Coupon marketing has become an integral part of any marketing strategy and it is no wrong in saying that coupons have already become a sophisticated marketing tool. It does not only drive sales but also helps in building brand image and customer loyalty. With all the marketing automation tools, a right coupon marketing strategy in place can also help you to create a relevant database. This blog will give you a detailed guide on how to create a coupon marketing strategy that will help you achieve your marketing goals easily!
Coupon Marketing Strategy: Getting The Basics Right
Before we dive deep and understand the execution part of scaling marketing efforts through efficient coupon marketing, it is necessary to understand why you should choose coupon marketing. The top reasons for you to use coupon marketing for your business are:
- Attracts New Customers & Generates Traffic: Coupons are one of the best ways to attract new customers. This can happen by social sharing, word of mouth and viral marketing.
- Helps In Customer Retention Activities: It is necessary to invest some of your efforts in retaining the customers from which you have not heard in a while. Sending coupons to them via emails and SMS and calling them back to your business will ensure your business growth.
- Builds Brand Loyalty: Building brand loyalty is one of the most important parts of growing business. Best coupon marketing has its top priority to build meaningful relations. Coupon marketing plays an important role in this process.
- Gets Relevant Database: As mentioned earlier, there are certain tools which can be used efficiently to create a database which further can be used in your retargeting campaigns.
- Increases The Sales Metrics: Every business has a set goal and at the end of the day, we all want to see the number going up. Coupons are provenly efficient to scale up your sales.
- Easy Controlling & Tracking: With all the easy to use dashboards functionality, it is very easy to control and track the performance of your coupon marketing campaign. Basis the performances, you can decide to plan your next steps!
Read our blog on How Businesses Can Make It Big Using Coupon Marketing to get detailed guide on types of coupon marketing and the best platforms to choose from!
How To Plan Your Coupon Marketing Strategy?
Now that you know why you should use coupon marketing, here is a 4-step guide to help you make the strategy to drive the best results:
1. Determining Your Target Audience
The first step is to understand who your target audience is. The success or failure of your coupon marketing strategy depends on how well it resonates with your target audience.
This means that before you plan on the ‘type’ and ‘platform’ for your coupon marketing, you need to ask questions like:
- what is the age group that will be more open to coupons and offers?
- is there any geographical area that will get the best ROI?
- should the targeting be on the existing customers or bringing in the new customers?
…and so on.
If you plan to target the existing customers, have a detailed competitor analysis in place and go over and beyond what your competitors are doing. On the other hand, if you are looking to target existing customers, carefully analyze their buying patterns and past behaviors and come up with coupons that best matches their buying styles. Statistics show that over 80% of buyers switch brands if offered with better coupons and discounts.
Statistics show that over 80% of buyers switch brands if offered with better coupons and discounts.
Takeaway: Tailoring your coupon marketing strategy to suit the needs and buying habits of your target audience is the best way to boost your conversions instantly. Do not let your customers leave you after redeeming the coupons. Instead, keep retargeting them with follow up coupons!
2. Deciding What To ‘Offer’
Now that you understand your target audience, it’s time to decide what should you offer to them? The best thing to do is offering coupons based on their preferences and choices. This is a very important step while you plan your coupon marketing strategy because this one choice decides the overall success of the entire campaign.
The key is to be careful when selecting coupons for your campaign. Make sure the type of coupons you select are aligned with the buying habits of your target audience.
For example, choose a rupee-based value system if your buyer loves instant saving on the purchase. Or, if your buyer usually shops via a mobile device, send them text-based coupons! You can also choose to send digital coupons via email to the buyers who left on the checkout window.
Takeaway: Choosing the right combination and having a proper plan in place will help you leverage the entire ROI of the campaign!
3. Selecting The Right Platform
After knowing your target audience and deciding on what are you going to offer, the next and the most crucial step is to select the relevant platform. You must be wondering, what are the best places to host these offers to drive tons of sales ready leads? One of the answers is online coupon websites like couponduniya, groupon etc.
Remember, 96% of buyers visit coupon websites before making a purchase!
Other research also suggests that 71% of buyers follow brands on Social Media to stay up-to-date with their latest coupons. Another 58% prefers getting coupons via emails. So you know what are the best possible channels to make a way to knock on the doors of your customers!
Takeaway: When people see coupons on social media, they tend to share the posts. This means free brand promotion, positive sentiments and awesome ROI for your business. Experiment on different platforms and see what works the best in favor of your brand!
4. Analysing The Performance Of Your Campaign
After all the research, planning and execution of your coupon marketing strategy, the last step is to track and measure the performance of the campaign. This will give you an insight if the campaign is working well and getting the desired result or not. And basis the metrics, you can plan to decide on the next steps.
If you provided a link to a landing page, then track the traffic by creating a trackable URL. Another essential step is to dive deeper and understand at which stage did your buyer consume the coupon or left the space. Monitor each step carefully and look for any number that will help you plan the best strategy for the next campaign.
Takeaway: Never work on assumptions when it comes to data. Make a habit of tracking and controlling your campaign from time to time to optimize it the best way! This goes a long way to maintain a healthy coupon marketing strategy.
Planning a coupon marketing strategy is much more than just designing an attractive coupon for your business. It requires a detailed comprehensive management system and that develops overtime. Be ready to offer omni channel experience and build personalized relationships with your customers/ buyers. The numbers and graph for the coupon marketing is only going to soar high. By incorporating the above-mentioned steps in your coupon marketing strategy, you are all set to execute a successful campaign!
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