Implement Coupon Marketing Strategy and Increase Sales for Your business
Consumers love coupons! It makes them feel they’ve received special pricing. People who are already willing to buy your product are always excited if they can get the same at a discount.
According to Statista, 92% of U.S. shoppers last year decided to purchase due to the availability of a coupon.
If you can display coupons in the right places, you will observe an impactful change in the average conversions. And that’s why a coupon marketing strategy can boost your sales like no other.
But how do you plan things out for your business? What are some of the crucial considerations before executing a strategy?
Benefits of perfectly executed coupon marketing:
- Higher conversions, sales, and brand awareness
- Positive perception
- Lesser carts abandoned
Tips to Execute a Perfect Coupon Marketing Strategy
In this article, we share tips on plotting and deploying a coupon marketing strategy that will work for you, irrespective of the industry you cater to.
- Add a sitewide discount coupon announcement.
The first and the easiest hack is to add a sitewide discount announcement in the top-bar. Anyone who visits any page of your website should be able to view the announcement and click on a CTA button to visit your discount landing page.
Along with that, it is important to direct them to a form for collecting their email and convert them into a lead, even if they decide not to buy right now.
If the customer does not end up making a purchase right away, you can always get in touch via email or phone about new offers or the expiration of the offer they signed up for.
Creating promotional videos using a promo video maker when following up improves user engagement with your messages and gets more people aware of the offer. You can use these video editors-
- Animoto
- Biteable
- Add Buy One Get One Coupon
What do customers love more than a discounted product? A free product, it’s like a surprise gift
A buy one gets one free offer is similar to a 50% discount; it’s a better offer to showcase. These offers not only to convert better, but they increase your sales as customers will always purchase two or more products.
Another great advantage of using a BOGO offer is when you’re stuck with inventory. It can serve to get your inventory moving out of your godowns very quickly.
- Provide exclusive discount coupons on signup forms
Upfront value converts into leads. Users need to know that they’re getting something worthwhile before sharing their email address with you. And offers given for signing up to convert well!
Here’s what you can change on your website:
- Change all your lead gen forms to display a signup offer.
- Highlight the offer across your website.
- Send the offer with an instant email confirmation.
- Follow up when the offer is about to expire.
The offer expiration follow-up pushes those who were unsure about the purchase to make the decision. What you’ll generally notice is that expiring offers convert the best. That’s because they’re time-sensitive.
- Time-sensitive coupons
If offers convert best on their expiration day, why not make all offers limited by time?
Adding something as simple as a countdown timer to your offer page or your cart page can get more people to make their decision and go for the purchase.
Think of it this way:
When your customer is at the last step of the checkout, they may be unsure if they’re making the right decision.
At this stage, you must give them a reason to stay put and complete their purchase.
If you are using social media to promote these offers, the best way is to get their attention using a short video. These videos don’t need to be very advanced in editing. A simple video created with a movie maker can work perfectly well to serve the purpose, such as,
- Windows Movie Maker
- Filmora
- Splice
You can also discover here.
- Creating account-specific offers
To get people to purchase after they abandon a cart, you need to give them a reason to return. A generic offer may work fine and convert a few of your users.
But if you send them an offer that only applies to their account and the items they already have in the cart, it may push them to complete the purchase they left off some time ago. This technique is often used by Amazon to reduce its cart abandonment. Though they do not directly send out discount coupons, they let the users know when items in their cart of wishlist have dropped in price.
- Provide coupons specific to your business needs
When leveraging the coupon marketing strategy to promote your products, you can either have huge success or moderate success. So there’s generally no harm in trying out different coupons. And the more personalized they are, the better.
But if your business does not require the use of a specific type of coupon, you do not need to use the same. For example, if you already have low cart abandonment rates, you can skip the time-sensitive coupons on the cart. Instead, you can use them on a page which has a lower average performance for converting users.
Conclusion
When you plan out your coupon marketing strategy, it’s best to identify where your website is falling short in terms of conversion. These are the pages that stand as opportunities for you to make use of coupon marketing strategies.
Coupons can positively impact the conversion ratio if you have never tried a discount before. If a majority of your marketing is performed on social media, the users there are more likely to click through if they see a product they want available at a discount.
One final thing to always consider while using a coupon marketing strategy is understanding how it fits your product and your customers. You do not want to end up with a mismatch that puts off more users than it can convert. So take some time out and understand your customers and what they expect from your products. This process will help you build the perfect marketing strategy for your business.
