About 92% of consumers use coupons, and 67% have made an unplanned purchase based solely on finding a coupon. Despite the fact that coupons marketing is over 100 years old, it still works!
But, you can’t use yesterday’s strategy to reach today’s consumers. Here are a couple of ways to increase your sales and target the right audiences with this type of marketing.
The power of mobile coupons
Consumers use their phones constantly when comparing prices and looking for deals. Take advantage of this trend by targeting them with mobile coupons. 67% will likely shop with a retailer that offers mobile coupons over those that don’t.
Drive traffic to your stores by targeting customers with personalized and contextually relevant messaging based on their purchase behavior. To increase mobile coupon redemption rates, set the range between your store and coupon recipients to around 32 feet.
Introduce coupons into your mobile app experience to drive more sales volume and increase in-app engagement. Offer exclusive coupons for your app users, and ensure that the app has a built-in scanning tool so consumers can scan products to discover in-store offers.
Reach today’s omnichannel shoppers by sending real-time offers based on their purchase history and activity on your website, email promotions, or mobile app. Deliver a seamless experience to consumers by making your mobile coupons usable online or in-store.
Maximize the profitability of your coupons
Creating coupons without learning the proper methodologies can work counterproductively and decrease your returns. Here are some instances where your business will profit from offering coupons:
New customers: Offer coupons to new customers to encourage their first purchase. Make coupons visible to potential customers by placing them in your website header, footer, or lightbox.
Repeat purchases: Consider offering visitors a 5-10% discount, gift card, or some other perk for their next purchase.
Re-engage customers: Use variations of ‘we’ve missed you’ coupons to bring back customers who have not purchased from you in a while. Restrict this offer to one coupon per customer and segment the offers based on customer lifetime value.
Loyal customers: Acknowledge repeat customers with a rewards program that discounts future purchases. Offer exclusive deals based on your customers’ shopping habits and personal interests.
Promote your coupons
No matter how valuable your coupon is, if consumers can’t find it, they can’t redeem it. Considering that 46% of consumers search in multiple places to find coupons, you need to make sure your offerings are easily accessible.
Consumers exposed to coupon ads are twice as likely to convert on a retailer site. To get consumers to click on your ads, dangle attractive discounts and highlight the potential savings.
Review conversion data to find out which keywords are strongest at leading to sales and use that data to adjust ad copy, refine bid policies, and optimize your keywords.
Work with outlets that offer value beyond posting coupon codes. As part of your strategy, include a tracking code to see how these websites contribute to a sale. Create affiliate-only coupons and clearly define discount terms.
One time deal
Instead of standard discounts that customers can reuse multiple times, opt for single-use coupons that allow you to send targeted offers.
Keep in mind that consumers prefer single-use higher value coupons over the lower value varieties they can use multiple times. If highlighting the percentage discount, set a minimum order value. Use analytics to gain a deeper understanding of your customers’ price elasticity, which will identify the ideal offer value for your coupon and help avoid over-discounting.
Block the use of additional coupon copies by including randomized codes and ensuring coupons expire on all channels and devices once they’ve been used. Make discount links available only to customers who have come through the predetermined flow.
Track performance
Tracking and measuring your coupon campaign performance is the only way to know if your strategy is working.
Track and manage campaigns using a single platform that offers real-time reporting and tracks customer engagement all the way to redemption. Use advanced analytics to track purchases sparked by coupon use to see how consumers respond to your messaging.
Place different tracking codes on each coupon to identify individual buying habits and see which types of discounts or benefits drive the best returns. Ensure your coupon codes are simple and work in both uppercase and lowercase characters.
Measure and track coupons campaign performance with metrics such as conversions, ROI, number of coupon downloads, and coupon redemption to measure the effectiveness of your offer.