Coupon Management is a value for the Ecommerce business. Mainly because coupon inspires customers to take actions and make sales. In Ecommerce business coupon management helps to boost up the sales up to 35%. Sooner or later, the customer will purchase if they have a coupon code.
If you are able to portray the right strategy, then the customers will find the right product to avail that coupon. People don’t have to spend hours looking for the right product. So, you need to think and apply the coupons at the right time.
With the correct coupon marketing strategy, you can target customers and let the customers take action for your online sales.
As there are high competitions out there you need to find out new ways to attract customers and convert them into sales. As more and more Ecommerce are entering into the market it is becoming difficult and coupon marketing strategy should be used more strategically. Coupons are relevant and proven marketing tactics for generating sales. To ensure sales and maximize the sell you need to use and manage coupon codes very creatively and strategically.
Many companies are turning into digital campaigns in this pandemic situations. It’s time to explore new ways to capture more customers. And, coupon management will help to have more customers for the Ecommerce business or any other business. There needs to maximize the marketing effort and campaign to perceive the value and get more customers.
Let’s begin with the Coupon Management Strategy-
1. Discount offer:
You can promote the discount offer through social media posts and various online and offline activities. You can try newsletter and Email Marketing to promote this discount offers. For example, in exchange for the Email Address, you can share the discount offers in the next mails.
This is a win-win situation here. A subscriber gets a discount offer and you get an Email Address which later you can use for remarketing or retargeting. If it is a B2B business then you can try with the resource books, guides, video, or insider information about the industry.
Discount offers are the most popular for the lead magnet opportunity and subscribers can save a lot if they utilize the discount offers properly. You can use the discount offers in a lead magnet way for the websites.
Lead magnets can be in pop up in a form or automatically pop in the website after a certain action taken by the customers.
- Spend some time browning the websites,
- Scrolling the websites,
- Move to the landing pages.
2. Limited-Time Offers
In a limited time offer campaign, customers are given a time period where have some time to purchase or take any actions. In Ecommerce Business, limited time offer can boost up the sales 50% as the customer find the offer very existing.
Limited offer tends to arrive when a specific landing page or the product page has access. Studies show that Generation Z is the one who engages with the limited offers as these offers are very much appealing.
To outstand from the competitors, you need to do research and see what types of offers are the competitors showing. If the niche is the same then the targeting parameters will be the same. Offers can vary but you need to go further with the marketing campaign and capture the market.
To make your offers stand out from the competitors you need to be quick and fast. This is going to help you.
3. Offer deal of the day or week
Giving some percentage off or Tk off is a common discount option because it works. Yet don’t believe you just need to confine yourself to these forms. The discount you offer depends on how financially you are able to handle the bill. Giving first-time buyers $20 off is one thing, but how does it affect the bottom line? Should you still be making a profit or will you be losing money?
Thought of what matters to the customers before you initiate the discount. When you’ve already polled your clients, you’ve got useful access to the results to know more. Eighty-six percent of consumers want to be asked whether companies follow through on comments made or making a difference.
Some other ways to Discount options available-
- Free Shipping
- Savings on abandon cart
- Free gift with purchase – offer something cheap but the value that sets the tone for the new relationship with customers
- A chance to win a present -multiple people sign up, but you just give away a few things
Share a reference – effective since many shoppers want to be seen as a trendsetter
4. Reward Program
Reward programs are an excellent way of encouraging customer loyalty. Customers receive exclusive offers that offer value and let them save money in exchange for consistently choosing to buy your products over the competitions. The longer customers remain loyal, the higher their Lifetime Value (LTV) and their income.
Reward programs appear to be working by all accounts. Studies show that 84 percent of customers say they are more likely to be loyal to brands that offer a reward program of some sort.
Another this is to let your customers into groups, so you can create specific programs and messages for specific customer types. Let’s say, for example, you’ve got a brand of clothing that caters to men and women. Create a program of rewards that allows each segment to accumulate rewards, points, etc. to be used for specific purchases.
5. Paid Media
Include social media in your marketing coupon strategy as there are a lot of customers who follow brands to get coupons. Around 50% of customers use social media to decide whether to buy something. There are billions of users across common social media platforms such as Instagram, Facebook, and Twitter, so posting promotions should be part of the plan regularly. This level of publicity is expected to get you noticed and draw consumers of several different styles.
Take a while to get to know your ideal client and their expectations. From there, you can build a marketing coupon strategy that will be noticed and that will convert more clients.