Implement A Successful Online Coupon Strategy

Have you ever thought of coupons as a good marketing tool? Well, if you have no idea how coupons can help drive your sales and conversion, this article can give you have a better understanding about the “Coupon Effect” and how to utilize coupons. Coupons can not only be used to attract new customers, but can also keep your old customers loyal; the latter being very important, especially in such a harsh economic environment.

Coupon Use Statistics

A survey conducted by Forrester Research, “The Impact of Online Coupons and Promotion Codes”, found that more than half of the respondents had used coupons for online purchases during the last 12 months, and 66% plan to use coupons next year. These figures illustrate the importance of coupons in driving consumers’ purchasing decisions. In addition, coupons have more significant influence for households with children: 73% of respondents with children in their household will use coupons for online shopping in the next 12 months.

Implementation Strategies

After realizing how important coupons are for consumers, implementing the right strategies can help you reduce the cost of execution and drive your sales more effectively.

• Focus discounts on items with higher margins

High percent- off coupons will inevitably have a negative impact on a business’ bottom line. This can be mitigated by offering discounts on higher margin products/ services. In that way, companies can protect their profit while still offering an attractive deal for consumers.

• Test different types of coupons

To maximize “coupons effect” on increased sales, businesses can test different coupons and see what works best for customers. Try using different percentage-off coupon amounts, free shipping, different types of products, etc.

• Make coupons readable on mobile devices

The use of digital coupons is growing rapidly. According to an online shopping poll released by Ipsos Public Affairs in October 2011, 25% of consumers use online coupon codes. So, make sure your coupon design allows customers to see the deal clearly on a mobile device.

With the right strategy, adding coupons to your overall marketing plan can attract new customers, reward your current patrons, and increase your sales. We also suggest using coupons as a bottom of the funnel offering in your lead generation and nurturing campaigns. You can get more lead generation ideas by downloading our free E-Book on The 30 Greatest Lead Generation Tips, Tricks and Ideas.