In recent times, marketing has changed a lot for the better. It has become a lot easier and convenient with certain new ways which are developed. However, one of the most notable changes is the use of coupons. They have become very quickly one of the most sophisticated marketing tools which not only helps build a brand image but also help increase customer loyalty and efficiently driving up the sales of a firm.
In addition to that, with the advent of modern infrastructure, coupon campaigns have become an effective way of tracking data for CRM, which is later used to continuously build and improve a brand’s marketing efforts in general. There has been a lot of debate on what are the best coupon ideas which a firm must try in 2019 to increase the revenue returns significantly. Some essential ones are mentioned here:
1) Event-Based Coupons
This is one of the most effective ways to grab the attention of the customer and make them want to buy your product. In it, the company sends unique coupons if:
- A customer completes his first order.
- A customer’s signed in through a new profile.
- A customer has canceled his order.
2) Retention Incentives
In this method, every time a new customer orders something, it triggers an automatic multi-level coupon send out that provides coupon codes to active users at stipulated intervals.
3) Re-Engagement Coupons
This method sends one coupon to a dormant user and schedules a few automatic reminders with a certain discount valid to a certain time. If the code remains unused, these reminders keep notifying the user automatically.
4) Cart Abandonment
This tactic sends users who leave items in their shopping carts, coupons in emails or SMS, instigating them to finish the purchase.
5) Sign-Up Discount
This method sends a discount coupon to every user who signs up to your domain for the first time.
Such fantastic benefits make coupons one of the most used marketing tool and irrespective of your market branch, business model or even your scale, discounts can come in handy to almost every business type and help it further grow.
How to know if your business requires coupons?
Once you have decided on which coupon provider your firm will avail, you need to plan the next steps very efficiently for it to be fruitful. At the start of it, you can have small campaigns with various parameters, like duration, discounted products, discount type and value and so on. You need to patiently move forward and keep track of the performance of every campaign and coupon you launch. However, this process can take you some time but will surely help figure out which campaign style works best for you.
This works similarly for small companies as well. Small businesses can start by choosing a single product and run 4-5 campaigns on it. Likewise, the data collected after some time will show you which discount values and types had the best result.
What are some types of sales promotions?
There are a lot of different types of sales promotions that you can avail to increase your company's returns. These sales promotions are an excellent way of boosting sales revenues in a short period. They use the fear of missing out and urgency as their primary tools to persuade customers into making them buy. These are psychological techniques that make use of the fact those customers who are wavering, do not want to miss out and want to act immediately in such urgencies. Some of the best examples of sales promotions retailers use are further mentioned below:
- Redeemable vouchers
- Percentage discounts or coupons
- Buy one, get one free offer
- Gifts or giveaways
- Free samples
- Rebates
Retailers also offer:
- Loyalty or membership rewards or points
- Pre-launch or exclusive offers
- Bundles
- Seasonal offers
- Repetitive daily or monthly deals
However, while using any other such tool, you need to make sure that the way you run the coupon campaigns is consistent with how your marketing department works.
