Disclaimer: Updated 20/07/20
Coupons have become part of our everyday lives. We use them in grocery stores, boutiques, and eCommerce shops. Who doesn’t want to save bucks on their purchase?
When done and timed right, they can be a goldmine for marketers everywhere. Aside from boosting your conversion rate, coupons also bring several benefits to the table.
Customers are more than willing to purchase products that have a coupon. If you’re running out of ways to boost your advertising, give this smart strategy a try.
5 Benefits in Using Coupons to Your Marketing
Invites new customers
Coupons help attract new customers to your business. Well-crafted offers immediately catch attention and lead customers to your website or store.
Customers won’t hesitate promoting your brand via word of mouth or social media, especially when you top it all off with excellent customer service.
If they see value in your products and services, they will stand by your brand for the long run.
Captures customer loyalty
Coupons build your customer base.
Most brands require customers to list their email address to avail an offer. This strategy helps grow their email list, which they can use to send future updates or campaigns.
Brands can even use coupons to hook customers into their loyalty programs. This type of program helps promote customer belongingness and exclusivity.
When customers feel they belong, they’re likely to stay loyal to your brand.
Introduces new products
You can use coupons as a strategy to market a new product. If you know how to play your cards right, this will give the product a great head-start.
A good example is a free trial. It’s not easy convincing a customer to use a product or service that’s new to them.
Free trial coupons are a great way to immerse them to your offering and judge it for themselves. Plus, customers are likely to make the full purchase if the free trial experience was satisfactory.
Cleans up your inventory
With new products coming in, you’ll have to empty your shelves to make room sooner or later.
But this doesn’t mean you should discard your old items. That is just money wasted.
Instead, use coupons to sell them at a much lower price or give them away as freebies on other purchases. Placing a 10% discount on those items can make them sellable in no time.
In the end, you’re emptying the shelves and at the same time, gaining profit.
RECOMMENDED: How to Market Your Business on a Small Budget
John Wanamaker, a prominent figure in advertising, had this to say about marketing:
“Half the money I spend on marketing is wasted; the trouble is I don’t know which half.”
The 100-year-old quote still speaks some truth across marketers to this day. This changes with coupons.
Aside from being a smart way to distribute discounts, coupons also give you valuable customer insights.
They help you determine which delivery system works best, where consumers come from, and which creative drives more attention.
On top of that, you’ll learn how much profit the campaign will generate. Marketers can use the data to create effective marketing strategies in the future.
Use them wisely
Coupons help you take more control over offline and online promotional activities. By identifying the right audience, design, and strategy, you’ll be able to approach your coupon marketing with confidence.
If you’re using a website builder to manage your site, you can easily drag and drop your coupons anywhere. Increase sales, introduce a new product, and build loyalty with a well-thought-of coupon strategy today.