Many companies set themselves apart from their competition by starting a coupon marketing strategy. When you offer coupons, you'll be more likely to convince your target audience to make a purchase. A recent study by VoucherCloud found that 57 percent of shoppers wouldn't have made a purchase without a coupon. However, 91 percent of coupon redeemers say they'll revisit a retailer after being offered a coupon. Most customers love to save money on purchases, so they'll be thrilled to receive a discount coupon. In addition to increasing sales, a coupon marketing program might help you improve brand loyalty. However, you may be concerned that discounting your products or services will negatively impact your profits. If not done correctly, some coupon programs can hurt a company's bottom line instead of helping it. Still, increasing sales and building a loyal customer base is possible with proper execution. The following tips can help you design a successful coupon strategy without hurting your bottom line.
How to Create a Coupon Strategy for Your Business
1. Make a Compelling OfferYour coupon is only valuable if relevant to the consumer. Therefore, it's essential to understand your market before launching a coupon strategy. Your offer should align with your ideal outcome —whether it be attracting more customers or encouraging them to spend more money. For example, if you want to increase online orders, offer free shipping or a digital coupon code for first-time orders. Many business owners experience abandoned carts, which happens when customers add items to their shopping cart but don't check out. If you struggle with this, add automatic promo codes that show up once the customer adds an item to their cart. You may reduce your business's abandoned cart rate by offering this discount.
2. Distribute Through Various ChannelsA coupon that's too difficult to find isn't an effective marketing strategy. Ideally, your voucher should find each potential customer, not the other way around. For example, you can advertise your loyalty program through these channels:
- Website promotion: Add a pop-up that asks customers to enter their email addresses. Send them to an exclusive landing page or email them a coupon code if they provide their email address.
- Print advertisements: Advertise your loyalty program in local publications.
- Direct mail campaigns: Send customers exclusive coupons in the mail.
- Email marketing campaigns: Send a monthly email newsletter to the customers on your email list with a discount code.
- Social media posts: Invest in paid social media posts that promote your loyalty program.
- Content marketing: Write a blog post on your website that includes a call-to-action, leading to an exclusive offer.