Maximising your Exclusive - Merchants
posted by Tom Rickey - Publisher Account Director • 22 Jun 2012
As a network, we want your vouchers to work as effectively as possible for you, regardless of the publishers who are delivering the sales. Looking specifically at exclusive vouchers, we will work through potential issues and some tips for merchants, as well as looking at how a network can help. Ultimately, the goal is to build long-term, profitable partnerships, drive incremental sales and keep your customers happy.
Planning the Promotion
As a merchant, you want incremental sales and one way to achieve this is to put strong offers in front of users who are typically loyal to a competitor and to get them to purchase from you. If that customer relationship is then well maintained, it is possible for them to become a loyal customer for you, which is where the long term benefits of the relationship really comes into play.
But with so many voucher publishers out there, how do work out the best way to manage this process? Do you use one partner, or open it up to anyone to promote
One way to work out what works most effectively for your brand is to use a funnel approach, starting out with a voucher which is open to all voucher publishers. Once you have the data from this promotion, you can select a few top partners for a further trial with a stronger offer.
Make all parties involved aware that they are involved in a head-to-head for the potentially pending exclusive and that they should provide as much exposure for the offer as possible, bearing in mind that it is not exclusive. At this stage you may find that no one partner stands out as generating more sales, in which case you need to explore who can provide the best additional exposure for the exclusive to come. If one partner does stand out, then it is likely to be worth trialling an exclusive with them, on the basis that they can provide further exposure for taking it exclusively.
Merchant Network Support
Your network should be able to help you at every stage, collating information and making it easy to digest and compare.
Although they won’t be able to tell you specific sales results from other activity, they should be able to advise you on who is worth testing and why. It is in the best interest of the network to generate the maximum sales revenue too, so you essentially have the same objectives. They will also help analyse the post-promotion data to show what has performed best and why.
- Work out where your priorities lie – is your focus purely on generating the maximum sales revenue or is new customer acquisition high on your list of objectives?
- Look closely at your previous experience and learn from it, taking into account factors such as traffic numbers as well as sales revenue
- Look at the brand benefit of working with a publisher – does an increase in brand exposure (eg, getting into a loyalty scheme’s TV/Print Ads) make up for a lower sales revenue? Does this help your organisation more (even though it might not benefit your sales targets?)
- Stick to your original requirements, and avoid moving the goalposts for the publishers part way through the process
- Don’t be afraid to try something, just make sure you plan it carefully, analyse the results closely, and use that knowledge when planning future promotions
- Don’t stick to one publisher forever. Keep your eyes open for opportunities with new publishers