Boosting The Effectiveness of Coupon Marketing

According to Marketing Tech Blog, 91 percent of users said they would revisit a business that offered them a coupon. That should put things in perspective regarding how big role coupons can play in your business. People love deals and discounts, and they jump at every opportunity they can get to help them save money.

However, not many businesses use coupons the right way. Some of them actually end up losing revenue or reaping no benefits at all through the use of coupons. How can you boost the effectiveness of your coupon marketing campaign?

To get the most out of your coupons, it is not enough to just simply have that option available for your customers. You need to constantly test out your coupons, which types are effective and which are not. You also need to aggressively promote them across multiple platforms. Finally, diligently track all the data. Analyze, optimize, and repeat. This is the only way to maximize your revenue by using coupons. This article will elaborate on how you can use these tactics to boost the effectiveness of your coupon marketing.

1. Experiment

You need to try out different types of coupons. Different customers react differently to the different deals that are presented to them. It is up to you to try them all out and figure out which one drives the most sales while maximizing your profits.

According to a study, an “all products” coupon is the most effective type of coupon. Here are other types of coupons that you can experiment with:

- The New Customer coupon: If you need to get new customers, this is the perfect way to do it. The coupon is only valid if the user is a new client. GoDaddy uses these coupons very effectively.

- Minimum order value coupon: If you need to boost checkout totals, this is the coupon for you. The coupon is only valid if the user checks out with a specific minimum value of goods. Amazon has tonnes of minimum order coupons on their site.

- Buy one get one coupon: If you need to encourage customers to buy more than they intended, this is how. The coupon typically offers an extra free, 50% off the item when the customer buys one full price item.

- Specific product coupons: If you want to quickly sell a slow-moving product or at an end of season sell out, this is the perfect way to go about it. The coupon is only valid for that specific item. Many vendor companies offer these types of coupons. Here is an example of how Wayfair or Homedepot offer these coupons.

- Coupon is offered to the customers who fit your description. It is only valid for them. Uber employs this strategy where some of their most loyal customers get special deals and coupons on their mobile apps.

2. Create Tailored Content For The Coupon

This is a great way to let people know about your coupon campaign. You need to promote that offer so that as many people as possible can find out about it and seek it out. For example, Yelp releases accompanying press releases for most of their coupons and deals.

Apart from social media, you can promote your coupon through a blog article, an infographic, an interview, among other methods. The content is created after the coupon has been launched, and the offer is seamlessly plugged in to encourage your clients to notice the coupon. However, it is important not to come off as being salsey. The content needs to have enough value on its own as a stand-alone product.

3. Track Your Progress

Most people ignore marketing campaigns once they take off. You need to do the opposite and track your progress. How is the coupon doing? How effective is it? What is the conversion rate? Track every promotional link.

Most of the tracking can be done through Google Analytics. Use the data and the insights you gain to see which platforms are working best for you, then fine tune everything.

4. Rinse and Repeat

This is the most important step you need to remember. It never stops. As long as your business is running, you will always have marketing campaigns running, and coupons should be a huge part of this. Track everything, figure out what works and what doesn’t, then prepare accordingly for when you release your next coupon. Do not overuse the tactic, just be smart about it. In the end, your process will be so streamlined your coupons will actually be doing most of the work for you.

With these tips, companies that offer coupons can reap huge returns from these coupons in their business. Coupon Marketing can be a very profitable marketing strategy if you use it well and you boost its effectiveness every step of the way.