Coupons and discounts are a fundamental aspect of today’s shopping experience. In these strange and turbulent times, consumers are looking for more ways to save money, and coupon marketing may not only be a helpful solution for them, but can also significantly benefit a small business and actually increase sales even in these hard times.
Coupon marketing involves using coupons, discounts, and promotions to increase sales. Since consumers are interested in saving money, businesses can offer their customers what they want at lower prices and thus entice them to buy from their company.
Although not every business has caught on to this valuable approach, coupon marketing has been proven to be an effective approach and to benefit everyone involved. For example, 84% of consumers say they’re more likely to be loyal to a brand that offers a reward program, one of the main facets of coupon marketing.
Coupon marketing creates an equation where everyone wins, and as a small business owner, you could probably use a win right now. Here are the best coupon marketing tactics to benefit your small business and your customers.
Create a Rewards Program
Reward programs are one of the best coupon marketing tactics that significantly increases loyalty and sales. Offering loyal customers discounts or coupon codes only increases their allegiance and love for your brand, and makes them want to shop there more. They’re incentivised to continue spending because the more they spend, the more they receive.
As mentioned above, a large majority of consumers will stay loyal to brands that provide rewards programs, showing how seriously customers take these. Instituting a VIP program or a customer club is one of the most surefire ways to increase business. It’s also another way to get more customer information such as emails and phone numbers.
Encourage Data Sharing
Having more customer information can never hurt; you need to know who your customers are, what their interests are, and how they shop to have a successful business and marketing program. Their emails and phone numbers are valuable information since you can use these assets for further marketing and encouragement to buy your products.
To obtain this information you can create incentivised lead magnets where you offer a discount or coupon in exchange for sharing information such as an email address or phone number. This situation becomes an equal sharing of something that both parties value: the customer gets to save money on a purchase, and the business owner can use the customer’s data for future coupons and other marketing purposes.
Experiment with Distribution Channels
Another great way to increase your sales through coupon marketing is testing different distribution strategies to find the most effective one. This way, you can hone in on something that truly works, rather than blindly attempting to market wherever you can.
While no consumer base is going to be exactly uniform in the way they like to receive information from a business, most prefer text messages, email, paper, in-store coupons, or a combination of multiple methods. Since your industry and type of business may significantly influence your target market and the coupon preferences of your customer base, it may be worthwhile to experiment with different channels to find which is the most effective in driving conversions.
Coupon marketing can be a significant asset to your business if done right and with your customer’s best interests in mind. Consider this new marketing strategy and learn more about it with this infographic from CouponChief.
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