Joy Morgan was an “antiques” buff. She used to host an antique trade show twice a year every year. Joy would get all the antique shop owners and vendors together and make them showcase some of their products. And then she would promote the show through press releases and other means. Every vendor paid her a flat fee for a booth in the show. On top of that, she also charged $3 as an entrance fee to all attendants.
Joy made a small fortune every year by organizing the trade shows. Tons of people would pay her $3 and visit the trade show. But the vendors weren’t happy. Many people would come over their booths and spend time admiring the antiques. But very few would buy. The vendors weren’t making money. And soon the number of vendors started declining.
Joy was about to throw in the towel when she met Don Alm. Don Alm suggested an idea that changed everything. The idea got more people to buy the antiques. And as a result, more vendors started buying booths.
Offer coupons to attendants. When the attendants bought the passes for the trade show, they were given “browser bucks.” Browser bucks was nothing but a piece of paper that looked like monopoly money. Each piece of paper was worth $3 and could be used on any purchase made from anyone in the show.
The effect the “browser bucks” had on people was amazing. The vendors had their best sales of any show they had ever attended! Now instead of just seeing and admiring the antiques, people started thinking where they could use the coupon! Sure, some used to buy marbles for $3. But many also bought antiques worth hundreds of dollars!
Browser bucks turned surfers into buyers!
° Use coupons to change peoples state of minds. Coupons will motivate them to pay attention and buy products. People don’t like to see a coupon go to waste.
° Not everyone redeems their coupons. Over time, unredeemed coupons add up into a small fortune itself.