but
they’ll refer somebody on to you but that’s not the type of kind that you
that’s not the type of kind that you
that’s not the type of kind that you want to attract so you want to make sure
want to attract so you want to make sure
want to attract so you want to make sure that in your marketing you’re going
that in your marketing you’re going
that in your marketing you’re going after the right people ideal potential
after the right people ideal potential
after the right people ideal potential clients for you and that the deal makes
clients for you and that the deal makes
clients for you and that the deal makes sense that you’re giving up something
sense that you’re giving up something
sense that you’re giving up something you know there’s some value there but
you know there’s some value there but
you know there’s some value there but you’re not losing your shirt over it and
you’re not losing your shirt over it and
you’re not losing your shirt over it and you have to start tracking in
you have to start tracking in
you have to start tracking in drinkin versions are these people coming
drinkin versions are these people coming
drinkin versions are these people coming back to your business and buying more
back to your business and buying more
back to your business and buying more and more and more from you if they’re
and more and more from you if they’re
and more and more from you if they’re not look at the offering look at the
not look at the offering look at the
not look at the offering look at the look at who you’re targeting and maybe
look at who you’re targeting and maybe
look at who you’re targeting and maybe it makes sense to revamp it a little bit
it makes sense to revamp it a little bit
it makes sense to revamp it a little bit see if there’s another way to make it
see if there’s another way to make it
see if there’s another way to make it work or maybe the coupon in strategy is
work or maybe the coupon in strategy is
work or maybe the coupon in strategy is just not a right fit for your business
just not a right fit for your business
just not a right fit for your business and you only can figure that out through
and you only can figure that out through
and you only can figure that out through testing so maybe a lot of information on
testing so maybe a lot of information on
testing so maybe a lot of information on couponing but those are my opinions on
couponing but those are my opinions on
couponing but those are my opinions on the pros and the cons I hope you’ll
the pros and the cons I hope you’ll
the pros and the cons I hope you’ll you’ll test it out and see if it works
you’ll test it out and see if it works
you’ll test it out and see if it works for you for those of you watching if you
for you for those of you watching if you
for you for those of you watching if you liked the video please give it a thumbs
liked the video please give it a thumbs
liked the video please give it a thumbs up below I love to see those come in and
up below I love to see those come in and
up below I love to see those come in and I’d love to hear you have to think if
I’d love to hear you have to think if
I’d love to hear you have to think if you want leave a comment under this
you want leave a comment under this
you want leave a comment under this video I always read those and I usually
video I always read those and I usually
video I always read those and I usually respond so thank you and I’ll see you on
respond so thank you and I’ll see you on
respond so thank you and I’ll see you on the next episode
”
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