The latest RetailMeNot report reveals that there has been a sharp increase in shoppers’ demand for discounts. Today’s customer is a savvy shopper who enjoys the idea of saving money and is well-aware of promotional offers located online. The survey, conducted by the popular marketplace platform, shows that 64% of consumers want retailers to offer more coupons and deals in 2015 that they did in 2014. The same study shows that 54% of buyers wouldn’t mind a reward or a gift from the retailer after making a purchase in his store.
This data should encourage retailers to reconsider their current promotional tactics. Nowadays, consumers have gotten used to being spoiled with attractive bargains and deals, so money-off coupon codes are a must for any online business. Online shoppers browse the web in search of the most competitive prices on the market, are fluent in price comparison and know how to use a bargain when they see it. But the important question is: how can retailers use this knowledge to win? How can one develop an effective strategy that would result in an increase of new customers and high quality sales leads? The answer is coupons.
Cultivating coupon strategy
Coupon codes constitute unique value for a customer. They reduce the price of an order by a percentage or a set cash amount. Customers can easily get money off a selected product or a total basket value by entering the discount code during checkout process. Coupons offer something very important to a customer – a possibility to save money, keep more cash in a wallet. They deliver satisfaction. How does that impact the marketer? When a discount coupon reduces the cost of products, customer are encouraged to purchase more products in a shorter period of time. They’ve already learnt about the brand and its value, and they are eager to use more of that brand’s products in the future. It easily results in the increase of conversion and customer acquisition.
Earning customer loyalty
Retailers long for loyal customers. There is nothing more precious to a marketer or a businessperson than a database of loyal customers, because that means money. But that loyalty is not achieved overnight. Developing a strong and quality relationship and gaining customer's trust isn’t easy, but it's plausible and worth aiming at.
One of the easiest and quickest ways is through coupon marketing. Coupons play a considerable role in increasing the number of satisfied customers. Coupons might be used as an exclusive and unique treat that makes customers feel special. They are a promised savings while getting a desired product. They also may function as an incentive to join a retailer’s newsletter, social media or register an account and can be used as a way of saying thank you for being a loyal member, customer or Facebook fan.
Selling more with coupons
According to the research conducted by RetailMeNot, 20% of online shoppers decide to leave their shopping basket because they couldn’t find a money-off coupon code that would lower the price of products. That indicates that coupons have a real impact on customer’s final purchase decision. A well-designed coupon code can also result in an increased number of purchases (for example, the more you buy the more you save). Even though a customer starts with a decision to buy, he/she can still buy more if you approach him the right way and offer the right discount. Moreover, time-limited coupons can also speed up repeat purchase behaviour – with an expiration date in mind, shoppers will purchase more and faster.
Adjust a coupon strategy to your business
Marketers often find coupons to be a flexible and effective marketing tools. Coupon codes are used to measure which sales channels perform best and deliver the most sales. What’s more, by building an affiliate relationship retailers can utilise coupon codes to learn more about customers' behaviour. Distributing coupon codes through partners, retailers can increase their market area, reach a new group of potential customers, and attract customers towards shopping.
Dedicated coupon code sites have a hands-on experience on how to successfully promote your store online and they can be valuable partners in developing a coupon marketing strategy.
It’s high time to change the perception of coupons codes in marketing and find out for yourself that effectively applied coupon strategy can help boost customer satisfaction and boost sales. It’s a win-win situation.
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