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Is your coupon marketing strategy on point?

Blog Boostiny Our online journal

The e-commerce space has become very competitive, with more new brands across the spectrum joining the race every day. On top of it, the decreasing brand loyalty among consumers had become a significant issue for the brands operating in this space. As a result, E-commerce companies have to constantly devise new strategies to keep the shoppers interested in the brand and make the purchase. Coupons, discounts, and promotions are an integral part of a brand’s sale strategy. Whether the consumer continues to visit your store and shop depends on the kind of marketing strategies you have created. For example, a meticulously planned coupon marketing strategy will help companies acquire new customers to their fold and encourage existing customers to spend more. This blog will look at top coupon marketing strategies that every brand should consider to get the best results.

Single-Use Promo Code

Many times, brands, while creating their coupon marketing strategies, go in for generic coupon codes. A generic coupon code is simple to generate and can quickly start your coupon marketing journey, but it comes with its own sets of limitations. For example, if the generic code is shared or leaked online, anyone with that coupon code can redeem the offer, whether the offering was intended for that customer or not. So, it should be a top priority for brands to generate single-use promo codes or unique coupons, which they can send to their target audience, personalize them with tailor-made offers, and do away with coupons misuse. In addition, brands can onboard performance marketing platforms that can help them generate unique codes in large numbers and help them reach their target audience efficiently, increasing the returns on investments effectively.

Time-Bound Coupons

For brands to get the maximum out of the coupons they have shared with their customers, they need to create a sense of urgency for them to act. According to various research reports, a time-bound coupon that needs the receiver to act promptly or within a limited time window has shown far more response rates than coupons where consumers have much time at hand. In addition, time-bound coupons are a great way to convert tentative or uncertain customers to shop for the product and the brand. On the other hand, simply sending the coupons, which give the customers much time to take action, usually ends up unused, as people wait to act on those promotions and forget about it.

Coupons for special occasions

Brands should design and disseminate discount coupons to their customers around special occasions and holiday seasons. Coupons that are personalized around birthdays, anniversaries, or special events tend to show great acceptance. However, brands should be mindful of not overusing coupons throughout the year. Customers would understand that this is just a marketing ploy to get more people to shop rather than a genuine effort to appreciate your loyal shoppers. Also, too much usage and dependence on coupons will diminish your brand’s value and will eventually become tough to sell the products at their total value.

Engage with influencers

Social media influencers have taken the marketing world by storm, and brands rely heavily on influencer marketing campaigns to reach out to their potential customers. What makes influencer marketing so successful is the connection between the influencer and their followers and the content they create, which is genuine and relatable. Hence providing social media influencers with special coupon codes that they can share with their followers is a great way to increase the conversion rate for brands.  Surveys have shown that coupon codes shared by influencers amongst their followers have a high redemption rate, fulfilling the purpose of the activity.

Multiple channels for coupon distribution

Brands should use multiple channels to distribute coupons to understand the effectiveness of each platform. In addition, it will help the brands to devise a strategy for the future on how to use different channels for coupon marketing. For example, most brands rely heavily on e-mail marketing. But most of the time, e-mails remain unopened. Therefore, brands should send coupons on the potential customer’s mobile phones as well. In addition, using different social media platforms like Instagram, Facebook, and Twitter, where billions of people log in every day, is also an effective way to reach out to your customers through coupons.

Coupon marketing is beneficial for brands as it helps them acquire new customers, increase brand awareness, and help to up-sell, amongst other advantages. In addition, it is convenient for brands to track the RoI of the coupons and understand the campaign’s effectiveness. So the strategies built around coupon marketing must be practical, and brands should have a clear roadmap of the objective they want to achieve.