With the growing list of choices available in the online shopping world and the shortening attention span of consumers, it is increasingly difficult for brands to effectively catch the consumer’s eye. Coupons, discounts, and promotions have become vital tools for brands looking to reach out and connect with consumers.
Product pricing plays an important role in a consumer’s purchase decision and consumers are often on the lookout for the best deals on products online. Up to 59% of consumers are likely to visit coupon websites for deals before going to a store. Coupons not only impact purchase decisions but can also influence the amount the consumer spends. Online shopping trends show that shoppers who use coupons spend up to 24% more than those that don’t.
While coupons can be an incredibly effective tool for brands to influence the purchase decisions of their consumers, a one-size-fits-all approach doesn’t work.
Brands need to carefully craft their coupon marketing strategy to accomplish their business objectives.
3 tips for brands to leverage coupon marketing effectively
Here are three tips on coupon marketing that will help brands gain a competitive edge in the market
Goal-setting for discount promotions
The first step in crafting an impactful coupon strategy is determining the end goal. Be it awareness or driving consideration, coupons work across the consumer journey. Identifying the goal beforehand can be instrumental in gauging the effectiveness of the coupon promotion.
Shareable coupons are effective in creating brand awareness. In order to drive consideration among consumers, brands can personalize coupons based on the consumer’s behaviour on their website. To ensure low cart abandonment rates, brands can further offer consumers coupons on products that have been left in the cart and boost conversion. Loyal consumers can be offered extra-savings coupons to encourage them to come back to the store or website.
Exploring different channels for coupon distribution
The success of any coupon marketing strategy depends significantly on selecting the right channel for distribution. Brand marketers can customize and offer coupons to their consumers at different touchpoints in their purchase journey. In order to maximize their coupon marketing strategy, brands can utilize various channels of coupon distribution such as
- Email: In the event of clearance sales or new product launches, brands can circulate coupons among their loyal consumers via email.
- Social media: Leveraging coupons as limited offers on social media drives urgency and shareability among consumers thereby driving an uptick in product sales.
- A text message or SMS: Brands can opt to send discounts via text messages in order to get consumers to visit and check out on their mobile platform.
- Affiliate links: Using affiliate links with discounts attached can be a great way to get consumers to buy products. By leveraging a strong network of affiliates, brands can reduce their marketing costs, acquisition costs, and ad spend.
- Influencer coupon code: Brands can collaborate with influencers on their product promotions by providing unique coupon codes that can be used by the influencer’s followers or subscribers.
- Events: Brands can engage with potential consumers by sharing on-site discounts or special coupons during trade shows, conventions, festivals, or local events.
Personalization of coupons
Up to 94% of consumers prefer coupons that are personalized for them. From demographic to behavioural, brands can leverage insights from first-party data to personalize coupons. A few examples of such personalization are birthdays, anniversaries, time-elapsed since last purchase, and product categories explored.
To get online shoppers’ attention and drive conversions through sales, retailers must be present where their consumers are. SitePlug’s product, Site Discover is an easy plug-and-play solution to aid consumers on their purchase journeys. With partnerships with over 100,000 publishers, it nudges consumers to purchase products through a host of ‘buy now’ widgets, coupons, banners, or native integrations. Additionally, Site Discover’s tech stack optimises content and coupons across mobile and desktops and also enables contextualization for brands.
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