Coupons and promotions have become one of the biggest things that excite customers in the eCommerce world today. Naturally, if you offer coupons to your customers in any shape or form, they will take it immediately. However, although it benefits the customers, you must understand how it will benefit your business.
Since you are a business owner, you must understand the trends and benefits that coupon marketing brings to your online store. Businesses offer coupons and deliver promo codes to earn more profit and gain customers. Even in today's physical stores, coupons and promotions play a vital role in the company's marketing strategies.
With technological evolution, online stores have taken the market by storm. Coupons and promotions are one of the elements that the technology has introduced. Although physical and digital coupons offer the same benefits, digital coupons are cheaper because you don't need to print them. All you need to do is integrate them into your online store, and you are ready to go.
Benefits of Coupon Marketing
1) Customers can Buy More Items
Customers can save money by using coupons and promotions to buy necessities. When you put coupons on the products regularly bought by customers, they are discounted to buy products in bulk within a specific period.
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Coupons is recommended on products that have a long shelf-life and are used daily, such as shampoo, soap, and tissues. For example, during the COVID-19 pandemic, many stores put coupons on masks because of their increased demand and regular use. As a result, you can save money and time by buying products in bulk rather than going to the store continuously.
Most importantly, coupons provide customers with a wholesale price lower for those who buy in bulk. Therefore, when you buy products in bulk, you save a lot of money as compared to buying them piece by piece.
2) Help Remove Older Products
E-commerce products just a few months behind expiry should be removed from your online store to prevent future losses. Coupons and promotions can come to your assistance by protecting those products after the expiry date.
If you offer coupons on older products, it will attract budget-stricken customers. However, without compromising your customers' safety, the old products must be partnered with discount offers to increase their online sales.
Since customers always take advantage of coupons thrown at them, you can use them to your advantage by eliminating older products or advertising the product itself. But, of course, your ads must present those products in a way that they are still useful despite being old.
3) Reduce Advertisement Expenses
Another benefit of using coupons and promotions is that it makes your business products known to the market. The costs of advertising products on other platforms can be reduced because coupons play their role in those ads. In your coupons, you can include the business name, office location, and other information that customers must know. Your business will become known for the discounts and freebies, which will only increase your website traffic. When you have a collection of coupons scattered around your customer base, they are likely to find it and make their way to your online store.
Tips to Build Your Coupon Marketing Strategy
1) Single-use Promo Codes and Coupons
Traditional coupon marketing strategies depend on how much they are used from the start. To function properly, your coupon must have a promo code. The best thing to do is create a set of generic promo codes for all your coupons.
A generic promo code solution is simple, but it has risks associated with it. For example, if you share the code by mistake or it ends up on a voucher website, many people will take advantage of your intended discount.
Using generic promo codes can be ideal if your objective is to attract new customers. However, it limits the type of promotions you can offer and damages your chances of maintaining customer loyalty. Moreover, it helps you convert current customers into brand evangelists.
Another problem with using generic codes is personalization. Although you can customize your messages in coupons and promotions, the generic codes won't help you tailor the discount.
The single-use promo codes solve all the problems regarding personalization. Rather than using generic codes, you can create a collection of unique codes or issue a new code upon the request of your potential customer.
2) Personalize Your Coupons
If you think giving your customers coupons and discounts is enough, you couldn't be more wrong. When you offer coupons, customers expect your deals to be customized. They always want to see more than what they want from your business.
According to a study on Uniqodo, 79% of customers engage with brands offering discounts if they have a positive experience of their past interactions with that brand. However, only 43% of the customers share personal data with the brands to save money.
When we talk about personalization, there is a very low margin for error, so you need to be careful. For example, although it is clear that you need some level of personalization, you shouldn't tell your customers that you are 'data-mining' them.
The best approach is to limit personalization to the information customers usually share with you. For example, they can provide your personal information while registering for an account.
The objective of personalization is to convince the customers that you are selling them something exclusive. Single-use promo codes make life easier for you, allowing you to customize the discount level according to your customers' habits. You can also reward them for their shopping history with your online store.
3) Create a Sense of Urgency
When customers feel they have a lot of time, they are unlikely to take action when you provide them with coupons and promotions. Even if your offer is great, they are inclined to drag their feet if you let them.
Being a business owner, the best approach is to go for urgency marketing. It helps remind your customers that they have limited time to act. This approach will result in a faster response from the audience and increase use rates.
One of the big reasons why coupons and promotions occasionally go unnoticed is that the customers need to be more present. They forget about the offer and move on with their lives. Urgency marketing enables you to convert a maximum number of people when you catch their attention.
An ideal way of catching attention is by using generic promo codes and reducing your promotional campaign's time frame. However, the urgency factor can be even bigger if you use unique codes. For example, you can set a time frame of half an hour for using a particular coupon code, which starts from the moment an individual opens your email.
Create Coupons and Promotions with Strikingly
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Strikingly is a top-quality website builder that helps you to integrate coupons and promotions on your online store. If you want to add these elements to your eCommerce website, follow these steps:
- Log in to your Strikingly account (or register for a new Strikingly account)
- Choose a suitable website template for your business and open the website editor
- Go to 'Settings' from your website editor and click on 'Promotions'
- Click 'Create Coupon' on your website editor
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After creating the coupon, you can set the conditions and types of coupons and promotions you want to create. You must create a coupon code, which will act as the name of your coupon. Most importantly, you have to set an expiration date for your coupon. It will indicate that your coupon code will automatically become inactive beyond that period. When you set the 'Discount Type', you will have three of the following options:
- Percentage
- Flat
- Free shipping
Finally, you can shift your focus to the 'Maximum Uses,' which sets the times you can redeem your coupons and promotions. If you make it unlimited, your customers can use the coupon code indefinitely.
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Customers can input the specific promo code they want when entering the checkout procedure. Then, the promo code will be added to their online transaction. However, if the promo code involves free shipping, the customers can only see it if they have entered their shipping address.
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Strikingly gives you the license to manage all the coupons you have created on your coupon dashboard. The dashboard lets you see how many customers have availed of your coupons and promotions. Furthermore, you can see how often your promo or coupon code has been used. Although you cannot change your discount offer or coupon code, you can reactivate any of your coupons here.
Conclusion
Coupons and promotions are essential for making your business bloom and grow. If you implement the right strategies, you put your marketing objectives in a positive light. In addition, you increase your chances by gaining more trust badges from the customers and attracting new business leads.
Don't get frustrated if you cannot immediately see the benefits of coupons and promotions. The business world is all about having patience with your customers. Being a business owner, you must understand that there is always a learning curve, and your business won't attain the heights overnight. But, most importantly, you are doing your best to facilitate your customers and grow your business.
Strikingly provides the perfect platform to integrate coupons and promotions in your checkout process. Sign up on our platform today and build an online store that attains your customers' trust.
