In recent years, the eCommerce industry has found a new and profound liking for coupon marketing. This isn’t a coincidence. According to experts, nearly 61% consumers are influenced by coupons or deals while making purchases. Another statistic states that the global mobile coupon market is expected to grow by more than 56.5% CAGR by 2025.
Effects of coupon marketing are widely understood and if you’re not using coupons at your store, you’re missing a great opportunity to grow your revenue and sales.
What are coupon codes and how can they help you?
In the most simplest definition, It’s an incentive to buy products offered by online store. It’s a win-win situation as both parties customer and online store benefits from it. Customers get the products they want for a lower price, and the ecommerce store generates revenue
In technical terms, a coupon (alternatively referred to as promo code) is a special series of characters used on e-commerce websites to get a discounted price or limited offer on an order.
Studies have shown that customers spend over 25% extra money with a coupon code than without them. People follow a popular TV show as they purchase several products having multiple coupon codes.
There are various ways to use coupons instead of simple discounts, and each one of them can help you drive an enormous number of sales.
As most eCommerce retailers adopt the business of distributing digital coupons to help sell their products and services, it’s time for you to explore versatile ways to share your digital coupons. Remember that sharing discounts with your target audience is more strategic than repetitively posting similar types of coupons.
In this blog, we will talk about coupon marketing strategies that can help you generate sales at your WooCommerce store.
Coupons for first-time buyers
The most basic strategy is to grab your prospective customer’s attention by giving them a discount on your product. This helps you convince new visitors to make purchases and in term, give you their trust.
The most nominal tactic several online stores are using is to provide a coupon with multiple discounts for first-time customers. Users can configure an exit intent pop-up to showcase the offer, and this enables you to target visitors on the particular method of the virtual entry. This popup can also be used to grab your website visitor’s email address. So now, not only can you send them discount coupons via email but also use their email address for other marketing purposes, especially upsell and cross-sale.
Coupons to improve seasonal engagement
It is common to receive discount coupons on a seasonal drift or a popular holiday. The science is quite evident. Some dates or days drive better sales than others.
Black Friday 2019 saw 93.2 million buyers shopping online. Why is it such a big event in terms of sales? Average savings on Black Friday specials were 37%.
For these holidays and events, you can showcase coupon offers on your homepage or send them to your existing customers via email. Keep in mind that when you’re sending out coupons using email automation, do not skimp on creating them with a tailor-made approach.
The foremost essential metrics for an online store is how much you earn as per the average of each purchase. Logically you want the number to be as high as possible, and using coupon marketing is an intuitive and practical approach to take a step ahead.
When there are existing discounts involved, people can easily spend more than they would genuinely have instead done it. Users can easily benefit from this via offering coupons that only activate for purchase over a particular economic volume.
For Instance, Let’s suppose you offer a 15% discount to your customers if they spend more than $20 discounts. This provides a run-on number, so you would possibly know you’re still making a wide range of profit in a refined way. In particular, this approach can help you to increase earnings, as it drives impulsive purchases drastically
Buy One Get One Free (BOGOF)
It is a fact that every specific product or service in your store would not sell equally. What we mean is that one item might sell more than the other so is there a way to sell products that are less popular.
Another great strategy is to use BOGOF or Buy One Get One Free.
This practical solution suggests you to ‘bundle’ your least selling products together so that customers focus more on saving rather than if they actually require the product.
Keeping these insights makes high-margin items more attractive and eliminates unsolicited inventory at an equal timeframe. If you want to be fair enough, your bundles won’t make much money as you’d possibly sell each item individually. Although they can often increase the enormous sales number, you can come out ahead in each case.
Identify and analyze your performance metrics
Tracking and measuring your coupon campaign performance is the only way to understand and know if your strategy works intuitively and adequately. Below are specific parameters that can be analyzed and done in a particular way:
- Use a single platform
Track and manage marketing campaigns using a single platform that provides real-time reporting information and tracks customer engagement metrics towards the stage of redemption. You can easily use improved analytics to monitor purchases sparked by coupons used to see how potential customers can respond to your messaging operations.
- Utilize unique codes
The placement of various tracking codes on each coupon to identify and analyze the specific purchasing nurtures and habits to see which types of discounts or benefits to draw the best ROI. Always ensure that your coupon codes are simple and concurrently work in both uppercase and lowercase characters.
- Monitor Relevant Metrics
Users can easily measure and track coupon campaigns’ performance with performance metrics, including coupon conversions, the number of coupon downloads, coupon redemption, and ROI to measure your provided offers’ effectiveness. The top-notch KPIs can be easily measured, tracked, and coupled to your primary objective.
Plugins and add-ons that can help take your coupon marketing strategy to the next level
myCred WooCommerce Plus
myCred WooCommerce Plus addon helps you award points to your WooCommerce store users using the myCred points management system. The most significant aspect of this addon is that it automatically awards coupons to users whenever they successfully achieve a higher rank or badges.
- Award Coupons – Automates how to distribute discount coupons to your users whenever they achieve a high rank or badge.
- Restrict Products – Have the ability to restrict products based on the ranks and badges of the users.
- Point History – Users can display multiple point-type history logs in their my-account page.
- Partial Payments – Users can create partial payments via their point balances or WooCommerce coupons.
- Converts Points into Coupons -Users can convert their points into a fixed amount coupon whenever required.
- Display Rewards – Users can display product purchase points award on single product, cart and checkout page.
- Link Sharing – Enables users to easily generate and share their referral link on social media posts, email notifications, and many more.
- Referral Reward – Award points to referrers and referred users on successful fulfilment of product purchases via a referral link.
- Cookie – Adjust cookie expiry to restrict after the cookie expires no points will be awarded to the users.
- Logs – Logs are generated to record referral purchases points for both referrers and referred users.
- Reward on cart total – Enables users to points on the total cart.
- Custom Message – Displays custom reward point message on cart or checkout page.
- Multiple Point Type – Enables users with multiple point types.
- Compatible with WooCommerce Subscription – Users can purchase subscription products and services on a WooCommerce store via their myCred points.
OptinSpin is a fortune wheel plugin that helps a user to convert visitors into potential customers to improve the process of lead generation. It helps users to decrease bounce rate and transform visitors into customers by providing them opportunities to win prizes.
- Gives valuable insights to the user
- Completely Responsive Plugin.
- Supports myCred points.
- Integration with relevant tools and addons.
- Generates unique coupons to offer winning users via WooCommerce Integration.
To sum up, coupon marketing can preferably benefit your brand if used in the correct order, the integration of both online and offline information to identify and understand your potential customers at a more in-depth insight and reach them with the right offer. Hence, to generate utmost results, you must always consider a loyalty program that enables shoppers to share reviews on purchases with your colleagues and gives them post-purchase rewards like cashback, points, or enormous amount of coupons to retain them and makes the most out of your loyalty, rewards, and deal programs