Retail Marketing: How to Improve Product Promotion With MIR and IRC?

The retail industry has been facing a lot of challenges, but it has also been growing at a rapid pace. Retailers are being increasingly pushed to innovate, especially when it comes to product promotion. One of the most effective ways of doing this is by offering coupons to customers for certain products or services. What makes MIR and IRC the key tools of this marketing strategy?

Coupon Marketing

Coupons are basically discounts that you offer to customers for certain products or services. They’re free marketing tools that can be printed and placed in magazines, newspapers, and even online.

Coupons are often used to fill empty shelves or promote an end-of-season sale at a retailer. But they’re not just for last-minute shoppers or people who want to get rid of old inventory.

They can be used for both online and offline marketing strategies and are a great way to improve product promotion for retailers.

There are two types of coupon strategies you can use: MIR and IRC.

Mail-In Redemption

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 and can get the offers by mailing.

The process for redeeming the coupon may vary depending on the retailer or brand and can include filling out an online form, printing out a form from their website, or mailing in the form with proof of purchase.

It usually goes like this:

  1. Customers have to mail in their coupon/ receipt/ barcode
  2. Present them at designated stores
  3. Wait for a few days/ weeks

Advantages:

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

The redemption reward can be a promotional product which can be customised to increase brand awareness or could be a simple cash rebate.

In either case, there are Promotional Product Agencies which specialise in fixed free campaigns.

Fixed fee promotions allow brand managers to minimise their risk when calculating redemption rates. The company that offers this service take a risk that customers will really take advantage of the redemption scheme and bet on the low takeup of the offers.

Read more about it here:

Instant Redeemable Coupon

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

This type of promotion is attached directly to the promotional product packaging – typically through an adhesive backing. IRCs put your promotions directly into customers’ hands at the point of sale and inspire increased purchases.

Advantages:

  • Driving impulse purchases at the point of sale
  • Encouraging increased purchases such as buy-one-get-one-free
  • Promoting new products
  • Offering rebates
  • Displaying recipes

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

MIR VS. IRC

What are the differences?

Higher turnaround time as customers should wait for days or weeks before they could redeem the offer.

Instant redemption as customers can immediately redeem the offer by presenting the coupon.

MIR is usually part of the product packaging design that can be torn or cut off.

  • Standard and customized shapes and sizes
  • Able to print on various materials – plastic, paper, etc
  • Usually printed on the face, back or base of the product

How Does Coupon Rebates Help in Product Promotion?

The most common way of using redemption coupons is to provide them as a reward to customers who purchase the product. The business can also use these coupons to promote its brand name and increase customer loyalty.

Retailers can use redemption coupons in various ways:

1.) To create a sense of urgency among customers.

Redeemable coupons are great for creating a sense of urgency and increasing the number of redemptions. By giving customers a limited amount of time to use their coupons, you can motivate them to take action before they expire. This is especially effective when you’re running a sale or promotion during a specific period.

2.) To increase sales volume.

When you offer discount coupons on products that are already in demand among the customers, then it helps in improving sales as well as increasing the customer base.

This is because people who were not willing to buy before because they did not have enough budget or time might now be interested in buying these products as they can get discounts on them if they purchase them via coupon codes.

3.) To increase customer loyalty or repeat sales.

These coupons can help increase sales by encouraging customers to buy more products than they would have otherwise purchased.

When customers try out a product and like it, they become loyal customers who will continue buying more from you in the future. They also recommend your products to others who may become potential customers as well!

4.) To encourage shoppers to visit your store again.

When customers get discounts on their favourite products, they tend to buy more from the same brand or visit the store they purchase from. This makes them loyal to that particular brand/ store and hence this helps in building up a strong base for your business name.

To Conclude,

When it comes to retail marketing, product promotion is one of the most important aspects. It helps in increasing the awareness of your brand, product or service and also helps in improving their sales. This is achieved by getting the product into the hands of potential customers and convincing them to buy it.

MIR and IRC are just some of the strategies that retailers can utilise to create attractive offers for their shoppers. These key tools offer a fantastic way to generate interest, urge impulse purchases and increase profitability.

The Role of ODM,

Here at ODM, we’re working hard to make sure you are updated with the latest retail marketing strategies and exceptional branded merchandise that will put your brand at the top of your audiences’ minds.

Together with our design agency, Mindsparkz, we ensure that we are always ahead of the game to guarantee that you will get new and innovative products for your marketing campaigns and promotions.

Contact us today to get started on developing a product that will go above and beyond your expectations!

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2023-04-05T20:27:04+08:00

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