Consumers love coupons and discounts. According to RetailMeNot, more than 96% consumers use coupons. PRRI found in its 2017 Coupon and Promo Code Use Survey that 96% of US citizens who were over 55 and 91% between 35 and 54 used coupons.
The same trend goes all over the world. It is predicted that the global mobile coupon market will grow at an annual rate of over 73% by 2020.
Coupons don’t just help consumers save money but they help businesses increase revenue. Your customers are searching for coupon codes and if you don’t offer them with one, they will use your competitor’s coupon.
You’ll lose a sale and a customer.
Simply creating a coupon code won’t work. You have to promote it. You have to share the coupon code with the right people. Giving a coupon code to abandoning visitors does work but if you’re not marketing your digital coupons religiously, you’re underutilizing them.
This means starting an online clothing store or an ecommerce store or an online business isn’t just enough. You have to create coupon codes and promote them to generate sales and boost revenue.
Creating coupon codes isn’t a big deal – promoting them is the hard task.
The following ideas to market your digital coupons will help you increase revenue by reaching your target audience at places where they hang out.
1. Use social media
There isn’t any better place than social networks to market your discount coupons. There are two reasons why social media turns out to be the best medium to promote coupons.
- Social media sites provide you with the reach your coupons need. There are 2.51 billion people worldwide who use social networks.
- People expect to receive coupons and deals from their favorite brands via social media. Over 94% of people follow brands on Twitter to receive coupons while 58% of people like a brand page on Facebook to receive coupon codes.
Social networks are a great starting point to promote your discount codes.
There is, however, one potential limitation of using social networks.You only reach people who are following your brand on one of the social networks. You’re not reaching new people.
Run an ad to reach new audience and people who might be interested in your product. Posting on your social account won’t help much unless you have a few thousand followers.
2. Distribute coupons
Not all people use social networks. Statistics show that 64% of millennials search a coupon code on their smartphone.
As much as 96% of consumers use coupon websites to find relevant coupon codes.
You cannot go without distributing your coupon code on leading coupon sites. This is where it will get all the exposure it deserves. While submitting your coupon code to big names (like RetailMeNot and Groupon) seems to be a good idea but the best sites are the ones that are niche-relevant.
Find niche coupon sites that deal with a specific category. For instance, if you have a coupon code for handmade shoes, look for coupon sites that only deal in handmade products or better yet, in handmade shoes.
3. Target unhappy customers
Every business has some unhappy customers. Why not target your unhappy customers and bring them back by offering them a discount coupon?
Yes, you can do it.
The only hard part of the game is finding unhappy customers. There are tools that you can use such as Mention. It helps you track and monitor your brand and customers on social media.
Search Engine Land has a nice article on how to leverage brand mentions for marketing. It shows you the importance of finding consumers who are discussing your brand or product online and how to use that information.
In this case, you have to find unhappy customers that are talking about your product or brand on forums, on a social network, posted a blog post, wrote a comment on your competitor’s blog, or maybe they posted a question on Quora.
There are so many ways a potential unhappy customer can discuss your product online.
Here is what you’re supposed to do:
- Find unhappy customers.
- Engage with them. Talk. Discuss.
- Offer them a personalized discount coupon to bring them back.
Here is an example how NikeSupport handled a customer query.
An unhappy customer might not always mention your brand and in most cases, it isn’t just that easy to make a customer happy especially if you’re using automation for reputation management.
Do it manually.
Do it professionally.
And offer customized coupon codes.
4. Cart abandonment
Offer a coupon code to visitors when they’re about to leave your store using exit intent technology. It uses cursor movement to monitor the intentions of the visitors. When a visitor is about to leave your website, you throw your best coupon code.
Digital Marketer used exit intent powered popups to turn 15% of abandoning visitors into customers.
You have to set up a customized campaign that offers discount coupons for the product that the visitor added in the cart – not just any discount coupon.
5. Target influencers
Influencers, especially micro and local influencers, can help you take your coupon marketing campaign to a whole new level. Instead of targeting your primary target audience, you should target influencers. Promote your coupon codes to their audience (which tends to be your audience too).
Daniel Wellington used this technique to increase its profits by 214% in a year and it turned from a startup to an over $2 million watch company. It partnered with thousands of micro influencers to promote its 15% discount code.
Influencers posted photos of watches naturally with a discount code of 15%.
Here is an Instagram post by Charlotte Crosby.
David Ambarzumjan who is a famous artist posted this photo.
Bikini model Helen Owen posted this.
The results have been phenomenal. This campaign generated well over 800K Instagram photos and posts and Daniel Wellington’s Instagram followers increased by 1.2M in a year.
So what makes this coupon marketing campaign so successful?
One word – influencers.
Their followers trust them and take action.
This is why influencer marketing delivers 11x high ROI than any other form of digital marketing.
Instead of you promoting your coupons, let people who control your target audience’s buying potential promote it.
Here is what you have to do next.
- Find right influencers who are followed religiously by your target audience.
- Handpick appropriate influencers and target them. Reach out to them. Partner with them.
- Track and measure individual influencer’s ROI.
- Tweak and repeat.
Marketing your coupon codes to increase revenue is just one side of the picture. The other side, according to Anderson Schoenrock, is related to understanding customer behavior and using those insights to improve marketing techniques, create better discount coupons, and build better relationships with your customers.
Creating and marketing coupons is just the beginning.
Author Bio: Sabih Javed is a digital marketer who helps ecommerce stores and startups taking control of their digital marketing campaigns. He is the founder of Digital Marketer PK where he publishes digital marketing stories. Follow him on Twitter @sabihjavedd