Guest Post by Due.
While holiday seasons can be all about bargain shopping — where consumers are instantly attracted to discounts and coupons — whether they shop in-person or online, it’s a marketing strategy that can win you additional conversions throughout the year.
While you may be concerned about lowering your price as a competitive strategy, this is only a temporary cut to what you are charging. This strategy is one that has been proven to assist with raising impulse buying and helping to close the deals with the customers that have items already in their cart. Many have their fingers hovering over the “buy now” button.
Here are some ways you can leverage those discounts and coupons as part of your marketing strategy:
Add a coupon sign-up on your website
This tactic provides a way to send out coupons to those leaving their email address every time you decide to have a promotion. Besides being able to expand your coupon marketing campaign to a larger target audience, you also can build a larger database of leads to convert later on.
Use the coupon as a call to action by applying an expiration date
When consumers know they have a certain date by which to take advantage of a discount, it helps encourage them to complete a sale. You can select an expiration date that corresponds with a time period where revenue targets need to be met and that aligns with a certain marketing campaign you are running in conjunction with the coupon.
Put your coupons and coupon codes on coupon sites for greater coverage
Think of these coupon sites as directories for bargains. Many consumers like to start their shopping on these sites and determine where they will buy merchandise based on the discounts listed there. Some examples include Coupons.com, Yipit, Woot, Coupon Cabin, Brad’s Deals, Retail Me Not, and The Krazy Coupon Lady.
Provide coupon codes to any affiliate partners you work with
This serves as a win-win strategy as the coupons help both your affiliates and your own brand with conversions. Your affiliates can be influencers that help convince others about the worthiness of your brand.
Leverage email and social media to spread your coupons
When you offer your coupons in an email or on social media, they are more likely to be shared by your email list and fans than any other method because they can be easily forwarded. This incrementally increases the likelihood of getting more conversions for every coupon you send out and draws people in that you might not otherwise have reached. And with social shopping on the rise, it makes sense to share your coupons on this popular platform.
Give deferred discounts to encourage repeat sales
Another successful coupon tactic is to provide a coupon towards the next sale after a customer makes a purchase. This helps equalize any squeezing on profits that come from offering discounts.
Make your coupon for something other than cash discounts
Coupons don’t always have to be associated with one type of promotion. You can create coupons that serve as promotions for some type of free trial or sample. Whatever it is, it should be crafted around your brand and deliver some type of perceived value to your customers.
Tempt customers that left your site by using coupons as retargeting measures
By putting coupons in banner ads as part of retargeting efforts or in emails that are sent out when a shopping cart is abandoned, you can potentially win more customers as they return to your site. As a result of your marketing efforts, you can capture those customers so they will come back and buy.
Start with a few of these coupon and discount strategies to gauge how they will work for you. Always employ metrics that assess your return on investment for these marketing tactics.
While some coupon tactics may be more effective during holiday seasons, you may find that different promotional strategies may yield greater conversions at other times of the year. That’s why it’s important to test these coupon tactics as part of your overall marketing strategy and assess how your target audience responds.
About the Author
John Rampton is an entrepreneur, investor, online marketing guru, and startup enthusiast. He is the founder of the online invoicing company Due. John is best-known as an entrepreneur and connector. He was recently named #2 on Top 50 Online Influencers in the World by Entrepreneur Magazine and a Blogging Expert by Time. He currently advises several companies in the San Francisco Bay area.