While shopping online, customers almost always expect discounts for their purchases. With so many different places to purchase items from, competing websites are often seen offering new customers discounts and digital coupons.
Retailers on the marketplace are also allowed to add their own coupons and discounts to boost sales conversions and increase customer loyalty.
Discount vouchers prove especially attractive to shoppers who are always on the look out for saving some extra money here and there. Digital coupons are also a successful means of growing your market. Social media can also be used to provide loyal customers with discount codes.
When it comes to marketing strategies, there are only a few ways retailers can gain customers. Offering frequent cashbacks and discounts to maximize outreach sometimes means a less profitable sale.
So, how can retailers offer coupon voucher and still maintain their profit goals?
Let us start with,
What Are Digital Coupons?
Digital coupons and promotional discounts are offered by retailers to existing or prospective customers. They are generally aimed at enticing potential customers to make a purchase.
Since there are always customers looking for a product or service, coupons can help them save some money on their purchase and hopefully build a satisfactory relation with the retailer.
Digital coupons can be either a limited time offer, discounts for first-time customers, or event-inspired discounts.
These digital incentives from retailers can make them or break them. Offer too many and your profit might plummet. Offer less or none and you run the risk of being overlooked by shoppers or losing to a competitor offering more discounts.
Coupon vouchers are also often associated with close-out products, and tactics that drives sales for a failed product.
Types of Coupon Vouchers
- Downloadable coupons: These coupons can be accessible to consumers from a number of different locations. Customers can download coupons from a company’s website directly or if they have subscribed to their newsletter, retailers even mail customers the coupon voucher.
- Mobile coupons: Ecommerce platforms that have their own mobile applications available for customers to shop on often offer mobile-only coupon vouchers to further sales on this particular medium.
- Promo Codes: Promo codes are essentially a much faster way than downloading coupons. They are a unique set of numbers and letters that when applied during checkout provide you with an instant discount. They can be easily shared and made unique for each customer as well.
- Automatic discounts: These are discounts that are automatically applied during checkout. They are provided to your account by the website and can be used either on particular purchases or simply whenever you wish to.
Ecommerce Coupon Marketing Strategies
Coupons essentially are costs to your business that provides huge returns. There is a lot of potential in adding coupons to your business strategy since it brings new customers and lets you hold on to existing ones. However, making sure they do not harm your profit margin is easier said than done. When used wisely, coupons can add a considerable amount of revenue while promoting your brand as well.
Get rid of slow-moving items
Simply put, there are some items that do not sell as well as others. You could offer a steep discount on the product while still breaking even. A low 10% discount can also allow the product to fly off the shelf in no time at all.
Build your email list
Data from potential customers is the bread and butter for ecommerce websites. Simply offering a small discount for a simple sign in procedure can bring customers to you by the pound.
Incentivize customers to spend more
Adding spending thresholds to availing discounts is an easy way to have customers add more items to get that deal.
Measure channel effectiveness
By providing discount vouchers on different social media platforms, you can easily measure the effectiveness of the channel. It may not be accurate but allows you a glimpse of which of your social media has the highest conversions. This could help you set up your marketing strategies.
Boost your referral program
Referral programs provide another way of acquiring new customers. Essentially someone can refer your program to their friend and each of them receives a coupon for taking the action. This not only allows the existing user to keep shopping with you but also brings their friend into the mix who might further refer folks, continuing the chain.
Add a time restraint
The urgency factor can be a conversion driver. Simply put, when you add a time limit to the discount you are providing, people might feel obligated to avail the discount with the fear of missing out.
Get customer feedback
Allowing customers to participate in surveys to receive a discount can also be beneficial to you and your customers. Not only do they offer incentive for users to take the survey and earn the reward, but also allows you to craft a better experience for your customers in the future.
People shop on holidays. If not for them, then they are picking up gifts for their friends and family. Offering event, or holiday-based discount vouchers can bring a whole new set of customers and boost sales. Since it is a repeatable campaign, you could virtually do this each year and make it an event specific for your business as well.
Marketing Coupons to Your Customers
Once you have a coupon strategy put in place, you need to have them marketed to customers. There are methods you can use to effectively get the word out, but they can be expensive.
Let us look at more effective methods that will not break your bank.
Customers who subscribe to your newsletter and mails can be sent special discount vouchers that they can avail on your products. Clearance sales, and new product launches are perfect times to send incentive discounts.
Customers will readily subscribe to your social media platforms if you offer discounts and coupons for them to avail. This not only brings new users to your social media but also has users using these discounts to avidly purchase items from you, boosting sales.
Facebook ads, Google ads can have a coupon code on the side. Paid ads must be paired with incentives balance out the cost while driving volume to your product.
Messages holding coupon codes can also be sent to subscribed users. This incentivizes the user to use your mobile platform as well as bringing customers back to your product.
A word-of-mouth strategy might also be useful to drive traffic to your product. A strong network of affiliates can bring their users to your door within no time. This reduces marketing costs and allows an entirely new set of customers to reach your services.
Linking up with influencers and providing them with a unique discount voucher can also help your business. You also get to track how the promotion performed.
Trade events, festivals, and local events are one of the best strategies you can get hold of. Face-to-face marketing has better, more realistic advantages to your conversions.
Discount vouchers and coupon codes are incredibly attractive to customers and the incentive of saving some money on their purchases can have a positive effect on them. Building the right tactics and strategies around these coupons can effectively drive up your sales and allow you to increase your conversion rates around all platforms.
Planning well and budgeting accordingly can help you be cost effective while reaching a huge part of your consumer base without much hassle.