Benefits of Coupons for Businesses
Marketing is an increasingly aggressive activity as internet-based commerce grows in every dimension. Thousands of ideas on how to get ahead of the competition are pitched in board meetings every second around the world. But some, like the effectiveness of coupons as a sales promotion tool, hold their esteem as classics in digital marketing. These are a must-have for any E-commerce enterprise. If your E-commerce website still needs to incorporate a coupon marketing wing into your wider strategy, here are 6 of our favourite reasons to start considering a change right now.
Coupons Can Give your Brand Awareness a Huge Leg-Up
Discount codes and coupons are more likely to catch the attention of internet users than conventional adverts. In other words, a coupon you post to the public or send to someone in private always doubles as a brochure for your business. The name or logo of your business, a URL, a social media handle or a QR code can all be integrated into your coupon design to create aesthetic appeal as well as informativeness. As shown in this study by Quotient Technology, people who discover your brand via coupon marketing have a higher chance of trying your products and of becoming loyal customers in the near future.
If you have a creative marketing team at hand, try and create a memorable gimmick to go along with your brand imagery and become truly iconic to thrive in the saturated world of digital marketing.
An Insight Into Customer Behaviour and Preferences
Not only is the massive impact of coupon marketing on customer behaviour a marvel in the field of modern commerce, but the benefits of coupon marketing also flow in the other direction. Businesses can track the usage of coupons to streamline their marketing strategies and product design for the future to give their customer base a more tailored and personalised experience. As is basic knowledge among entrepreneurs and their marketing teams, this streamlining is a perpetual process to make customers feel better understood than any of your competitors can. One simple example of such a practice would be to send coupon-losing customers more similar coupons via email or SMS marketing.
The potential of data insights and analytics as a resource in the modern world can hardly be underestimated. Companies that train intelligent algorithms of their own to predict public behaviour are considered to have some of the best business models in the present day. Ever wondered what makes the behaviour patterns and preferences of millions of strangers so valuable? That’s right. It helps businesses target their marketing strategies in smarter ways and spend fewer resources trying to generate leads from dead-end demographics.
Connect with Customers in PrivateIf you do end up using email or SMS as media to distribute digital coupons for your e-commerce website, you are sure to notice at least a small boost in engagement. This is because the people you send coupons to are literally handed a channel to communicate with your business on a personal level. For example, someone is more likely to respond to a coupon sales promotion email than they are to reach out by commenting on a social media post or even emailing your company by themselves. Coupon advertising for e-commerce is also much cheaper than buying the services of an online marketing company. With the appeal and long list of benefits of coupons for businesses, it is almost too good to be true that coupon marketing is often in the customers’ best interests as well. Remember to always encourage customer engagement and offer prompt and warm responses!
Boost Lead Generation and Conversion Rate
This might sound like a no-brainer, but it is still important that any e-commerce business owner understand the full advantages of digital coupon marketing. Generating leads is a core objective of any marketing project. Offering discounts and incentives in a range of manners is a fairly old trick in the book, but is still often underestimated. So to keep your company from making the fatal mistake of ignoring digital coupons, here are some simple stats.
Marketing research from one year ago shows that 92% of online shoppers using a digital coupon reported that receiving the coupon was the primary factor in influencing their decision to make a purchase at all. Discount codes and coupons are frequently proven to produce much larger lead conversion than those achieved by businesses who choose not to offer the benefits of coupons for customers to try their products.
Offering digital coupons can be an effective strategy to attract customers when selling products online. Such promos can create a sense of urgency and encourage shoppers to perform a desired action. You can also use them to track and measure marketing campaign success.
Harness the Power of Referral Marketing
It is no secret that a product will market itself if quality standards are maintained high enough by a manufacturer. This idiom of the business world refers to the effectiveness of referral marketing. Referral marketing is when a product is advertised as a buyer recommends it to the people around them. New buyers are created in a snowball manner, each relying on the people they trust. This strategy is also implemented to generate B2B leads.
This article on the HubSpot blog reports that out of all shoppers, 55% learn about new products via word of mouth, and 40% go on to make purchases based on these recommendations. Furthermore, 28% of buyers reported that they prefer to rely on word of mouth more than any other medium of marketing through which awareness of a brand or product could reach them.
When employing coupons and offering discounts to customers as an e-commerce business, you can attach additional incentives for your customers to market products for you using their own social circles. One common way to do this is by rewarding customers with larger discounts and more valuable coupons if they get friends and family to enter a certain code on your business’s website or phone app. This makes it tempting for your customers to share knowledge of your product in exchange for a better bargain.
Nourish Customer Loyalty and Relations
All of us have been on the receiving end of countless marketing strategies in recent times, and none of us can deny that a certain sense of adhesion can be produced if a business interacts with you in an exclusive manner rather than treating you like just another of many thousands.
Using smart marketing software tools, you can add loyal customers to lists, and they will be invited to shop again if they stay away for too long. To make this invitation juicier, coupon codes can be attached. Getting existing customers to shop with you once again is often found to be much easier than creating new customers.
With a little added effort, long-term customers can also be targeted with personalized incentives based on their purchase history. If you feel up for it, you can initiate a dedicated customer loyalty programme for long-term customers and offer them exclusive deals as incentives to choose your products repeatedly.
Of the many approaches that digital marketing entails in this day and age, digital coupons are not rare in any way, but are still bound to make any customer’s day if a company puts in enough effort. If your business is one of the remaining few who don’t use digital coupon marketing yet, we hope you were convinced by our list of advantages of using coupons. Head to EMU Coupon today and get your business website the most effective digital coupon marketing services available!