Creating and managing a coupon strategy for your business can seem like an intimidating task, but it doesn’t have to be so hard! In fact, coupons are one of the best ways to get new customers in the door and keep them coming back time and time again. It’s especially great if you have loyal customers who will be eager to save money with their Coupon Management System!
The key here is to get started with your coupon strategy before your competitors do – here are 6 benefits that will help you succeed in doing just that!
The money you can save with coupons is almost as valuable as your savings. Let’s say that you run a grocery store and offer $10 off a purchase of $50 when you hand over an in-store coupon. If that coupon increases your store traffic by 1%, then every 10,000 coupons handed out will result in about 100 new customers coming through your doors.
Now let’s say those 100 new customers buy an average of $100 worth of goods each; that means your advertising brought you $10,000 worth of business—and saved you thousands by not having to spend money on print ads or TV commercials.
2) Rewards Programs
One of the main benefits of coupons is brand awareness. Giving your customers an incentive to try new products or bring a new customer into your store is a great way to boost your business. In addition, because you are giving them something free, they are more likely to shop with you again.
And don’t forget that coupons can be used as a sales pitch by telling customers about other services and products that you offer! A smart coupon will entice shoppers to come back for more and let them know about other things that you offer in order to make their lives easier.
3) Brand Awareness
Does your business have a strong brand image? Does it stand out from competitors? When customers are looking for a product or service, do they immediately think of you? If not, then it’s time to start building your brand awareness. When a customer sees your logo or hears your name, they should immediately recognize who you are and what you can do for them.
Make sure that happens by using coupons as an incentive for customers to use your services and develop their loyalty. The more coupons they use, the more likely they will be to come back again in the future. That’s how you build brand awareness.
4) Digital Marketing
If you’re a small business owner, coupons are an excellent digital marketing tool. In fact, according to Google, 86% of consumers prefer coupons and discounts over other promotional methods (including social media posts). Use coupon codes to drive targeted traffic back to your website. By signing up for services like Promote Abhi, you can create digital coupons that appear on sites like Facebook and Groupon, which will give you a boost in sales.
You can also offer coupon codes on social media platforms such as Twitter and Instagram or through an app such as Shopify or Checkout 51.
5) Customer Service
Customer service is a major factor in how coupons will affect your business. If customers don’t receive customer service, they may not be happy with your company and might stop using your coupons. You have to make sure that any company you use as an affiliate gives great customer service, so when you give out coupons to your customers they will enjoy them even more.
Having good customer service makes all of your other marketing efforts more effective because of a happier, more satisfied customer base. By increasing coupon use through improved customer service, you’ll increase potential revenue for both yourself and your business partner.
6) Sales Cycle
The first step of setting up your coupon program is to define your sales cycle. Every business and every industry has a sales cycle, which starts when a potential customer decides to take action. This can be anytime from reading about you on Twitter to walking through your front door for the first time, but it typically will be somewhere between those two points in time. The next step is to define what percentage of people who visit your website sign up for coupons, how much you spend on acquiring new customers, and how often they redeem their coupons (they’re all worth different amounts).
The faster they come back, of course, the more valuable they are. You then use that information to calculate how much money you want to invest in coupons each year based on projected revenue growth and profit margins.
While coupons may have initially been used as a way to draw in shoppers, there are many ways that coupons can benefit your business. By creating an effective coupon campaign, you can drive sales and traffic and offer customers an extra incentive to try out your products or services. Plus, it doesn’t hurt that many businesses stand to save money on each sale thanks to coupon usage!
Consider some of these coupon benefits for your business and you could see even greater growth in your bottom line.