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MIR & IRC in Retail Market.

Coupons play a key part in product promotion in the retail environment.   MIR & IRC promotions are key tools that marketeers use..

MIR also known as Mail-in Redemption  is where a coupon (usually a sticker or part of product packaging) can be torn or cut off can get the offers by mailing.

Advantages:

  • Increased sales as clients pick items on special.
  • Increased advertising in retail stores since possible to add POS posters etc…
  • Customers perceive price or product to be better value
  • Avoid reducing product price which can give negative perception of product.
  • Collect customer’s information

What a client needs to do to redeem the offer:

  1. Mail in your coupon/receipt/barcode
  2. Present them at designated stores
  3. Wait for a few days/weeks

The redemption can be for a promotional product which can be customised to increase brand awareness or could be a simple cash rebate.   In either case, there are specialised Promotional Product Agencies which specialise on Fixed Fee Promotions.   Fixed fee promotions allows brand managers to minimise their risk when calculating redemption rates.   The company who offer this service take a risk that customers will really take advantage of the redemption scheme and bet on low take up of the offers.

IRC also known as Instant Redeemable Coupon is a great way for companies to integrate their promotions, discounts, rebates and new products with atractive offers.

Specifications:

  • Standard and Customized shape and sizes
  • Able to print on various material – Plastic, Paper..
  • Usually printed on face, back or base of product.

Applications:

  • Oversize promo product collection from cashier
  • Discounts on Food products (Can Food…)
  • On-Pack promotions (Healthy & Beauty..)
  • Interactive game piece (Cereal – puzzle)
  • Cross-selling

After purchasing the products with the IRC labels, you will be entitled to the offer stated on the coupon by presenting the coupons to any designated stores to exchange or redeem the offers.

The main difference between MIR & IRC..

Instant Redemption Vs. Higher Turnaround time and more room for creativity.

2014-06-20T16:38:35+00:00