Everyone loves a great deal. Whether they’re rich or poor, prospective customers are more likely to engage with your business if they’re given the opportunity to save money. This is where coupon deals come in.
Coupon deals are renowned for increasing sales, which is the ultimate goal of any company operating for profit. Recent evidence also suggests that up to 85% of US consumers use coupons—a statistic that, in itself, should be a huge incentive for business owners to establish a coupon strategy.
Strangely enough, coupons remain among the most underused marketing methods in today’s business landscape.
So, why should you develop an advanced coupon strategy? Because you could lose significant revenue if you don’t.
Read on to find out how you can offer your customers some serious value in the form of coupon deals.
Key Things To Remember When Developing Coupon Deals
Below are the key things to keep in mind when you’re developing your coupon strategy.
1. Your main priority will always be centered on crafting profitable offers with mutual benefits for both company and customer. Such initiatives are crucial for long-term success.
2. When discounts are devised, it’s important to evaluate how they’ll either make money or benefit your business in some other way. Remember: the failure to recognize the financial outcome of your approach is a surefire recipe for disaster.
3. Pay close attention to how your offers will incentivize new customers. Bonus points if you have an appreciation for how price fluctuations affect consumer demand!
4. Coupon deals are a great way to lure price-sensitive customers. Successful deals are usually offered to consumers who are more price-sensitive than your general audience. People who assign less value to your product or service will be attracted by the offer in question; over time, they can be swayed toward paying full price for your product or service. Influencing customer opinion/value this way is a long-term goal for any successful coupon campaign.
Growing your business with coupon deals has never been easier thanks to tools such as WooCommerce Advanced Coupons.
Advanced Coupons lets you to create a discount area in your website’s checkout section, craft various types of coupon deals, and more.
If you’re eager to learn more, you’ll be pleased to discover the following fantastic tips for running a successful coupon campaign.
But before we get to the nitty gritty, let’s begin with an overview of how a coupon code strategy will revolutionize your business:
Why Coupon Deals?
So why, exactly, do you need an advanced coupon strategy for your store?
Let’s explore the core benefits coupon deals can offer your business!
1. Coupon deals can dramatically increase sales
The modern day consumer typically browses online for deals prior to visiting a website of their choice. In fact, the deals available to them often dictate the website they’ll inevitably visit.
This is demonstrated by a CouponFollow study, in which 96% of 1,300 survey respondents stated that they actively searched for online coupons before buying something. In addition, 51% said they looked online for coupon codes almost every time they shopped online.
Because customers are regularly searching for sales promotions, failing to offer regular coupon deals can make you lose out on sales. In contrast, when consumers visit your store having been prompted by a relevant coupon offer, they’re far more likely to buy.
Remember: the right coupon strategy functions to boost sales, profit, conversion, and traffic. This, in turn, collectively contributes to an improved bottom line.
2. Coupon deals can reduce cart abandonment
Cart abandonment is extremely common when you’re dealing with online retail. In fact, it’s perhaps one of the most dreaded scenarios in any business context.
When consumers engage with your business but don’t follow through
It’s a matter of timing. If a coupon code is pitched to abandoning visitors at the right moment, the fear of missing out on a great deal will often be enough to convert them.
What’s the best way to achieve this? You can design your site so that people intending on leaving trigger popups telling them about your sales promotion.
By offering visitors a deal they can’t resist at an opportune time, you’ll slow the rate at which they abandon your website.
3. Coupon deals can raise brand awareness
Generating awareness around your brand is a great way to take your business to the next level.
Brand awareness often revolves around simply exposing your organization to the paying public, especially to the section of the market where your target demographic lies.
There are numerous websites that are essentially glorified coupon code libraries. These maintain comprehensive lists of coupon codes from thousands of websites across the web.
Kickstarting your coupon code strategy will elevate your presence within the online realm, increasing exposure significantly. For one thing, more and more people will encounter your business logo when your coupon codes are listed online.
Great deals can also encourage positive word of mouth, bringing more attention to your store. And the greater the number of people who learn about your business, the more site visitors you’ll end up having. Even if they don’t use your coupon, they’ll at least become familiar with your branding, increasing the chances that they’ll one day become paying customers.
Now that we’ve established a foundation, let’s proceed with greater insight into running an effective coupon code campaign.
3 Tips For Running An Effective Coupon Code Campaign
Let’s explore they key ways you can run an effective coupon code campaign!
1. Target the right people
Consider the audience each coupon code will appeal to.
Use your findings to determine which type of coupon codes to create. Given your current circumstances, remember to consider the type of consumer that’ll you’ll benefit from the most.
For example, discounting popular items will attract bargain-hunters. But what’s the likelihood they’ll become repeat customers? Slim to none.
A useful alternative is discounting high-margin items to attract niche groups within your customer base.
Targeting the right people has a lot to do with offering discounts to new customers only. This is because existing customers generally don’t mind paying the normal amount for an item. Therefore, allowing them to pay less is a lose-lose situation which sways from the overriding purpose of a coupon strategy.
2. Implement soft/hard deadlines
Using a combination of soft and hard deadlines is a great way to incentivize customers.
Hard deadlines are awesome because they increase the pressure to buy now, capitalizing on the “fear of missing out” principle. Imagine, for example, that you discover an incredible discount that’s due to expire in 24 hours. Wouldn’t you feel pressured to buy within the timeframe?
Time restraints can positively influence consumers, but the freedom to do it within a timeframe can also be encouraging.
Soft deadlines provide you with an opportunity to reassess your strategy based on real-time results. It grants both you and the customer an advantageous level of flexibility.
If a coupon code has a soft deadline, the customer has no specific time limit to make the purchase and receive savings. The offer will remain on the market for longer, luring customers in for a greater duration. Consumers will feel relieved and intrigued by the concept of around-the-clock savings.
Establishing a balance of soft and hard deadlines will help you benefit from coupon code strategy. And with some experimentation, you’ll develop a method best suited to your individual needs.
3. Set clear objectives
Setting clear objectives is essential across multiple business functions. However, it’s especially important when it comes to directing traffic to your company. Without realistic goals, the scope of achievement reduces significantly.
Key objectives for devising a coupon strategy stem from understanding why your business needs a coupon campaign. You should also address whether you seek repeat customers or simply an increase in short-term sales.
Your campaign will be accompanied by basic objectives. However, defining clear goals will create scope to monitor and analyze. It may even tell you when and how you should duplicate your campaign.
Here are some common goals for establishing a coupon strategy, some of which should be consistent with your current situation:
- Raise brand awareness
- Increase sales
- Build an email list
- Reduce cart abandonment
- Establish repeat customers
Take note that your strategy should be based on your most important objectives, not the other way around.
Crafting your strategy based on careful planning is a measured approach which will be elevate your shot at success. Ultimately, your campaign will be run off the back of your goals and objectives, which should be clearly communicated to all stakeholders to create alignment and consistency.
To run an effective coupon campaign, you should:
If you’re keen to work on your coupon code strategy, explore one of many WooCommerce Plugins which will make your life considerably easier! And if you have any questions about coupon deals, feel free to ask us in the comments section below!