Digital coupon marketing offers several advantages. First off, it’s economical. Traditional campaigns can be pricey, particularly if you want to target a large area. Digital campaigns can be tailored to fit almost any budget. Also, it allows you to identify your client base based on their demographics. The stat below shows how important coupon marketing has become in the digital marketing sphere.
Do you know? $142 million people used coupons in 2020. This number is expected to touch $145 million in 2022.
Digital Coupon Marketing – The Concept
Digital discounts distributed through various online channels, including email, social networking sites, and websites, are called digital coupon marketing. On the flip side, traditional marketing concentrates on touchpoints like print, radio, and television advertisements.
Engagement opportunities are also the hallmark of digital discount marketing. Customers can communicate with brands by responding through emails or comments. Also, they can become online brand ambassadors by forwarding and sharing the discounts with their friends.
How myCred Can Help You Devise Coupon Marketing Strategy
myCred is a premium WordPress plugin that offers a comprehensive reward system. It includes a leaderboard, digital badges, and ranks. However, the most eye-catching category of a points system that myCred offers are coupons specifically called as myCred Coupon Plus.
You may create and customize your coupons in bulk using myCred Coupon Plus. The coupons can also be emailed to customers or uploaded via a CSV file. If you have a WordPress website and want to reward your potential and existing customers via discount coupons, consider installing myCred.
7 Tips to Improve Marketing Strategy Through Coupons
1- Outline the Benefits of Coupon Marketing
If we begin by outlining the advantages of coupon marketing tactics, we will see businesses employ various coupon strategies to succeed. We will take a general way to help you comprehend it and connect it to your brand.
-Achieving Sales Goals Quickly
Customers can be required to do an activity in exchange for free merchandise coupons. This is an effective technique that aids in achieving sales goals for your brand. For instance, it can drive your slow-moving products to sell rapidly, clearing out your stock and masking any potential losses you would incur from not selling.
-Exponential Growth in Customer Base
To earn customer loyalty, coupons can come in handy. In exchange, clients would recommend your company to their loved ones. Therefore, it considerably expands your consumer base if your brand goes to congratulate regular customers on its own.
-Outperform the Competitors
Printed or electronic coupons can significantly help you obtain a competitive edge in the marketplace. Your store draws more consumers, creating a buzz for your brand.
-Measure Success Rate
You can evaluate the company’s investment by using coupons’ ROI. For instance, when customers use online digital vouchers, counting the coupons used to assess their sales performance is simple. This is a significant benefit as there remains no need to inquire about how they found your company on the internet.
2- Understand the Marketing Objectives of Coupons
Everybody loves getting some dollars back when they shop, isn’t it? Customers occasionally enjoy discounted shopping thanks to coupons. Therefore, giving them incentives will not only win you their loyalty but also bring in a ton of new ones.
Everyone enjoys using coupons! For instance, some friends went shopping together. They might enter your store to make purchases if they see your coupon promotions. Otherwise, there is a higher likelihood that they will leave the store.
3- Embrace the Risks of Coupon Marketing Strategy
-Higher Rate of Cart Abandonment
Most customers flock to the area when they see coupon bins near the checkout areas. So, marketing through coupons may backfire as this compels individuals to shop only via coupon codes.
-Increased Number of One-time Buyers
Your business will probably have less loyal supporters if your store mostly draws one-time clients. This issue mainly occurs when the coupons are posted online, in paid advertisements, or public locations.
-Risk of Brand Damage
Always depending on discount coupons is a bad strategy that could hurt your business by making it seem unattractive and inexpensive.
-Risk of Decreased Profit
Excessive coupon marketing frequently paints your brand as fake. Therefore, you must ensure you are discounting carefully by setting specific goals and refraining from advertising the discounts. Moreover, you must pick a trustworthy coupon source who doesn’t make any threats regarding harm during the coupon distribution and redemption process.
4- Make Coupons Customized
Neither discounts nor shopping is universal. Thus, creating coupon offers tailored according to the receivers is essential. To personalize your coupon marketing, you can develop coupon campaigns for particular audiences, occasions, or promotions.
