We all like to save money when we shop. In fact, most people like visiting sites that offer coupons. No wonder why these sites receive traffic every single day because of its amazing discount codes for various products.
What these coupon sites have in common is they guarantee you saving. By introducing coupons to your marketing campaign, therefore, you provide the customers with the right incentive to recognize your brand and buy what you are selling. Moreover, coupons encourage more site visitors since customers have the habit of making recommendations.
The only problem is that promo codes can reduce your profit margins significantly if they are not used appropriately. So, how do you ensure that you enjoy double response rates as well as profit?
Here are the top 5 practices that you can enforce:
- Selecting Your Audience
It’s always important to pick your target audience. Once you have a specific group of customers in mind, you should try to personalize the offers. For example, you should give first priority to your loyal customers and newsletter subscribers. Then, target social media followers by looking at their interests, location, and purchasing power. You can decide to offer a welcome coupon to new buyers or send special day coupons to regular customers. More often, the customers will recommend the coupons to their friends.
- Sending Timely Coupons
Since the primary role of coupon codes is to promote profits by encouraging conversions, you should be strategic when using them. Do you experience low or slow seasons? At such a time, you need to issue the promo codes more so as to encourage new customers and to keep the old ones. Also, you need to target popular dates and holidays. You should have your coupons in circulation around these times because it’s when most customers are shopping.
- Measuring Your Goals
Are you targeting to improve your customer numbers or the sales? A wise marketer should target both. There is no sense in doubling new customers and failing to double the profits. Therefore, you have to calculate the discount threshold to ensure that you and the customers benefit from the coupon. Of course, your target is profit while the customer’s target is saving.
- Attaching Tracking Links to the Coupons
It’s not enough to only distribute the coupons. To guarantee double response and profits, you should attach tracking URLs to them and use a tool like Google Analytics to monitor their performance. The links are known to encourage the customer to visit your site and shop more.
- Setting an Expiry date
Lastly, you need to convince and push your target audience to go for the offer. There is no better way to do it than to quote an expiry date. The date gives your coupon a sense of urgency. You can use an actual date or terms such as “Today’s Offer” and “For this Week Only.”
Bottom-line
Promo codes are undeniably a great marketing tool. However, you have to use them wisely to ensure that they drive in more traffic and it translates to double profits. The above five practices are what you need to get started on your coupon campaign.
