Retailers & wholesalers are using coupons as their marketing tools for decades and with the advent of e-commerce platforms, coupon marketing has become one of the most effective strategies to retain and get new customers.
Coupons not only bring more customers to the business but also help in increasing customer loyalty. Moreover, they don’t cost much, so you get more revenue while spending less on customer acquisition. Sounds great, doesn’t it?
But, what are coupons actually? How do they work? What are their benefits? And how can we get the most out of it? These may be some of the questions that pop up in your mind while starting with coupons.
In this blog, we’ve covered these questions & also mentioned 6 benefits of using coupons for your e-commerce website. Read till the end to get the best out of this article.
Coupons are the promotional tools used by retailers or e-commerce websites to bring in new customers or retain existing ones through special offers, discounts, or gifts. Usually, companies release coupons periodically during seasons or festivals
Digital coupons usually come with a code, applying which the customer can get the assigned benefit while purchasing from the platform. You can offer various discounts on your products or give a % off on the final price to your customers.
Commonly, coupons are also known as “Promo codes” which contain a string of letters and numbers, entering which on the buying page of the website, the customer can redeem the given offer.
Now that we know what coupons are and how they work, it’s time to understand how can they help increase the sales of your e-commerce store. Let’s begin.
Releasing & promoting your coupons on the right channels can help increase traffic on your website. You can choose to promote through social media, email newsletters, affiliate networks, or influencers. A detailed note on promoting coupons is given in the next section.
One of the major benefits of using coupons is that it helps in increasing conversions by many levels. Not only do your existing customers come to buy your products but many new visitors also complete the purchase process on your website.
So, releasing coupons can help to increase your revenue many times.
This point goes without saying that offering coupons periodically increases customer loyalty. Consumers love good quality products at a low price and if your website offers high-quality products at discounts then your customer loyalty is sure to increase.
If you launch a new product, people may get skeptical about the quality or price of the same. To make them trust your new product, you can offer discounts or offers on the same.
This will help you sell a good number of products and help in spreading the word in the market, eventually bringing new customers to the platform.
Coupons give a good insight into who completed the purchase process which offers to give you a fair idea of what kind of coupons may work in the future.
You don’t need any advanced knowledge to understand the data derived from coupons, a rough reading of the data will give you a good insight into the performance of the coupon.
An e-commerce website offering great deals and high-quality products is sure to win the hearts of people. By offering great deals, discounts, and coupons, you can ensure that people will come to your website and may recommend it to others, eventually contributing to brand building.
So, offering coupons can contribute majorly to your overall marketing strategy.
Steps To Create A Coupon
After knowing the benefits of coupons, let’s move on to the steps required to create a coupon. Creating a coupon is pretty easy if you have the right information with you. Here are the steps involved:
Understand your target audience, know who are your loyal customers, which products pique their interests, who are your potential customers, and who are your inactive users.
Getting accurate answers to these questions is very important before creating a coupon. Also, keep in mind if there are any upcoming occasions or festivals & create a coupon accordingly.
After understanding the audience, the next step is to decide on the offer of the coupon. Whether you want to give some % off or go with “buy 1 get 1” offers, that’s a decision you should take after getting the hang of your audience’s requirements.
Decide a coupon code that reflects your brand and is easy to remember. Usually, brands use their brand name with a number as a coupon code. This is a good strategy as it helps in brand building.
You can choose the same method or choose a code that suits your brand best.
The final step is to decide on the expiry date of a coupon. Whether you want to make the coupon available for a week or a month, make sure to mention the expiry date with the coupon on your website.
And your coupon is ready to make some buzz in the market.
How to Promote Your Coupons?
Great! The coupons are created, and now it’s time to promote these coupons to the relevant audience. Well, there are various mediums through which you can promote your coupons, but here, we’re going to list the most relevant & effective mediums that’d bring the right customers to your website.
We know that social media is the most popular medium that covers a wide range of audiences, you can target the right consumers on various social media platforms like Instagram, Facebook, Twitter, etc.
Also, you can choose to run an organic campaign or a paid one according to your strategy & budget.
This is the most effective way to promote your coupons, these websites contain various coupons and have a good amount of traffic coming from them, promoting on these platforms can increase the chances of conversion on your e-commerce website.
One of the most effective coupon-sharing websites is The Shopping Friendly. It shares the latest deals and discounts on its website, promotes them to its followers on Instagram, and helps in brand awareness. If you’re looking for great ROI through coupons, you should consider The Shopping Friendly.
Another method to promote your coupons & increase customer loyalty is through email newsletters. You can share the latest discounts and offers with your existing customers or visitors through email.
Coupons are a great way to build a customer base and retain them. If you’re starting your e-commerce business or want to bring in more customers, coupons can act as an effective marketing tool to fulfill your goals. So, we suggest you include coupons in your marketing strategy & promote them on the right platforms to get great results.