Is there anything more persuasive than offering a customer a discount coupon? That feeling of being able to access something which is desired at a lower price often gives customers the final push they need to buy a product or service that they’ve had their eye on.
More and more businesses are moving sales online and joining the world of e-commerce. Therefore, the more marketing strategies you leverage in your online store, the more chances you have to differentiate yourself from your competitors. Discount coupons are an excellent example of a technique that attracts both existing and potential customers. In fact, according to some recent studies, 77% of consumers spend $10 to $50 more than intended when redeeming coupons, and 68% of them believe that coupons increase customer loyalty (source).
Couponing is understood as any digital marketing strategy that aims to generate sales and attract more customers through the use of discount coupons. Discount coupons have always been around. In traditional settings, coupons used to be (and in some cases still are) cut out of brochures or magazines and used in-store. With the advance of technologies, coupons are now more commonly used as codes that are typed in during the checkout process on online platforms (or stores).
Usually, the implementation of marketing campaigns that use coupons is very simple. Various CMS systems offer plugins that generate codes that users can apply at the end of their checkout.
There are many ways you can offer coupons to your customers. One of the most popular methods is through email marketing, which delivers your coupons straight to your customer’s inbox.
The frequency of couponing campaigns are dependant on many aspects and should be planned carefully by each company. If you are new to couponing, it’s better to only offer coupons for special occasions like product launches. Don’t offer discounts too often because it may negatively influence your company’s bottom line, or may become so normal for your clients that they won’t be willing to pay full price for any of your products or services.
You can start by offering customers coupons on special occasions like Christmas, Black Friday, or January sales. People are more willing to spend money during these periods anyway, so your campaigns will be more likely to succeed. You can also consider giving coupons to customers on their birthdays or local holidays.
If you are looking for benchmarks, you should definitely analyze Amazon’s couponing strategy. The Banana Republic and H&M are also well-known for their seasonal sales supported by coupon marketing. Shopify’s coupon campaigns are also successfully decreasing cart abandonment rates.
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