Saving money is one of the main reasons why customers buy something. Since everyone wants to save money, even if it is a few dollars, coupon marketing has become a way for businesses to market themselves and allowing their customers to get their products for a better price. A few studies showed that customers spend around 20% more when they have coupons than without one.
In this short guide, we’ll share some of the basic rules of promoting your products and services using coupons. And we’ll tell you why you should incorporate coupons into your product’s marketing strategy.
Ecommerce retailers are increasingly turning to digital coupons with an intention to sell more of their products. Talking about coupons is another way to make consumers aware of how important coupons are on the market. As an example, on Swagbucks, customers can discover digital coupons for a variety of products. Plus, with more coupons available, they can find new products and brands that otherwise wouldn’t be available.
Of course, make sure that your marketing team can place the offers well on your website and social media profiles.
Lead magnets are some of the best tools for attracting new people to your landing page. You can offer coupons for everyone that signs up to your newsletter or in exchange for sharing your product with others. Of course, one of the best types of lead magnet is to offer a discount to all your followers or subscribers and save a percentage on any future purchases.
On your website, you can program your lead magnets to pop up for everyone who spends some time browsing through your online shop or scrolled down your blog. Even if those pop-ups can seem a bit aggressive, many people would react well and click on them only if it would give them a chance to get something cheaper.
Use Offers That Are Time Limited
The benefit of using time-limited offers is the pressure you’re putting on your potential customer. If the ability to get a coupon is set to every Thursday for one hour, your customers will know that that’s the time to take action and redeem their voucher. Some studies show that millennials are receptive to time-limiting offers and motivate them to get the product more than anything else.
These offers are great for product launches or special dates when people what to invest in a product like yours. Time-limiting offers work well on customers that already bought your product, and now you want them to get something else, but they’re having doubts.
If you want your offer to stand out, make sure to research all your competitors and see what they are offering. The best way to attract more people to your social media profiles or website is to give them something that others don’t have. For example, if your competitors only offer their products individually, try to provide yours in bulk and with an additional coupon. Or, you can add free shipping or a coupon for a 10% discount on another purchase.
You can use your subscribers to send them coupons or let them know about time-limiting offers sooner than everyone else. That way, you’ll make them feel special, and you increase your chances of selling some of your products.
When you send a newsletter with an emphasis on the urgency to act quickly, you’ll have to wait and see how people react to that. Everyone that has been eyeing your offer will be surprised when they see the chance to save money and get what they want.
Create Customer Rewards
Every customer love rewards as they encourage customer loyalty. As long as you send exclusive offers to your customers, they’ll feel like they’re getting their money’s worth. And, as long as they are loyal, your revenue will grow steadily.
However, you analyze the revenue program, it really works. Sometimes, it also good to through in some interesting perks like coupons, free products, discounts, or even have a time-limited offer for your brand’s anniversary.
Studies show that more than 82% of customers claim that they stay loyal to brands that promote themselves through reward programs and offer them special discounts.
Creating an appealing reward program for a brand or an individual means spending some time researching what their audience likes and wants. Sometimes, it can take a bit of time as well as an award-and-error approach.
Activate Various Channels of Content Distribution
Sending coupons via email has never been easier as there’s a 48% increase in revenue for businesses that decided to make this step. Even if email marketing is everyone’s best chance to succeed, it’s important to engage customers through other channels.
It’s useful to include a few social media channels in your coupon marketing strategy since many people follow brands on Instagram or TikTok only to find out about discounts or to get coupons before others. Once you get that amount of exposure, various types of customers will notice you and buy your products.
Of course, you need to be careful not to overuse coupons since you shouldn’t have your products or services on sale all the time. Make sure to plan discounts for special events, customer anniversaries, and holidays. Those are the dates when customers tend to spend more money and pay close attention to deals.
Combine Different Approaches
Coupon strategies work best only when you combine them with other marketing approaches. If you rely solely on coupons, you might get an opposite reaction since your customers might think that your product is not valuable. Using coupon marketing as one of many marketing strategies can help improve sales. If you have not tried this before, give it a try and see how effective it is for your product and services.
You may be wondering why OfficeFinder is providing information like this. After all, we help businesses find office space. We are providing businesses information we hope will make them more profitable. If you think anything like the way we do, we are always looking for ideas to improve our business. Hope this helps.