Using online coupons to help your business can seem like a simple means to increase your conversions, but you have to know how to effectively use coupons in order to have a positive effect. Discounts that are rock-bottom, such as the kind that Groupon offers, can actually negatively impact your business. Here are some strategies you can use to ensure your coupons are working the way you intend them to.
Distribute with Partners
Provide any partners with unique offers that they can distribute to their own customers and audiences. Set a limit on the quantity or a deadline for expiration. This way, more people see the coupon, and if you give your partner commissions, they’ll have reason to promote the offers.
Reward Your Fans on Social Media
Any business needs a page on Facebook or on Instagram, or a Twitter handle, for their fans. If you have this, you can offer discounts and coupons to people directly. It’s great way to offer your loyal fans a reward that they won’t find anywhere else, and it will inspire them to keep following you. You can use tech and apps to determine who your top fans are, and offer discounts only to them.
Measure and Track Your ROI
A great way to measure and track the advertising ROI of your business is to utilize coupon codes. If each ad outlet has a different code attach to it (Facebook vs. Google), you can see how much each campaign generates in sales. By utilizing this simple bit of tech work, you’ll also be able to use codes from coupons to track, and this is critical when it comes your optimization.
Give Through Acts of Kindness
Let your customers and employees know how much you appreciate them by giving them special discounts. For example, a lot of employees receive 50% off, and you can give customers a certain amount off their next order. This encourages people to return to your business, and spreads positive word of mouth. Acts of kindness will also help you build brand loyalty for the long term.
Encourage People to Act
A great way to get people to use your business is to offer discounts that are limited to a certain number of first-come, first-serve buyers, such as, the first 100 people receive 20% off. Or, you can give them a coupon that’s only good for 24 hours. These methods create scarcity, which leads people to take quick action and move faster as they’re deciding whether or not to purchase. It also encourages people who might be hesitant, to go ahead and make the buy.
Know How to Navigate the Crowded Market for Coupon Codes
One of the struggles with using coupon codes is that essentially every other business uses them as well, and once you’ve jumped into the market, it can be tough to compete. You need to learn how to compete with other businesses and their sites to sell the same things–for example, offering 10% off more than the competition can earn you more customers as they choose your site over the others.