Buyers can receive discounts depending on their past purchases or participation in loyalty programs. If you gather personal data, you can offer exclusive deals on birthdays or anniversaries to those who are your loyalty program members.
Create programs for consumers who haven’t purchased in a while to offer them a customized discount. Providing personalized discounts aims to show appreciation for your clients and give them a sense of exclusivity.
5- Incorporate Referral Coupon Marketing
As per Nielsen, 92% of customers have faith in word-of-mouth recommendations.
You can take advantage of this marketing vehicle by offering clients shareable digital coupons. Give relatives or friends discounts by handing them vouchers that say, “10% off for you and 10% off for your buddy.” The “forward to your friend” link should be at the bottom of every marketing email.
As per HubSpot, 58% of digital marketers believe influencer marketing is the most effective marketing trend.
So, you can offer exclusive offers to YouTubers, social media bloggers, celebrities, and members of your community will help you connect with them and their audiences. Influencers may need to be paid as they are promoting you. However, this tactic may generate a considerable profit later on.
6- Break Your Audience into Different Segments
Every customer group in the market has its own set of tastes. Therefore, releasing boring discount coupons can only target a particular group audience. In such circumstances, the first thing you must do is divide your clientele into groups.
Try contacting a single couple with consideration for their demographics and location rather than combining them. There can be two groups of clients:
- Existing customers
- New customers
While you might not need to put much thought into current clients, that doesn’t mean you shouldn’t try to win them using coupons. You can send coupons to your email list, popup coupons on your website, email discount coupons to past customers, write about them, or promote discount coupon offers on social networking sites.
Customers these days prefer to switch brands rather than redeem discounts. So, how can you create a bond between your customers and your brand? You can do so by answering the following questions and garnering leads:
- What makes them call a city their home?
- What passions do they have?
- What is their source of earnings?
- What do they buy?
- What is their gender?
- What are their views regarding politics
- What is their age?
7- Target Marketing Channels to Offer Coupons
As per a report, In 2021, the highest share of consumers in the United States would discover coupons or promos through emails from followed brands or through online searches. Nearly 50% of survey respondents stated that they had used these methods.
These days, the distribution of coupons is not limited to flyers. Make sure potential customers see your coupons through a variety of platforms. Let’s go into more detail about them to recognize the value that each one provides.
Social media is currently head and shoulders above other marketing channels. You can effectively distribute coupons through Instagram, Facebook, Twitter, and other social channels and enlighten them about deals and new arrivals.
By doing this, you can easily reach millions of customers, keep track of their impressions, and lure them with giveaways.
Another traditional yet effective tactic to use is a coupon marketing strategy. It is easy to email your loyal consumers and inform them about the hot-selling products. You can introduce your business to them and offer promotional coupons.
However, ensure your coupon code only applies to a single individual. Make it available so that a client can share it with others. So, email coupons can aid in organic consumer base growth and promotion in this digital age. myCred can also aid you in distributing coupons through emails as you can generate multiple coupons thorugh myCred’s Coupon Plus add-on.
One of the best ways to encourage clients to purchase is to provide affiliate links with discounts attached. Affiliate marketing is quite close to word-of-mouth advertising. Utilizing a good affiliate network through coupons can cut down on advertising and marketing expenses.
It will help you to remember you are providing something for nothing. Instead, you are investing with specific marketing goals in mind. This could be done via upselling, increased brand loyalty, or customer acquisition. By distributing discounts that speak personally to customers, unique coupons enable you to maximize that engagement. You must be original and inventive if you want to beat the competition. Try out our seven suggestions, and get ready to stand out online!
- What is a digital coupon?
Digital coupons are discount offers that you can get by purchasing qualified products online.
- How do digital coupons work?
Digital coupons reduce the price of your purchase by offering savings. It may lower the cost of the item you’re purchasing or pay for shipping.
- How to use coupons in marketing?
You may offer coupons in various ways. Below are the reasons why you should incorporate coupons in your digital marketing strategy:
- Coupons in lead forms
- Limited-time offers
- Offer various deals
- Offer Customer Appreciation Program
- Use multiple digital channels