Happy Thanksgiving! Here’s a whole day that we’ll call Black Friday, where almost everything is discounted with coupons everywhere. Happy National Cheeseburger day! Buy one cheeseburger and get the second one with our 50% off.
We live in a coupon-centric world, where discounts are a regular part of our daily lives. Hence, we see this reflected online where the use of promotional codes evolved from a new concept to a solid element of marketing strategy.
Here’s what coupons can bring to your business, as well as their different types and how you can use them to your benefit.
The Benefits of Coupons
There is a multitude of benefits that the correct way of utilizing coupons can bring to your business. However, they all revolve around the same three benefits.
Increase traffic to your platform
Increase your sales
Create (and nurture) customer loyalty
The truth is 97% of consumers look for deals when they’re actively shopping, and 92% said they are always looking, regardless of whether they’re looking for something specific to buy.
Therefore, having coupons will attract new potential customers. These customers’ willingness to try your product or services increase exponentially the moment they see that you have a coupon available. This will both increase your traffic numbers as well as your sales (or conversions).
Moreover, coupons can bring new customers to your loyalty programs as well as keep your existing loyal members happy with your brand. As it were, 43% of new customers join loyalty programs to get discounts and offers.
However, it’s essential to keep in mind that coupons on their own aren’t a complete marketing strategy.
Without a solid revenue model in place, as well as a full-scale digital marketing strategy, your coupons might bring in some quick revenue, but you won’t be able to retain customers in the long run and convert them into lifelong loyal customers to your brand.
Coupon Code Types
Depending on your business model, as well as your targeted audience and business objectives, there are different types of coupon codes to choose from.
Coupons come in all shapes and sizes. They can be a specific percentage off or a constant number discount, and they can be a gift purchase or a deal. The trick is to make your coupons unique to your business and your readers.
Coupon Marketing Strategy: Where Should I Start?
After setting up your coupons, you’ll start with small campaigns with different parameters to test the waters. For example, you can run campaigns with different discount values, types, and durations.
You’ll need to track the performance of every single coupon and campaign that you launch. This will provide you with the critical data that you need to learn about your audience.
Implement your strategy by choosing a single product, then run three coupon campaigns from time to time with slightly varying parameters. This way will give you a solid idea about which coupons work best for you and your readers.
Creating a Coupon: The Easy Way
You can create a coupon with a limited time offer, or one with a limited number of people eligible to redeem that coupon.
It’s a great way to raise interest levels, especially if you’re launching a new offering. In addition, you can use it to reward early adopters and encourage more subscriptions in a shorter period of time.
In less than 3 minutes, your marketing team can set up and activate your coupon. Simply by filling in the coupon’s details, then click “Save”.
Coupons for Your Subscription Model
Coupons have been around forever (or at least it feels like it).
However, with digital marketing spearheading the majority of business marketing efforts; it’s important to figure out how to use digital coupons for your platform the right way.
We understand that setting up your coupons to turbo-boost your revenue isn’t an easy pursuit. By scheduling a demo with our team, we can help set you on the right path.