Whether you are a startup or an established, old business attracting and retaining customers must always be on your agenda. But how do you get people to buy from you?
There are several strategies which can be used for the purpose of starting with offering a unique product to marketing your items like a pro. In fact, marketing plays such a huge role in promoting a business and making sales that without it, your business would be non-existent.
Among the many different marketing strategies out there, one that is quite effective is coupon marketing. Coupon marketing refers to offering paper or digital discount codes to customers to encourage them to make a purchase. It is one of the most potent referral marketing strategies. The success of offering coupons can be seen from the fact that 90% of customers actively use coupons as per Valassis’ 2019 report.
That being said, this article will talk about some reasons why coupon marketing is the best tactic to employ if you want to grow your business. Let’s begin:
Whether you want to attract more people to your website to make a purchase or you want more folks to follow and engage with your brand on social media, coupon marketing can help attain your goals. When you offer a coupon, people are naturally more inclined toward checking your products out and making purchases as they’re getting products at better prices.
In fact, 83% of shoppers claim that coupons influence their buying behavior. This means customers, who otherwise wouldn’t have purchased from you, are willing to do so when you offer coupons.
Every entrepreneur knows that effective and personalized marketing is vital for success. An important branch of marketing is email marketing which relies on collecting emails of potential and existing customers. But how do you gather emails ethically in the first place? Offering a coupon to buyers in exchange for their email is a great way to start.
When you offer value in the form of reduced prices people are more open to sharing their information such as their name and email addresses. Then, you can send them your deals and products regularly in their mailbox and start making the most of both email and coupon marketing.
Ensures customer loyalty
Entrepreneurs who value their brainchilds love nothing more than to have loyal customers. With coupon marketing, you can also ensure the loyalty of your customers. When customers make it a point to return to purchase from you regularly, you need to say them your thanks so that they’re never deterred. This is where offering exclusive coupons and promo codes to loyal customers come into the picture.
Yet another proof offering coupons is that it can help you get rid of old and slow-moving stock. It’s not unlikely that after the season ends or when new stock comes in, some old products are left. You would want to sell these out fast to prevent the inventory from not selling at all.
By offering coupons and discounts on such items, you can hasten sales as people would be more interested in spending a lesser price on older products. This way, both sides – the customers and the sellers – benefit.
Drowns out competition
Are you and your competitors offering products of the same category? In such a situation where you want to reach or do better than your competitors, offering coupons is a good idea. When you offer coupons to your customers, you are able to turn them toward you.
This trick also comes in handy on special occasions such as Christmas, Halloween, or at the end of summer break. At such times, almost all brands offer coupons and discounts and if you don’t do so too, you’d be directing your customers to options other than you.
If you’re convinced about how effective coupon marketing can be, here’s a step by step guide to start a successful coupon marketing campaign.
Wrapping up – coupon marketing is supremely fruitful for your business
From attracting traffic to keeping up with the competition, there are many benefits served for your brand successfully by coupon marketing. This is why offering coupons is one great trick to tap into if you are invested in business growth.
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