To use coupons effectively in your business, you need to understand how they work and the secrets of leveraging their value. If you have tried to boost your sales with coupons but haven’t been in luck, here are ingenious ways to avoid some of the common pitfalls of coupon websites.
- Pick the products you want to offer cautiously
While it is understandable to make a manageable loss on your coupon offers to attract new customers, it is not feasible to lose so much money that it will take you another couple of months to recover from such losses. To play it safe with your coupon offers, it is highly advisable to pick the products and services that you want to offer a lot of discretion. Consider your opportunities to cross-sell and up-sell the products as well as setting a cap on the number of coupons that your target market can redeem.
2.Find a way to control “Deal finders”
98 percent of customers who flock coupon sites are what marketers often refer to as ‘price-sensitive’ shoppers. Most of them will shop from any store that is ready to offer them the best deals. In other words, they tend to be loyal to the coupons than your business. Consequently, there are high chances that these types of shoppers will never be repeat customers for some of your full-priced items or services. To maximize on your coupon offers, never offer big discounts on everyday items, put a cap on the number of vouchers that each customer can redeem, and set a minimum spend value that makes a customer eligible for redeeming a discount.
3.Retain New Customers
The primary goal of many coupon sites is to attract new customers and to convert them into repeat customers. However, a bigger percentage of businesses that integrate coupons into their marketing strategies don’t have sound plans to encourage repeat customers. As a result, they end up selling their products at lesser price points for no long-term benefit. Before you begin offering coupons, have a strategy to encourage every new customer that you acquire to return to your store.
4.Plan the timing and content of your offers
If you are not capable of handling the number of customers that you attract through coupon code websites, or you let them down in some other way, the whole process can harm your business. There are cases of businesses that have attracted more coupon customers than they could effectively handle and ended up with tons of negative reviews from disappointed customers. To avoid finding yourself in similar situations, you should plan the timing and content of your offers and ensure that you can meet all your coupon commitments.
5.Be on the lookout for fake vouchers
One of the most common complaints about coupon deal sites is that some of them allow people to buy more than one voucher. If you are a business owner who is looking to attract people in and turn them into repeat customers, this can defeat the purpose. There have also been cases if couponers coming back with similar coupons again and again, especially where there are one-per-customer limits.
To avoid similar coupon pitfalls, you need to go for coupon printing software that can only print a coupon once. Additionally, sit with your coupon merchants and figure out how counterfeit coupons are produced as well as the best ways to nab the ones that are currently circulating.
While coupons have benefited many businesses, there are also plenty of other companies that have found this versatile marketing strategy to be quite disastrous. Some businesses have actually closed because of the deals they offered and their incapability to manage the responses. Luckily for you, the above-highlighted tips will help you run coupon deals on your site like a pro and without making unnecessary losses.