For business owners, coupons are more than just a way to save on your groceries. They’re an essential business strategy that can drastically increase revenue and customer satisfaction. And while you may think that they’re out of reach, it turns out that they’re easier to use than you may think—in fact, it’s simpler than most people realize. Here are the reasons why using the Coupon Management System as part of your marketing strategy is not only smart but vital for maintaining your business’s success!
Ways Online Coupons Can Help Your Business
Web-based coupons help businesses attract new customers. According to recent research, web-based coupons and other marketing strategies have increased foot traffic to small businesses by an average of 43%. Additionally, 77% of consumers report that they regularly search for coupon codes online before making a purchase. Thanks to these statistics, and many others like them, we now know that it’s not just savvy consumers who need access to online coupons—businesses do too.
More than ever before, both consumers and business owners need assistance in curating an efficient coupon-management system. There are numerous tools available that make couponing more manageable. They include
How to Start With Online Coupons
Getting started with online coupons can be a bit tricky. If you’re going to try it, make sure you have the right mindset and that you’re prepared to follow these steps in order. Since using coupons won’t always save you as much money as it should, it may be in your best interest to think of it more like a marketing expense than an expense used to save money.
It takes work and effort on your part and not everyone will want what you have, so if at first, you don’t succeed – try again later. Be patient, take advantage of trial offers – such as free shipping or handling costs – and keep track of where your customers are coming from. Remember; failure is only a temporary setback while giving up is permanent!
Best Practices for Creating an Effective Online Coupon Strategy
Making it easy to share your coupon with friends, family, and coworkers is key to creating an effective online coupon strategy. A recent study found that coupons shared through email were twice as likely to be redeemed than those shared through social media. With that in mind, think about ways you can make it easy for customers to share your coupons with their friends and family (for example, include a link on your Facebook page).
If you own a brick-and-mortar store, consider printing off special copies of your printable coupons and handing them out at your register. This makes it easier for customers to redeem them immediately – no Internet required!
Which Customers Should You Target?
Consider your unique selling proposition (USP). It’s a one-sentence statement that sums up what makes you different from and better than your competitors. Why do customers buy from you instead of them? Once you’ve identified your USP, match it to customer types. If you have an innovative solution, targeting early adopters would make sense. If your pricing is competitive, go after bargain hunters. Then look at existing customer demographics.
Do most of your customers come from one gender or another? Are they mostly older or younger? Are they married or single? How much money do they make in a financial year? The more specific and detailed you can be when determining which customer group to target, the easier it will be to reach them.
Step by Step Guide on How to Create an Online Coupon Code
- Decide how much you want to discount your product. This can be in a certain percentage, dollar amount, or both.
- Create and choose an incentive to receive when a customer uses your coupon code such as free shipping or free gifts.
- Create a web page that will present all information about your coupon, especially your discount code and incentives offered with it.
- Send emails and messages to customers, friends, and family asking them to share the good news of your new business venture on their own social media platforms.
- Get ready to make sales!
If you’re an entrepreneur looking to start a small business or hoping to win over new customers, coupons can be an ideal way to do so. Before you develop your own coupon program, though, look at what your competitors are doing and why they’re using them. Use that information as inspiration when creating your plan of attack. Once you have a fully thought-out plan in place, find a coupon management solution that will help make all of these steps much easier on you.
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