While you may be concerned about the impact on your profit margins of reducing your products or services, proper performance can help you increase sales while developing a loyal customer base. Indeed, a recent Askmeoffers study discovered that 61% of shoppers would not purchase a coupon, while 85% would return to a retailer after being offered a coupon. If you're looking for new ways to advertise and grow your business, the following tips can assist you in developing a successful coupon strategy without jeopardising your bottom line.
Make an enticing proposition
Whatever structure you choose for your offers, keep in mind that a coupon is only valuable if the consumer values it. This means that prior to launching a coupon strategy, thorough research and market understanding are critical. Additionally, because your ultimate goal is to influence your customers' behavior—whether it's to get them in the door or to get them to spend more—your offer should be tailored to the desired results. For instance, if the majority of your sales occur in-store and you're looking to increase online orders, consider offering free shipping or a percent off coupon code to first-time customers, as Askmeoffers and CouponsABC do with their deal codes and new user coupons.
Disseminate via a variety of mediums
It is not an effective marketing strategy to make it difficult to locate a coupon. In an ideal world, each prospective customer would be discovered, not the other way around. Consider using direct mail, email campaigns, or social media in addition to websites and printed media to reach customers. This enables you to cast a broad net while remaining competitive with those who do not actively seek out deals and discounts.
Replace any expired coupons
Please keep in mind that coupons are also an excellent way to promote your business and ensure that your logo, photographs, or graphics capture people's attention. If your coupons are visually appealing, they are more likely to garner attention from potential customers. If you're on a budget, there are numerous free online tools available to help you create your own professional designs. Alternatively, you can outsource the project to a self-employed individual or graphic design firm.
Target specific customer segments
While the primary goal of your coupons may be to attract new customers, they do not have to be one-time deals. Coupons can also be used to increase customer loyalty by offering ongoing discounts and promotions to previous customers. Email is a powerful tool for segmenting customers and targeting them with specific offers. For instance, you can reward your most loyal customers or entice them to return with exclusive promotions such as Pharmeasy Coupons, which offer customers huge discounts on medicines.
An excessive number of offers are non-existent
While coupons are an excellent way to keep customers happy, you don't want to offer them so many discounts that they never pay full price. They can wait for the next promotion to make a purchase once they become accustomed to the frequency of your offers — say, weekly or monthly coupons. When sending coupons, make it clear to the recipient that this is a one-of-a-kind opportunity.
Assign a time limit to the project
A call-to-action should be included in your coupon strategy in addition to marketing your business. You're more likely to see immediate results if you instil a sense of urgency. Rather than providing recipients with an open window of opportunity to redeem coupons, include an expiration date. Ensure, however, that the date is accurate; you will not deceive prospective customers or lose business by refusing to accept your voucher when they attempt to use it.
Conduct mathematical calculations
Finally, double-check the numbers before deciding on the discount code and special offers to offer. If you continue to discount your products or services without increasing your sales revenue, you will almost certainly lose money. Finally, whatever strategy you choose should not jeopardise your ability to operate profitably.
Numerous methods exist for marketing your business. Coupons – whether used independently or as part of a larger marketing campaign – are frequently an effective way to attract new businesses and grow your repeat customer base. As with any business decision, you should weigh the advantages and disadvantages and consider all viable options before deciding on the best approach.