If you’re an avid shopaholic, the word coupon should awaken all the butterflies in your stomach. You should feel that positive vibe of discounts and that sweet expectation of buying more with less price. Now, let’s look at the couponing strategy from another side. If you’re selling something, and you want to make your customers go crazy over buying your stuff, giving away some coupons will be your winning strategy. But there is nuance; when implementing a couponing strategy, you should make sure you do it reasonably. Coupons should increase your sales, not turn your company into a charity organization. Finding that middle line between pleasing your customers and making your profits grow might be challenging if you’re just starting. That’s why we felt sharing some tips on couponing strategy might be helpful for you. And we did it; scroll down to see.
What is a couponing strategy?
A coupon is a type of voucher that one can use to redeem a discount on the purchase of goods or services. Manufacturers or retailers usually issue coupons to attract customers and increase sales. When making purchases, buyers apply the discount indicated on the coupon at payment.
Ten tips to improve your couponing strategy
So, you’ve got the idea of what the couponing strategy is. Now, how should you implement one for your business? We’re here with some working tips!
Tip 1: Shift to digital coupons, at least partially
While paper coupons are still widely accepted, many stores are now offering digital coupons that one can redeem online or in-store. Digital coupons are often more convenient than paper coupons, and users can easily add them to your store loyalty card. If you’re unsure about switching to digital alternatives, try using both paper and digital coupons. This way, you can still take advantage of any paper coupons that you come across, but you’ll also have access to the convenience of digital coupons.
Tip 2: Make sure your couponing strategy goes with your brand image
When devising a couponing strategy, it’s essential to ensure that the strategy is in line with your brand image. For example, if you’re a luxury retailer, offering deep discounts on your products is likely to damage your brand’s high-end image. On the other hand, aggressive couponing could help improve your brand image if you’re a discount retailer. So, before you create coupons, make sure it aligns with your brand mission and strategy.
Tip 3: Don’t view coupons as a sole hook for new customers
While coupons can be a great way to attract new customers, they shouldn’t be the only tool you use. If you only offer coupons to new customers, you’re likely to lose out on repeat business. Instead, focus on creating loyalty programs and other incentives to encourage your existing customers to keep coming back. This way, you can build a base of loyal, repeat customers who are less likely to be influenced by coupons from your competitors.
Tip 4: Push it hard with email marketing
Email marketing can be a great way to reach your target audience with coupons and other discounts. When sending out coupons via email, segment your list so that you’re only sending the most relevant offers to each subscriber. You should also consider using triggered emails, which are automated messages that are sent after a customer takes a specific action, such as abandoning their shopping cart. Triggered emails can be a great way to increase conversion rates and boost sales.
Tip 5: Make sure the couponing strategy has a clear goal
Before you start creating coupons, it’s essential to set a clear goal for your strategy. Are you looking to increase sales, attract new customers, or build loyalty among your existing customer base? Once you’ve defined your goal, you can start devising a couponing strategy that will help you achieve it. This way, you can ensure that your coupons have the desired effect and that you’re not wasting your time or money on a strategy that isn’t working. Just giving discounts to increase sales is not enough to succeed in couponing. You have to have a well-thought-out plan.
Tip 6: Prioritize the deals you want to offer coupons for
Again, it has its roots in your overall sales strategy. Depending on which product/service category you want to promote, you should segmentize your offered discount. If you’re looking to increase sales, you might want to focus on providing coupons for your best-selling products. On the other hand, if you’re looking to attract new customers, you might want to focus on offering coupons for less popular products. Last but not least, if you’re looking to build loyalty, you might want to focus on providing coupons for products that your customers purchase regularly.
Tip 7: Make sure you’re ready to implement a couponing strategy
If you’re doing everything right, offering coupons will result in your customers bombarding your sales channels. To make sure that you’re able to handle the increased demand, it’s essential to plan and make sure that your team is prepared. This means having enough staff on hand to deal with the influx of customers and making sure that your inventory levels are high enough to meet the expected increase in sales. If you’re selling through numerous marketplaces, collecting all your orders into a single, organized dashboard will be your best decision during the increased sales season.
eSwap’s order management feature can help you integrate all your eCommerce channels in one place with just a few clicks – check how it works!
Tip 8: Make sure to track the results of your couponing strategy accurately
Lastly, it’s vital to track the results of your couponing strategy to determine whether or not it’s working. You are likely to repeat the strategy in the future, so having a solid base for future decision-making will be very helpful for you. You can use several metrics to track the success of your strategies, such as sales volume, coupon redemption rate, and customer acquisition rate. By monitoring these metrics, you can better understand what’s working and what’s not, and you can make adjustments to your strategy accordingly.
eSwap’s Analytics and Reporting feature can help you generate instant sales reports from all your eCommerce channels, including eBay, Amazon, Etsy, Shopify, etc. Check out how it works!
To sum up
A well-thought couponing strategy can do wonders for your business if executed properly. By following the tips outlined in this article, you can create a couponing strategy that will help you achieve your desired goal, whether it’s increasing sales, attracting new customers, or building loyalty among your existing customer base. And with eSwap’s tools and features, you can make sure that your couponing strategy is executed flawlessly and that you’re able to track its success.
