6 Ways To Improve Your Coupon Marketing Strategy And Increase Sales
Saving money is an important reason customers purchase something. Ecommerce businesses have made it easier to use discount coupons. According to studies, 92% of online shoppers look for coupons and discount codes before they make a purchase.
Ecommerce customers find coupons valuable because they encourage them to act. Coupons are beneficial for new or emerging brands. Inmar Intelligence research shows that 54% of shoppers buy from a brand new because it is less expensive, and around a third of them are influenced to use digital coupons.
The correct coupon strategy will allow you to target customers online where they are already spending time: via email, text, and social media. You can maximize customer exposure and follow-through by creating a coupon campaign that is relevant, timely, and of perceived value.
1. Discounts on lead forms
Lead magnets can be used to help you attract leads. Flexible lead magnets allow you to offer different incentives depending on your customers’ preferences and business types. Subscribers can receive an eBook, a checklist, a resource manual, or even a video with insider information in return for sharing their email addresses.
Discount offers are one of the most sought-after types of lead magnets. Subscribers have the opportunity to save a percentage (or a dollar) on future purchases.
After customers leave, lead magnets appear automatically on your site.
- Take some time to browse your shop.
- Scroll down the page
- Click the mouse to close the page. The idea is to encourage people to visit the site more often by giving them an incentive.
A popup will appear when you first visit Nick Mayer’s art website. This popup allows users to submit their email to be eligible to win a print.
If your goal is to hike your email list, lead magnets are a great option. A Google and Boston Consulting Group study found that 90% of customers will share their mail addresses to receive a great offer, such as a discount.
Customers are constantly looking for new deals and coupons to keep them coming back. Your offers and coupon strategies should be relevant to your audience. Once you have new mail addresses, you can nurture your leads and offer exclusive deals that the public does not have access to.
Biko is a Canadian jewelry brand that offers 10% off their first order and exclusive discounts. Biko is a site that targets millennial women interested in fashion and unique accessories. It captures emails from people who want to save money and buy amazing products.
Find out the most important incentives to your target audience to attract the right lead magnet. For example, 48% of U.S. consumers cite shipping costs as their only reason for abandoning shopping carts. A promo code that allows for free shipping is a better incentive than a discount on the product.
2. Limited-time deals
Discount customers can only access the offer for a limited time. You can limit the availability of the coupon to be available for a certain period, such as a few hours or several days. You want customers to act faster by giving coupons an expiration date. Scarcity marketing can make a product more attractive to customers than just a few days ago.
These limited-time offers are often offered during product launches and special times of the year, like the holidays. This strategy works well for customers in the consideration phase of their customer journey. They have done their research and narrowed down the options. They will see your offer when they arrive at your site.
Research the offers available at other retailers to make sure your offer stands out. Could you find a way to take it one step further? If they offer free shipping for their first order, you can add a gift card for a friend or relative.
To keep your subscribers informed about limited-time offers, email marketing is a great way to do this. Remind your customers that it is urgent to act, including a countdown clock in your emails.
3. Social proof
Social proof can help you go even further with the urgent idea. Include testimonials from people who have purchased the products you are promoting. Social-proof taps into the experience known as a Customer Survey and is an excellent way for you to find out what your customers are looking for. You can use data insights from customer surveys to help design a coupon strategy if you have already surveyed them.
Based on customer feedback and survey results, discounts may be available:
- Shipping Free
- Savings from an abandoned cart
- A gift is included with every purchase. This will place the tone for your new customer relationship.
- Chance to win a give away – multiple people can sign up, but only a limited number of products will be given away
- Refer a friend or send a gift coupon — many shoppers want to be considered a trendsetter.
- For older people who prefer to print coupons, offer a printable version
Your customer preferences may change over time due to new experiences, interests, and advice from their networks. So experiment with the type of offers that you share.
To gauge conversion rates, you could use a tool such as Google Analytics if you are promoting lead magnet offers on your site. You can verify to see how often your popups are displayed and how many leads have submitted an email address. If conversions decline, it is time to change your coupon marketing strategy.
4. Create a customer reward program
Rewards programs are a great way of encouraging customer loyalty. Customers receive special offers and discounts in return for choosing your products over those of the competition. Your revenue will increase if customers are loyal for more extended periods.
All indications are that reward programs work. Fortune Business Insights predicts that loyalty programs will grow from $4.43 Billion in 2021 to $18.22 Billion in 2028. This is partly due to machine learning and artificial intelligence, which can give businesses insight into which strategies are more likely to convert customers.
Offer special discounts to reward customer loyalty. Customers can also be given special perks, such as a free product or a thank-you gift when they reach certain milestones.
To create a rewarding reward program that appeals to your audience, the first step is to determine what they want. This is the first step to creating a rewarding reward program based on your knowledge about them. Ask yourself questions such as what products repeat customers purchase most often and what rewards they use most, in terms of dollar savings or percentage discounts.
Next, segment your customers so that you can tailor messaging and programs to specific customers. Let’s take, for example, a clothing company that caters to both men and women. You can create a rewards program where each segment can accumulate points, rewards, and other benefits that can be used to make specific purchases.
Designer Shoe Warehouse (DSW) offers loyalty programs that include tiers. Customers can unlock more rewards by spending more.
Email or SMS Marketing can be used to keep customers interested in moving up to a higher reward tier.
You might also consider including artificial advancement in your tiered reward programs. To welcome new customers to your reward program, give them some “free” points and dollars to help them get started. The Endowed Success Effect study found that customers prefer reward programs already in place. This contrasts with programs that begin at zero and require customers to build upon them.
5. Use different distribution channels
While email coupons can be very effective, it is not a good strategy. Emails don’t get opened immediately and may even get lost in the promotions section of Gmail. Instead, you should expand your coupon strategies & try other channels, advertise your product/service on popular coupon sites, and test different methods to increase your reach and grow leads.
To increase customer engagement with coupon codes, you can use text messaging for discounts to share. The open-rate of text messages is 98%, with a click-through ratio as high as 36%. Yet, most marketers don’t include SMS marketing in their strategy. As smartphones become more popular, customers are increasingly interested in text messaging with businesses. It is crucial to have a mobile option within your coupon marketing strategy. 71% of eCommerce was conducted on smartphones in 2021.
Another way to increase your coupon strategy is to promote new products and discounts on social media. You can reach billions of people on social media platforms like Instagram, Facebook, and Twitter. Your strategy should include regular discounts.
It’s important to avoid overusing coupons. Your products will feel less valuable if they are constantly on sale. Lead magnets might view your coupon strategy merely as marketing to gain more followers or emails.
Avoid disenchantment by planning your discounts around holidays, customer anniversaries, and special events. This is a time when customers are more likely to shop online. It makes sense to target them through different channels. To promote your product or services, you can also use influencers. Customers can then get their coupons from a trusted source that they admire and trust.
6. Make creative visuals
Coupon codes are, at their core, a request to customers to purchase something. Coupon codes can be quickly sent in plain text messages. What’s the point of that? Attractive visuals are what customers love, so make sure to use eye-catching colors and fonts in your coupon design. You want customers to be excited about your offer, right?
You can use your customer segments to base your visuals for your email campaigns if you use them as part of your coupon marketing strategy.
This automated email campaign is for Sephora. Customers sign up for the email newsletter to receive one version with a special deal if they spend $200 or less. Another version is available if not. Both coupons are attractive and provide relevant information.