Coupon marketing is about the use of coupon codes, vouchers, and discounts to attract and retain customers, taking advantage of customers' interest in saving money on purchases.
Coupons can take various forms, they can be public codes (BLACKFRIDAY) that a specific target group can use or personalized, unique coupon codes (valentines19503) that are assigned to specific customers. They can be distributed online or offline in many forms (code, barcode, QR). They can be used in both B2B and B2C marketing. Moreover, coupons can be personalized or have specific redemption rules that define desired redemption conditions. Coupons can be a very versatile marketing tool used effectively throughout the customer journey.
Coupons have already become sophisticated marketing tools, which not only drive sales but also help in building brand image and customer loyalty. By using a modern infrastructure, coupon campaigns are also a source of tracking data for CRM, used to build and continuously improve your marketing efforts in general. Let’s have a look at some statistics that show how common the use of coupons has become:
Coupons can help almost every business type and size if only a coupon marketing strategy is planned according to the current budget and clear marketing goals.
1. Accomplish your sales goals faster
Coupons can be used as incentives for customers to perform specific actions that help in achieving sales and marketing objectives. For instance, coupons can help you break even with items that do not sell well and to up-sell your offering.
2. Grow your customer base
Coupons not only impact the loyalty of your customers but also increase the likelihood that they will refer your brand to friends and family more often. People respond emotionally to brands that reach out to thank loyal customers with coupons which undoubtedly helps build positive associations.
3. Beat the competition
If you find yourself going head to head with other brands, coupon marketing is a great way to make your offers more attractive and popular in the competitive retail environment.
4. Track your success rate
Offering coupon codes makes it easy to measure your return on investment (ROI). When people redeem a coupon code online, you don’t have to ask them how they found your business. You can monitor the number of redeemed coupons to determine the success of your offer.
Now is the best time to take your online marketing strategy to the next level and offer digital coupons to grow your customer base.
It's never been easier than right now by simply becoming a member of the Find It Kingston Business Network.