As a business, one of your most important challenges is finding cost-effective ways to increase sales and traffic. Coupon code marketing is a means to accomplish this, along with creating customer engagement and ways of tracking results. Advertising Age reported that 87 percent of shoppers use coupons to buy products and services. In terms of potential reach, the consulting firm A.C. Nielson found that 95 percent of shoppers think coupons are beneficial to them and that 60 percent look for them actively.
Coupons can be customized to the specific needs of your business and target audience by offering sales discounts and purchase incentives. The following offers an introduction to how coupon code marketing just might be the tool you have been seeking for.
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What is coupon code marketing?
Coupon codes are a numbered or lettered identification that permits merchants to provide customers with incentives such as price discounts, price savings or special offers.
The coupon codes can be 45366, TYVB, or T32U4 as examples. The benefit is that these codes can be used in-store or online through affiliate programs or on your website.
Coupon marketing strategy
Now that you have basic information on what coupon code marketing is, understanding its strategy benefits can provide you with reasons why this can be a cost-effective and measurable program for your business.
The strategy aspect entails using coupon codes to expand the reach of your business by luring new customers from your local area as well as online. The strategy approaches can consist of special offers represented by discounts, multiple purchase incentives and special offers on items you might be overstocked on or desire to move during holiday or festive occasions. Exposure can be via flyers or banners displayed in your store, distributed to mailboxes, mailers to customer lists as well as a social media page.
Key strategy aspects include using as many of the following elements as possible:
- Making coupons for your business
This entails printed flyers and online coupons used in conjunction with each other. The online aspect is important in today’s age of Interest accessibility and consumer shopping.
- Understanding what a coupon code is
In reality, this is one of the easiest aspects of coupon marketing that is only limited by your imagination.
- Using coupon codes effectively
This represents the measurable aspect which permits you to gauge the result of coupon offers versus the cost to administer.
- Understanding the benefits of coupon code marketing and its uses
By understanding what will be derived from the use of coupon code marketing, you will be able to design campaigns to increase store traffic, gain new customers, expand the exposure of your business and help to retain your existing customer base.
- Making coupon codes measurable
Your present digital sales register provides a means to enter a sales code for sales generated by coupons. This is an easy in-store method that can be used in conjunction with orders from a social media.
The only thing that might be limiting your use of coupon code market represents knowing more about what it is and how you can benefit. This can be accomplished by moving on the ensuing sections.
Coupon Affiliate marketing programs
The potential areas for coupon use are only limited by your imagination. One of the best methods for reaching the public is through affiliate marketing. This can increase reach and exposure using hundreds of thousands of sites that post your coupon. This works best in conjunction with an online site as it permits consumers to click on the offer and then be taken directly to your company. Sites such as RetailMeNot is one example of how to get your coupon listed on thousands of sites and generate traffic from online search engines at a fraction of the cost to do this by advertising or other means.
The benefits of coupon marketing
Coupons are a form of promotion and within the broader framework of marketing. The key benefits represent:
- Attracting new business
This is accomplished by expanding the reach of your company using online coupon placement and affiliate programs that go beyond the physical location of your business.
- Enticing customers
Advertising Age and A.C. Nielson statistics on the number of shoppers that use coupons means there is a huge potential audience of untapped customers that can be reached by targeted offers.
- Re-engaging existing customers
Your existing customers are a valuable source of ongoing business. Rewarding or at least approaching them using special offers provide potential reasons to revisit your establishment.
Marketing areas such as advertising, promotions or other means (outside of coupons) do not provide measurable results in terms of the cost to reach target audiences and the sales generated. Coupons track sales that can be measured by the cost of the program against individual sales achieved.
Getting started – using coupons for your business
Developing a strategy for coupon code marketing is simple to implement. The following areas provide a guide to getting started:
- Develop a plan by researching your business against similar establishments to determine what they are doing.
- Create an offer that is different from competitors.
- Develop a low-cost social media website to provide your business with an online presence.
- Use affiliate marketing to expand the reach of your coupons.
Lastly, give the program sufficient time to reach prospective customers. Anyway, using this marketing strategy will for sure make your customers more empathic to the services and goods you offer. The possibility to share the promo code with others will widen your customer reach.