If you sell online, your customers are price-sensitive. After all, with just a few clicks of their mouse, they can find a competitor who offers a better price than you do on similar products.
That’s why it’s imperative that you use coupons as part of your online marketing strategy.
Why coupons work
From a psychological standpoint, coupons make people think they’re getting a better deal than they otherwise would. Like they’re gaming the system. In a way, it’s true: if they didn’t find your coupon online, they would pay more.
But you control the coupon offers, and that’s where the power comes in. If you’re willing to lose a little bit of profit in order to boost overall sales, you’ve effectively found a fabulous sales strategy you can use over and over again.
how to use coupons
With today’s digital marketing landscape, there are several strategies you can use to promote your coupons.
- Share them on social media
- Post to coupon sharing sites
- Email to subscribers
- Send to people who have abandoned their shopping carts
- Give to loyal fans
The key in mastering an effective coupon strategy is to make each offer exclusive. For example, if you want people to like your Facebook page, you need to offer access to coupons they can’t get elsewhere. You can set up your coupons to only appear to people who have liked your page.
But you want those same people to also like you on Twitter, or subscribe to your email. So you need different offers for each of those places. Determine which is the biggest resource of new business and make the coupons you offer there the most valuable.
The great thing about digital coupons is you can see exactly how many people redeemed them. Use unique codes for each source (Facebook, Twitter, email) so you can see which channel is netting you the most redemptions. Use that information to develop your future coupon strategy.
Want more on couponing strategy? Don’t miss our free webinar, “Get the Inside Scoop on Social Couponing” on February 24, 2015 at 11 am Pacific, 2 pm Eastern.