Can Startups Easily Attract Customers With Coupons?
COUPON - STARTUP - CUSTOMERS
Published On: June 28, 2021
Do you think a group of five people is called a startup? Well, as elaborated by Forbes, a company even a half-decade old can still be called a startup with more than 20 employees. To become a stable agency a business should generate a minimum of $20 million in revenues with over 80 employees and have more than one office.
In the tech world, you will find a million brands out of which many disappear in the thin air due to many shortcomings. However, the struggle to make a business survive mainly depends upon how strong its branding and marketing campaign is. With the help of the right strategy, you can present an ordinary thing that seems extraordinary.
That's where cunning strategies come to play among which coupon marketing performs best.
What Is Coupon Marketing & How It Attracts Customers
Who doesn’t love a good discount? According to the Coupon statistics
more than 90% of consumers use coupons. It fills a positive feeling among them and they feel more encouraged to make purchases; even getting things, they didn't plan. Moreover, by the year 2022, digital coupon redemption is expected to surpass $90 billion.
Nowadays, marketers are involved in providing convenience and ease in redeeming coupons to enhance their reach. Furthermore, if you take a look at what customers are feeling about coupons you would be amazed. Around 63% of consumers ask marketers to make coupons more available. It's more like a privileged incentive for the valued customers.
Benefits Of Coupons For Startups
Do coupons lead to repeat purchases? Will coupons lead to greater online recognition? If you are wondering about the outcomes of coupons, you will not be left disappointed. Coupons have far reaching benefits for startups and businesses. Some of them are listed below:
What does a startup need the most; mass exposure, and that's what coupon marketing provides. When you giveaway coupons it reaches out to a larger group audience. The platforms you use to promote your coupons deliver them to millions of subscribers who share them among their friends and family as well. You can keep your marketing budget low as well by only relying on social media platforms. The leading platforms can give you ample exposure. You can give away a welcome coupon to invite your audience.
- Increased Brand Awareness
The next big outcome is increased brand awareness. As a huge population of online consumers loves coupons, more people would talk about them and share them among their circle. People would feel more inclined towards trying out your services and products. In this way, coupon marketing
for startups is benefitting as it gives a good foothold. Moreover, coupons invite even those who haven’t been to your store for a while.
If you plan your coupon strategy
carefully, you will find great opportunities for up-sell and cross-sell. You can offer higher-priced products in the discounted category along with related products to increase sales. For instance, you have offered a discount on a pair of eyeglasses; you can place higher-priced glasses for better quality with the discounted product to encourage consumers to go for the latter option. Along with that, you can offer other additional accessories that can be useful for them as well.
The Risk Of Discount Marketing For Small Business
Are you wondering how can Coupon marketing for startups can be risky? Well, there are a few red flags that you should be careful of when promoting and marketing your coupons or offering discounts. Here are those risks listed below: Read on!
Sometimes brands devalue their products by either offering too many discounts or by frequently giving away discounted coupons. When you put your premium products on discounts frequently, customers begin to expect it and rather than buying it for the full price, they prefer getting it at the sale price. No matter how amazing your collection is, you will continue receiving a lower lead generating during your off-sales days.
Many marketers ask themselves the same question; Should I discount my products? The answer should only be in an affirmative if they aren’t planning to compromise on quality. The only thing that can help startups achieve a strong and stable positioning in the market is due to the quality it offers. Your product quality can help you surpass your competitors. And if you compromise on it, it will ruin your credibility in a glance. Your newly found consumers will not trust your brand and will never return. So, rather than focusing on getting low on quality, divert yourself to making your customers fully satisfied.
How to Promote Coupons For Better Outcomes
Digital coupons overtook paper ones
due to an increased inclination of consumers to shop online. Since the pandemic, the digital industry has been transformed making marketers shift to online means for securing businesses. If you want to reap out favorable results, you first have to create a robust strategy for your coupon marketing and then get online to all the leading platforms.
When you design coupons for customer acquisition, you need to make sure that you have a strong production side in working as well. When the demand will increase, you have to fulfil it without compromising the quality or causing any delays. Many startups feel pressured for handling the traffic. Only if you are ready then you should go to full boom.
Do Benefits Outweigh The Costs
On the whole, the many advantages you get from coupon marketing outweigh the investment you made in the campaign and your business. You get a long term benefit. You get more recognition, gain an online exposure, create stronger bonds with your customers and reach out to far ends of the market.
With the help of geo-targeted coupons, you can have an increased acquisition and greater distribution. Coupon marketing surely generates double folds on your investments. All you need to do is create a result-driven strategy to make things work out in your favor.