Coupon Campaigns: How to Create the Perfect Coupon For Your Marketing Strategy
Coupons tend to have the stereotype of being an outdated way of marketing. But in reality, they are a beneficial and continuous trend that many businesses use. Product promotion, expanding brand awareness, and overall increasing sales are all goals that any company, no matter what they’re selling, can strive to do more of and coupons help accomplish those goals.
With the overflow of products and services out there for consumers to decide upon, a successful way to stand out is through coupons. Price-checking has become extremely easy for people to do, and by advertising that you are the cost-effective route will make your product their winning option. Below are the four ways that the perfect coupon can benefit your business from the experts at Coupon Chief.
Attracts a New Audience
The risk of trying out a new company lowers with the addition of a discounted rate/coupon. It incentivises new buyers to steer away from their usual brand. With this new, special deal, 39% of buyers changed their typical spending habits by trying out a new company due to a coupon.
Helps Gain a Higher Customer Return Rate
When it comes to continuous customers who are familiar with your business, having a coupon gives them a reason to come back. This not only drives continuous revenue but makes them one step closer to being an entirely loyal consumer.
Leads to a Promotion of New Products
If you plan on launching a new product but are worried about sales, creating a coupon is a great way to generate excitement and lead to purchases. Not only is its own form of advertising, but it is also a way to showcase the new product to potential customers as well.
Monitor Customer Usage
Seeing the demographics and psychographics of consumers clicking on your coupon advertisements provides you with pivotal information. The insight shows who you are catering to and what type of person is redeeming the coupon. For businesses, the demographic information allows you to either alter your products, or the way that you promote and spread the message of the product.
If you see that fathers aged 30-45 tend to buy your product late at night, have your coupon blast on their phones later in the day. This allows you to dive deeper on their spending habits and will ultimately improve your knowledge on who your consumer is.
The Making of a Successful Coupon
The three elements to make an effective coupon that CouponChief says to include are a clear expiration date, a call to action, and a tracking code to monitor sales. With these guidelines, you will create the perfect coupon that speaks to the consumer and excites them.
The Expiration Date
Giving the coupon a clear expiration date leads to buyers feeling a sense of urgency when it comes to getting an item or service. The expiration date also gives the promotion an exclusive aspect since it is only available for a specific time frame. The time frame chosen can be when your product notoriously doesn’t sell in order for your revenue to be more constant. Or, alternatively, it can be during a time where there is a lot of competition for your product. If you’re a jewellery brand and want to sell during Valentine’s Day, a way to stand out would be to give out coupons during that period.
The Call to Action
What do you want the users or consumers to take away from your coupon? Including a call to action makes your message purposeful and clear. To get an immediate response, make sure to put a brief reason to do an intended specific action. This could be a specific code they need to input online, or to act now because another shopper has the item you want in their virtual cart.
The Tracking Code
Coupons are for far more than just giving a person an offer they can’t pass up. It’s also a way to reveal shopping trends and insight on how to develop an increase in sales leads. The tracking code has endless uses, from knowing the time someone purchased an item, to the age the person was purchasing it. All of this can be useful information and data that could later be used in a larger marketing campaign.
The Color Palette Psychology
Another factor in your coupon creating that hasn't been mentioned is the coupon appearance and color scheme. Being aesthetically pleasing and appealing to the user is an important and necessary step. Having a color and design associated with your brand makes it easier to identify and distinguish your company. It may seem small, but it’s the little things that will lead to an immense change in sales.
It also depends on what country or region you are targeting, since some countries perceive the meaning of some colors differently. For example, in many Asian countries like China and Korea, the color white symbolizes death. While in the United States, it means purity and cleanliness. Being cognizant of the differences between cultures is imperative when marketing towards them.
Coupons have been around for a while, and have continuously been a way for businesses to reach their target market. Creating the perfect coupon isn’t easy, but worth it when done well. To read more about the art behind a successful coupon, we suggest checking out the full infographic from Coupon Chief.