Coupon Marketing Strategy to Increase Conversion
Does my Business need Coupons?
Today, coupons have become a sophisticated marketing tool that not just help in driving sales but also help in building a positive brand image.
Did you know? 92% of consumers use coupons and 67% have made impulse purchases based solely on finding a coupon. Most businesses today have developed a personalised coupon marketing strategy to target a specific audience, generate more sales, present a positive brand image and boost their conversion rates.
Today, consumers are literally hunting for coupon codes on coupon websites, brand websites and social media platforms.
Tips to Design a Top-notch Coupon Marketing Strategy
- Start with Coupon Design: It is often said that people buy with their eyes. Thus, the coupon design should catch consumer attention. Designing something catchy will help you generate hype for it later on.
- Leverage on Limited Period Offers: The goal of using a limited time offer is to get customers to act sooner rather than later by limiting access. When you attach a time-frame with your coupon code, it creates a sense of urgency.
- Create a clear and concise message: The thumb rule is ‘less is more’. Too complicated promotion rules will instantly discourage the potential consumers from using the coupon. Whether it’s a promo code, QR-code or discount on first purchase, let your target group understand what they’re supposed to do in a single line.
- Start with mobile coupons: If you are new to a coupon marketing strategy, the best place to start is with mobile coupons. Consumers spend most of their time on the phone comparing prices or looking for deals. You can use the concept of proximity-triggered mobile coupons to drive traffic and increase engagement or simply use an omni-channel experience to send real-time offers to clients based on their past purchase history.
- Promote your coupon codes: No matter how valuable your coupon is, if your consumers can’t find it, they won’t redeem it. While most businesses send coupon codes via email, you must even experiment with other channels to maximise your reach and grow your leads. Promoting a coupon code on a paper cup ad is also a fool-proof way of generating traction. When a brand uses coupon paper cups, excitement sells itself. It literally puts the coupon in the potential customer’s palm. It also gives the consumer enough time to use the coupon while sipping their daily dose of caffeine.
- Track coupon performance: Use responsive metrics such as coupon conversions, number of coupons downloaded, ROI, and coupon redemption to track performance.
Implementing a coupon marketing strategy works best in combination with other tactics. Relying on coupons alone to grow your business will actually have the opposite effect because consumers will no longer see value in your product.
Take some time to know your ideal customer and then you can build your strategy that gets noticed and converts more customers.