6 ways to use coupons, deals, offers and discounts to drive revenue
In today’s time, almost every company in the industry is competing with each other for business. All of them use a couple of methods to accelerate sales and revenue. One such method is adequate use of coupons, discounts, deals and offers. Coupons are a means to improve the loyalty of the customers. They ‘pull in the business.’ Over time, coupons have gained substantial popularity and acceptance amongst insightful marketing managers. Advertising Age which is regarded as the Bible of the Advertising Industry concludes that over 87% of the shoppers use coupons when shopping.
Here we have listed 6 ways to use coupons, discounts, offers and deals in a manner that drives revenue and improves the loyalty of the customers.
Dedicated Social Media Offers and Contests
Never ever underestimate the popularity and the power of a social media contest. It offers a two-fold benefit.
- One, you can develop a healthy and strong relationship with your existing followers.
- Two, it encourages new followers to join you on board.
How this works?
Conduct a contest on your social media page – Facebook, Twitter or Instagram. Something like, share a post that brings forth a new product or service offered by you. Make your existing followers share it and in return, you can give them a gift. Something, very small works too, like a free movie ticket, 15% off on next purchase, or alike.
Freebies for Leads
Most likely, new customers make a purchase from you when they are referred by a family member or a friend. You as a business owner, MUST use this (referrals) to your advantage. This indeed is a great means of lead generation.
- To existing customers
- To new customers, who come from reference
- Or both.
Make sure your website has a landing page. If it doesn’t, it is high time you create one.
Come Back Offers
Come back offers or the re-targeting offers are exclusive to the customers who have shopped from you and are visiting you again. One of the quintessential factor of maintaining a future revenue is ensuring that your customers keep shopping with you over and over again. You just cannot afford to lose your existing customers.
- % off – For instance, 10% or 20% off on next purchase
- Free shipping on next purchase
- Advanced services post first purchase
As a result of this, when a customer buys from you today they have a reason to come back to you sometime again in future too.
If you are still in the development stage, you can use the prelaunch offers as a means to become popular even before release. This can be used also when you are already in business but are launching a new line of products.
How this works?
For instance, if you are a jewelry store, launching a new line of jewelry pieces, you can conduct pre launch offers on it. So, have a time period within which the customers can place the orders and as a result of this, the early birds get certain discount on the purchase.
Email Only or Subscription Offers
All businesses work on lead generation. One important means to increase the leads is via the email only offers. Having a customer database is imperative for the success of any online business.
When you give an offer or a discount in exchange of an email address, you:
- Increase the chance of conversion as customers are like to use the coupon or discount offered by you and make the purchase.
- Get their email which can be used to market your future products. Every time, a new product is added on your store or whenever there is any on going sale, you can send a newsletter to them.
How this works?
Simply put a CTA on your mobile application or website. This will provide the customers with an offer when they subscribe to your newsletters.
Festivals are the most ideal time to increase sales or achieve sales targets. Take note, the festival offers must be in keeping with the most popular festivals celebrated in your target location.
How this works?
Conduct impressive festive sales to attract more and more customers to shop from you. Something like 50% off definitely sounds lucrative enough to nudge customers to shop.
These are just few of the many ways in which the coupons, discounts and deals can be used to drive sales and improve revenues. So, employ them in your business and achieve your sales target fast!
KartRocket has empowered 3000+ entrepreneurs, SME’s and retailer with their online stores. It is not just a website builder platform, it’s an end to end eCommerce solution with all the features you require to create an online store, run & grow your online business.