Coupons are the star performers of the marketing field. Whether you are running a business, PR marketing agency or affiliate promotions; a coupon marketing strategy is a must have in your marketing toolbox.
It wasn’t that long ago in 1887 when the first coupon was created and distributed among consumers by Coca-Cola. Since, marketers and retailers alike have seen their potential explode and expand into every possible occasion since then. Coupon marketing has become one of the most opted trends among small business marketers not just for increasing sales but also to polish a brand’s image wile building a stronger presence online.
Consider These Points Before Designing Your Coupon Campaign Strategy
Coupons penetrate at multiple levels in the market. It is fundamental to keep each and every component of your campaign balanced. Carefully consider your sale price, percentage off, units of product on hand, redemption limit and any other special conditions. Stay focused on branding and sales, this is also a great opportunity to drop your key-phrases.
Increasing sales by giving discounts can only be achieved by the right coupon campaign. If you’re looking for increased profit while maintaining the customer-focused brand image then a well-executed coupon campaign will help achieve that for your business.
There are a few types of campaigns that are giving results such as personally targeted campaigns, campaign for holidays, and weekend sales, etc. Market researchers suggest that the number of redeemed coupons is at its highest for groceries on weekends. On the other hand, after monitoring customer’s spending habits during the holidays The National Retail Federation says that people spend the most money during the winter holidays. Hence a thorough study of your target audience’s spending habits is the key to a successful campaign.
Here are 5 Tried & Tested Coupon Campaign Strategies:
Personally Targeted Campaign Strategy
Everyone likes saving money it makes us happy however it becomes extra special when you receive a personal gift. In the modern era everyone has a public profile displaying your name and date of birth. Creating a campaign to provide coupons for these special days is a sure winner.
Generally people take days off work on special days such as birthdays, anniversaries, or their kid’s birthdays, etc. Going out and enjoying yourselves is always the plan. A warm well wishing e-card on special days that includes along with it, a discount coupon pushes them a little closer to your store/brand and is a subtle reminder that you care.
Coupon Campaign Strategy For Special Events
The NRF study on consumer’s spending states that people’s spending habits dramatically increase during the holidays and gradually increasing throughout the year. Be it the weekend or a holiday; going out at the last minute shopping is what most of us do. It’s a time of celebration and buying new clothing, going out to a new restaurants and sharing gifts always boosts the self esteem. It is been observed that the average consumer spends at least two hours a week looking for better deals for the next shopping spree to save money for other things.
Now that millennial’s have more options and can navigate the internet to compare the quality and price, it’s natural to become price-conscious. Over spending on the weekend might lead you to look for a coupon for next weekends grocery shopping. Consider events happening locally, neighborhood festivals and food events, events happening at local parks, niche specific events literally any event can use a coupon!
Everyone likes to be warmly welcomed when you visit a new store or a website for the first time. All these first timers are potential future customers, and as a result the most expensive part of the customer acquisition. Take extra time to welcome them with a (one time use) first-time buyers’ coupon. Providing a welcome coupon creates a sense of brand loyalty and importance. Making them feel special.
Also, consider that not all new customers will buy what they are looking for during their first visit. For instance when online shopping; people often start a cart and then leave and go to another website to analyse and compare the prices. Sending a gentle reminder by offering a coupon is a good way to remind to complete the purchase. This method works for both online retailers as well as brick and mortar stores and services.
End Of The Season
We all are aware of the term clearance sale and craze it creates in all sorts of people. Consumers are already up for some spending and a discount coupon will lead them right towards your brand easily. Target audience is not that difficult to convince. This campaign can be run for three-four times a year. Customers generally look for bulk purchase and the right strategy will lead to a huge profit. Consider planning your black Friday and boxing day coupon campaigns in advance to drastically increase sales.
Coupons For Critiques
Providing coupons to the reviewers of your product shows that the company is genuinely interested in feedback. Creating a sequence of follow up emails asking for feedback, explaining how things work and encouraging written reviews promote organic engagement with your brand socially. Good luck with your coupon marketing strategy and if you need any help contact us anytime.