Saving money on purchasing a product or service is customers’ primary objective. Most businesses, including small-medium companies, offer discounts or coupons to attract buyers and streamline business processes. Research shows that 92% of online shoppers search for a coupon.
According to Alan Safahi Orinda, professional marketers and entrepreneurs, coupons are valuable for online businesses because they inspire consumers to act and buy products. Small companies must leverage the power of coupons to improve their business processes and build brand reputation.
Inmar Intelligence research highlights that 54% of people purchase products or services from a new business because they are affordable. Likewise, 35% look for digital coupons before buying a product.
According to GoDaddy, developing a reliable coupon marketing strategy is critical to target your target audience. For instance, you must identify whether your target audience uses email, social media, or texts.
A coupon campaign that uses timeliness, relevance, and perceived value can boost exposure, improve brand reputation, and enhance customer follow-through. Today’s article will list the best ways to improve your coupon marketing strategy.
Establish a Customer Reward Program
According to Alan Safahi, reward programs are an excellent way to increase customer loyalty. Customers receive exclusive gifts, discounts, or offers in exchange for consistently buying your products.
So, this provides value and lets customers save money. Safahi says the long consumers stay loyal to your company, the higher their lifetime value is, leading to increased revenues.
Fortune Business Insights reveals that loyalty programs will grow from $4.43 billion in 2022 to $18 billion in 2028. Safahi says this is due to machine learning algorithms, artificial intelligence, and predictive modeling techniques that provide companies with valuable insights and use strategies to attract customers.
Offer special discounts to reward customer loyalty. You can throw in additional perks like a complimentary service or product when a customer hits a specific milestone. For example, you can send a “Thank you Product” when a customer remains loyal to your company for six to twelve months.
Add Discounts to Lead Magnets
Lead magnets are powerful tools to attract customers. Not only are lead magnets flexible, but they also offer various incentives based on your business niche and customers’ needs.
For instance, you can provide your customers with a resource guide, a checklist, a webinar, or an eBook in exchange for sharing their email addresses. A discount offer is the most popular type of lead magnet, allowing subscribers to save money on a future purchase.
According to Boston Consulting Group, 90% of consumers share their email addresses if they get a discount or coupon. Therefore, Alan Safahi Orinda recommends offering an email coupon to make the most of your lead magnets.
Put an Expiration Date on the Coupon
Putting an expiration date on the coupon is an excellent way to improve its value. A limited-time offer is a coupon or discount customers can access within a specific duration. For instance, you can set availability to a few days or weeks.
The primary goal is to encourage customers to purchase your company’s products before the expiration date on the coupon. Alan Safahi calls this a scarcity marketing strategy because it gives consumers the perception that a product or service is more desirable now.
In addition, putting an expiration date on the coupon tends to pop up during special times of the year, such as Christmas or holidays. It is an excellent approach to attract customers and streamline their buying journey.
Customers thoroughly research and narrow their options before landing on your website to see the coupon codes or discounts. So, they understand your company’s value and purchase your products at a discount.
Alan Safahi says conducting thorough research to see the types of offers other businesses offer consumers. The purpose is to provide special discounts and coupons to your customers and stand out from the competition.
It would help if you found a way to go one step further. For instance, if your competitor offers free shipping on their first purchase, you can do the same and add a small gift. So, this is an excellent way to stand out from the competition and achieve your goals.
Final Words
Coupon marketing strategies are reliable for small businesses to improve their bottom line. However, these strategies work well with other methods. Relying solely on coupons or discounts is not a good idea because it can cost you money and negatively affect your business.
Combine your coupon marketing with social media, online, and offline advertising strategy to attract more customers and improve their desire to save more money on purchasing your products. Increased sales mean higher profits and ROIs. Follow the tips and tricks above to achieve your goals.
Originally Posted: https://alansafahicontracosta.com/how-to-improve-your-coupon-marketing-strategy/
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