The Advantages of Instant Redeemable Coupons (IRCs) for Business
Instant redeemable coupons (IRCs) offer brands effective ways to trigger consumers’ impulse purchase, to cross-promote products, and to encourage upgrades, bundles, and larger purchases.
The average consumer is always searching for ways to save on purchases. Hence, finding innovative ways to get your brand’s deals in front of your customers is critical. This is where instant redeemable coupons (IRCs) can play a beneficial role.
IRCs are adhesive-backed liners that stick on your products where you may offer your promotion. They may have a fixed clean tab that helps your customers peel it off the product easily, without leaving sticker residue.
Instant redeemable coupons are ideal for cross-promoting between products and they can give your products a competitive advantage in the marketplace. An IRC also encourages product interaction, leaves a lasting impression, and is a cost-effective way to build brand loyalty and boost sales.
What are Instant Redeemable Coupons (IRCs)?
Businesses primarily use on-pack and off-pack IRCs to promote their products on retail shelves. On-pack coupons are made with a label printing technique that allows customers to peel them off without leaving a sticky residue. These are known as dry release IRCs.
IRCs are highly customizable. They can be printed with vibrant, full-color images, bold typography, and more
Customers can instantly redeem their coupons to enjoy the promo at the point of purchase, such as limited-time buy one, get one (BOGO), or allowing them to receive discounts or rebates. IRCs can play a role in your packaging marketing strategies by promoting your campaigns, deals, or contests on the products themselves.
How Can IRCs Benefit Your Business?
IRCs benefit your business in more areas than simply increasing product sales. Below are nine benefits you can expect from using instant redeemable coupons.
- IRCs encourage impulse purchases
A recent survey found that almost two out of every three customers (64%) have increased their impulse buying habits in 2022. Instant redeemable coupons can create a sense of urgency for customers since they can redeem the coupons instantly, triggering their impulse buying urges.
- IRCs motivate retail action
The special incentives on the IRC allow customers to take advantage of savings opportunities immediately instead of using them for future purchases.
- IRCs allow for easier cross-promotion
IRCs enable your brand to leverage the popularity of your best-selling products to promote other products in your lineup. A popular approach is to offer discounts on the best-selling product when they purchase it alongside another one of your other products.
- IRCs encourage larger purchases
A coupon can encourage customers to buy more than they might otherwise have, especially BOGO coupons. However, buy one, get one offers can extend the definition in various ways.
For instance, customers can buy two of your products and then get another one free. Another is product bundling. If customers buy three of your products, they can save $5 on the total bundle, through the IRC.
- IRCs help sell overstocked inventory
An overstocked inventory can affect your customer experience, logistics, and finances due to the additional fees associated with it. Incorporating IRCs into your sales and marketing strategies — through cross-promotions or BOGO deals — can help customers purchase more of your products. You can therefore make an attractive profit on your excess inventory.
- IRCs draw attention to your product
Your products will be placed side-by-side with your competitors on retail shelves. You can design IRCs to draw attention and drive engagement with your product in addition to the attraction of your creative product packaging.
IRCs are easily customizable to complement your packaging design through innovative approaches such as extended booklets or QR codes customers can interact with. Selecting eye-catching packaging colors for your IRCs will also help to capture your ideal customer’s attention.
- IRCs motivate customers to try new products
IRCs are effective for both established and new products. For instance, if your brand recently launched a new product, you may consider offering discounts or rebates through IRCs. This strategy can help drive traffic to the new product while reducing marketing costs typically associated with launching brand-new products.
The additional traffic will also help initial data gathering efforts for your brand’s product development team.
- IRCs reduce the need to redesign product labels
Redesigning your product label design may require significant costs, especially for seasonal or limited-time promotions. Since instant redeemable coupons are made with easy-to-peel adhesives, it won’t be necessary to redesign your product label every time you launch a new promotion.
- IRCs encourage customers to join loyalty programs
IRCs can serve as gateways for your customers to learn more and join any other ongoing promotional campaigns, contests, or loyalty programs. Attaching IRCs with QR codes that customers can easily interact with allow you to link them to specific landing pages on your site. This can generate more traffic for your digital marketing campaigns.
IRCs Make Your Promos Stick
Regardless of how consumer trends change, consumers always look for ways to reduce their expenses. Providing instant redeemable coupons helps you to get your products in front of your customer.
IRCs offer your business multiple benefits, such as encouraging impulse purchases, easier cross-promotions across products, incentivizing customers to try your newly released products, and more.
Retail shelves are competitive arenas for brands. Working with experts that provide professional printing solutions will help you create IRCs that will differentiate your brand and leave a lasting impression on your customers. Contact Meyers today to bring your packaging to life.