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A Step By Step Guide To Start A Successful Coupon Marketing

Coupon marketing has the ability to educate consumers about your products or services, increase brand awareness and raise long-term sales. However, if you actually want to gain all these benefits then you need to be totally clear about your marketing objectives and strategies. 


Now you can make your coupon marketing an absolute triumph by following this simple and easy step by step guide.

Step 1: Analyze whether a discount code is good for your business or not

Before you start offering discounts on your store, you first need to analyze whether or not offering promo codes are even good for your business. Discount offers attract customers for sure but they are not for every market. 


So do not jump into offering discounts and promo codes right away; take a look at your recent sales and other relevant data such as: 
  • The least and most profitable products
  • The best-selling product 
  • Rate of shopping cart abandonment (if you are an online store) 
  • Most loyal customers and their favorite product 
  • Actual foot traffic on physical store 
  • One time purchasers
  • Customer purchasing patterns and trends affecting those patterns
  • Peak sales time and off-peak period 
You can get this data by looking at the point-of-sale system, website analytics packages, e-commerce platforms, CRM, and other sales and marketing tools. This information helps you build the basis of your coupon marketing that suits your business goals.

Step 2: Set Coupon ad cost

Coupon promotion falls between free to thousands of dollars; however, it is not the only factor to consider while defining how much budget you should set for your coupon marketing costs. 


You likewise need to include the expense of the price cut itself, the profit you'll pick up from new customers and the profit you'll lose from existing customers after the coupon. 

Step 3: How to start a successful campaign

An effective coupon promoting effort simply doesn't build deals yet it adds lifetime market to the business. It changes one-time purchasers into loyal customers. 


Keep in mind, the primary objective of offering deals is to urge customers to buy your products. Discount and deals offer you the chance to influence new consumers to move to your brand. 

Step 4: Set your goals 

Nothing can be accomplished without defining objectives and sensible goals. Why does your business need coupon marketing and are you trying to accomplish? Do you wish to build deals or include more recurrent purchasers? 


A definite goal of the coupon campaign is something fundamental in nature but it gives you a chance to search, break down, think about, and amend strategies

There are many goals to a coupon campaign: 
  • To boost sales
  • To increase the conversion rate
  • To build a client list
  • To push existing clients to purchase once more 
  • To raise brand awareness
  • To attract your rival's market 
  • To decrease in abandoned carts  
  • To clear stock 
Ensure the objectives and targets of the coupon campaign are conveyed to the whole marketing team in order to guarantee everybody is in agreement. 

Step 5: Select your audience

Selecting your audience for any marketing campaigns is one of the most crucial and fundamental steps of the marketing process. 


If you do not know who you are trying to attract to your business then all your marketing efforts will fail. 

New Customers

Come up with an exciting offer to get new customers to enter your site or your store. As indicated by a report, 80% of customers would readily switch brands when offered a convincing deal. This is one of the main reasons why organizations use coupons. Convey coupons that are qualified for first-time clients. Use demographics to draw in suitable clients. The most significant observations in focusing on new consumers are: 

  • What their interests are?
  • Where do they live?
  • What do they purchase?
  • What is the level of their income? 
  • What is their gender?
  • What is their age?
  • What are their political views? 

What are their religious backgrounds? 

Keep in mind, to change new clients into faithful ones, you have to offer to follow up deals. The subsequent deals ought to be sufficiently huge to maintain a healthy relationship with the customer, yet not big enough so you miss out on huge deals


Existing Customers 

Offering discounts can urge your current consumers to keep on returning. Coupons shouldn't simply be a one-time bargain. Use it to fabricate loyalty. Continuously catch up with further deals and promotions. You can have a popup or coupon pennant on your site, send coupons to your email list, blog about it or post it on your social media. Always try special on offers that sustain a continuous relationship. Do not give discounts on things they already purchase often, instead introduce new products. Promoting an extra or another item can be many profitable for your business. 

Step 6: Analyze when to read your customers

Quizzes, reviews, surveys, and feedbacks cards are a well-known tool with shoppers and brands alike. You can utilize them to get to know the customer better, qualify leads, and study your objective market. So pose inquiries about purchasing behavior, shopping experience, buyer tastes, whatever else that could be valuable for your campaign. In the meantime, members will appreciate the discount reward. Survey-based giveaways and hashtag challenges are incredible approaches to begin a discussion with your market as well. 

Step 7: Where to distribute your discount offers 

Making a coupon and sharing it on online platforms is not going to be of much help. Promo codes must be dispersed and the marketing campaign must be elevated in order to get the word out and drive traffic. 

Email Marketing 

Send a snappy email to your current clients and let them know about the new discounts and deals. Make your deals shareable so they can pass it on to their family and friends and spread the world.


Social Media

Utilize your Twitter, Instagram, Facebook and other online networking platforms to offer followers great deals and discounts. Make sure the promotion is sufficiently convincing to make your customers feel appreciated. One extraordinary advantage of online discount deals is that they are truly shareable.


 Individuals can without much of a stretch pass the coupon along to their companions to make the most of it! Offer a discount like "Get 40% when you bring another customer," or “Shop with your partner and get an additional 10% off”. 

Newspaper / Magazine

Print coupons have been broadly utilized since Coca Cola issued the first coupon in 1887. While online coupons are increasingly helpful to reclaim, print coupons still speak to 44% of the coupon market


Coupons conveyed through magazines and papers haven't lost their ubiquity among buyers even in the present advanced age. Studies show that 70% of purchasers still search for and utilize customary print coupons in their paper and magazine memberships. 

Step 8: Analyze that your campaign was successful or not

Monitor your progress. Examine it directly from the very beginning. See what's working and what doesn't. Change the strategy or improve it. Absence of monitoring will destroy your whole promotion so ensure to keep track of your efforts and results.


 A fruitful coupon marketing campaign won't twofold the deals right away. It must be kept running for some great time and reliably to see a huge development in the business. Here are 4 essential steps to take to analyze the success of your campaign
  • Keep track if your budgeted costs with the actual ones
  • Match your actual profits with the planned results
  • See how many products you sold over the period of the promotion
  • Study the demographics of the customers you attracted during the promotion 


Regardless of whether you didn't accomplish the same number of offers as you needed from that particular measurement, there are different success factors you can consider. For example, consumer loyalty. Discount offers to create happier and loyal customers. Note that consumer loyalty is a key component to long term business success. Considering consumer loyalty while deciding if your advancement was fruitful is an unquestionable requirement. 

Conclusion

From planning to execution to analysis, each progression in the coupon marketing process is crucial to make it a success. By following these steps, you should begin getting results and expansion in ROI with regards to coupon advertising.

Published On: May 09, 2019