Using Coupon Marketing Strategy for Business Promotion
Coupon marketing can help you increase your conversion rate. Here are some ideas to use this tactic.
Everyone knows that driving conversion rate is the key objective of any business. The fact is when it comes to conversion rate, the marketers usually think of call to action and landing page. They pay attention to the landing page optimization so much that they usually overlook other aspects like engagement which plays a big role in driving up conversion rate.
The problem is – though marketers swear by call to action and landing page, these tactics alone don’t guarantee growth in conversion rate. These strategies will get you the required attention, but, these would not ensure that you will get high conversion rate.
Those who really want to increase their conversion rate would add coupon marketing to their promotion strategy. If you are raising your eyes in a questioning stare, you would be delighted to know that most of the customers like to get coupon and they come back to explore a store when they get it. This is an essential part of marketing which can get people back to your store without much effort.
However, even though it sounds easy, the actual task is not easy. In fact, you will have to brainstorm a lot of tactics to add coupon marketing to your existing marketing strategy.
Why do you need to go through all these troubles? The reason is almost all the brands are offering some coupons to the loyal buyers. This is why, you would need to offer something unique to the people.
Therefore, to use coupon marketing successfully, you would need to create a great strategy. Here are some ideas which will get you started with the coupon marketing.
Who are the Targeted People
Everything is not for everyone. In fact, you need to research your audience before you start working with the coupon marketing strategy. The success of the coupon marketing depends on the people, you have targeted.
So, you need to determine what you want through the coupon marketing. Do you want to draw new people to your website and turn them into leads? Or, do you want to convert the people who are already buying from your website? These are questions, you need to answer before making any decision. Those who are trying to attract new people, need to explore the strategies that their competitors are using. Also, they need to do better than the competitors.
The buyers’ psychology has shown that more than 80 percent of people switch their buying decision when they are offered with better discount. Here, brand loyalty does not work.
Those who are not targeting new customers, those who are trying to get their existing customers back to the website, need to go through a different path. They need to explore the buying behavior of the people. They also need to see what the buyers are hanging out and what they are browsing. This data is important. If you really want to turn your coupon marketing strategy into a raving success, you would have to get this data.
How You Can Use This Data
Once you are armed with the data, you can easily tailor the coupons keeping in mind the buying behavior of the buyers. You need to offer what the buyers are looking for. If they are looking for items that come at a certain price, you need to create your coupon in a way that it suits the need of the buyers.
Your effort does not end with the buyers redeeming a coupon. In fact, your work begins from here. Once the coupon you have offered is redeemed, you need to offer a follow up offer. You need to keep offering things which will force the buyers to remain at your store and keep buying. This is an essential part which you need to work on. Planning the coupon properly is important because of this.
What are You Offering
The truth is buyers look for slashed price. However, everyone is not looking for price slash. There are buyers who are looking for free deals. Buy one, get one free is a popular selling concept which draws a lot of buyers.
You need to create the best offer through the coupon which will make people come to your store leaving others behind. The coupon must be aligned with the buyers’ requirement.
You need to remember that one thoughtfully created coupon is going to make a big difference between a good offer and a bad one. You must make the best possible offer to your buyers.
Here you need to think of the platform where you have planned to promote the coupon. It is important that you expand the reach carefully. If your coupon does not reach the buyers, you will not be able to make the best of it.
You will have to publish your coupon on as many platforms as possible. This will expand the reach and you will be able to make the best of it. Social media sites are great platforms where you can publish the coupons and promote them. Online directories are useful platforms as well.
Monitoring Coupon Performance
Once you have launched the campaign, you need to keep an eye on the campaign to find out how the coupon is performing. So, where to begin from? You can begin from the landing page which displays the details of the products. When you see a surge of traffic on your landing page, you would understand that the coupon campaign is working.
After you have analyzed the traffic, you need to monitor the buyers’ movement. You need to find out what are they doing after coming to your website. Are they exploring all the products? Or, are they looking at some certain products? S
So, once you have monitored the movement of the buyers, you are better equipped with creating the follow up coupon. This will help you make the right decision.
Lastly, coupon marketing is not a new concept. This has been around since the last century. You would just have to offer this year old concept in better package.