Let’s be honest. Businesses need meticulous marketing strategies to engage people, acquire customers, and keep them coming back. However, this isn’t easy because one needs a multifaceted business strategy to retain customers. People typically hate spending money and always look for discounts and deals.
The reason behind this is simple: people want to get the best value for their money. This is where you can take advantage of coupon marketing and urge them to spend more.
What is coupon marketing?
Coupon marketing is a strategy for increasing sales by offering special discounts and deals. It’s a promotional tactic to entice customers by making products more desirable at lower prices. Since customers get discounts and businesses get more customers, it’s a win-win situation for both.
The good thing about marketing with coupons is that it’s for all merchandise. Whether you are a B2C brand or a business looking for B2B marketing, you can easily integrate coupon marketing.
Why should businesses emphasize marketing with coupons?
Couponing is a part of brand marketing that establishes digital footprints and helps businesses promote products or services. In fact, brands are already partnering up with emerging coupon websites like PennyCanny to share deals and digital coupons.
Promo codes and coupons, be they paper or digital, are equally popular among consumers of all ages. According to Statista, customers use 57% of coupons while shopping online. In fact, 40% of online customers search for coupons before shopping.
Source: Statista
The above data shows that online coupons are more popular among Generation X, Millennials, and Generation Z. However, they do tend to utilize print or paper coupons when they have the chance.
- Businesses can use coupon marketing to:
- Engage customers with new products or services
- Increase sales during sales seasons
- Spread brand awareness by offering discounts
- Build brand loyalty by engaging existing customers
All in all, coupon marketing is a dynamic strategy that can generate results if implemented correctly. It appeals to human psychology, establishes brand presence, boosts sales, and helps businesses strengthen customer relationships.
How to improve your marketing with coupons
Creative marketing with coupons can give a competitive edge and help brands tap a whole new audience. If you are looking for some proven coupon marketing strategies, below are some imaginative ideas for you.
Do targeted coupon marketing
Coupon marketing is for all customer types, but it provides better results when you focus on targeted audiences. For B2B companies, pairing a promotional coupon with your account-based marketing strategy can significantly improve engagement and sales. In contrast, B2C companies gain the most sales by tailoring outreach to the demographics that define the target audiences. The trick is to understand your customers and segment them to craft an effective coupon strategy. We recommend you do data analysis for customer segmentation to create personalized offers and coupons for your audience.
Chances of conversion increase when customers feel connected with the deals. Major brands offer first-time discounts to engage new buyers and to forge brand loyalty.
A shining example is Uplead, one of the best ZoomInfo alternatives, which regularly provides discount codes. The brand uses coupon marketing to connect with a segmented audience who is already looking for alternatives. Needless to say, they are killing the competition by lowering prices and offering extra discounts.
Pay attention to marketing timing
We won’t blab how crucial it is to choose the right time for coupon marketing. However, to get better results, you should align it with other marketing campaigns to maximize the impact.
For instance, eCommerce brands usually do marketing with coupons during peak shopping seasons. Brands often couple coupon marketing when they hire link building service or run PR campaigns. Market research has shown that heightened interest during specific periods can prompt quicker purchasing decisions. So, to achieve fast results, you should also create a sense of urgency by implementing limited-time offers.
Prefer multi-channel integration
We recommend multi-channel integration of promo codes to get the most out of coupon marketing. This is an effective strategy for established businesses and brands that have a good following.
For example, Boujee uses multiple marketing channels to distribute Boujee Hippie coupons across the web. The brand not only focuses on website promotions but also uses social media and email marketing. What’s intriguing is that this approach has helped Boujee improve its brand visibility on online and offline platforms.
According to the expert B2B marketing writer, the critical part is to synchronize coupons according to targeted social platforms. The key to success is creating content that considers audience personas and their demographic information, such as age, location, gender, etc.
Offer tiered discounts or bundles
Do you know coupon marketing can encourage customers to spend more?
This might be surprising for you, but brands use tiered discounts to increase their overall sales. The trick is to offer a higher discount when customers purchase multiple items or services. By increasing their order size, customers become eligible for $5 off $40 or $25 off $100.
The online booking and scheduling software, Calday is using the same strategy by lowering costs for first-time customers. The brand is enticing SMBs to explore premium packages by offering a free version of its SaaS product.
Hold social media contests
Social media has become a part of our everyday lives, and brands are utilizing these platforms to increase sales. There are more than 4.2 billion active users on social media platforms.
According to HubSpot, Facebook leads the chart in terms of ROI and most active users. Instagram generates more engagement whereas LinkedIn is the most favorite platform among B2B marketers.
Businesses prefer integrating coupon marketing with social media to increase customer participation. The good thing is that you can design poster on your own for social media platforms. The ideal way is to do coupon promotion by hosting contests where you can ask them to tag friends or share the post. This will create the buzz, increase brand visibility, and you can also utilize the user-generated content for future marketing.
For example, A business performing mash hopping for brewers utilized Pinterest and Instagram to entice the audience. They used Canva’s PDF editor app to generate infographics and explain the process of generating interest among people. Customers use the same PDF files as paper (printable) coupons to get discounts at stores.
Incorporate referral coupons
You’ll be surprised to know that 92% of customers ask friends and family before making a purchase. This explains how powerful word-of-mouth advertising plays in B2C and B2B marketing. Brands can capitalize on this opportunity by incorporating referral coupons into their marketing strategies.
The idea is that existing customers will encourage other people when they get incentives. Each customer gets a unique code that new customers can use to get discounts. The existing member will get bonus points or discounts once their referral has bought something from the brand.
Thus, referral coupons not only bring in new clients but also strengthen brand loyalty. The brand gets to leverage word-of-mouth and gets to increase sales through customer recommendations.
Analyze marketing data
Coupon marketing analysis is not considered a strategy, but it’s an approach that can increase the output. Businesses offer different types of coupons in various forms on multiple channels to a wide range of customers. By analyzing the outcome, businesses can get a clear idea of which coupon marketing strategy is working.
You can use data analytics tools to collect valuable marketing insights, measure ROI, and track coupon performance. With continuous analysis, businesses can make data-driven adjustments to improve their coupon marketing campaigns.
The Bottom Line
The biggest problem for any business is to engage more customers and keep existing ones hooked. Coupon marketing does precisely the same by offering discounts to consumers in order to generate more sales. However, marketing with coupons requires a comprehensive strategy that involves running a targeted campaign. But in the end, it’s a fruitful strategy to increase customer base, sales, and overall business revenue.
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