How To Harness Social Media and Coupons to Increase Sales
Social media and using coupons are two of the most powerful marketing tools for eCommerce retailers today. By using these tools to complement one another, you can devise an effective strategy that is sure to spell success for your company. Social media networks not only promote awareness about the brand, but they also create a community of shoppers. A faceless company gains a real personality that responds to queries and complaints. You’ll also respond to customer reviews and provide information about upcoming products and deals.
Most Importantly, You Gain New Customers and Build Brand Loyalty
Coupon campaigns ensure that you stand out from the array of competing brands and gain elbow room amidst the crowd. You’ll continue to engage existing customers while attracting new clients interested in taking advantage of the deals. Contrary to popular belief, coupons don’t devalue your products or take away from revenues. When designed with the goal of customer acquisition, you’ll raise revenues and build brand loyalty. Coupons are not about heavy discounts; they are more about enticing clients to make purchases they wouldn’t have considered without the incentive.
Coupons Address the Shopper’s Preference for Products with Great Deals
Statistics about coupons indicate that at least 88% of Americans scour the internet for coupons and discounts when shopping. Around 93% of households make their shopping decisions according to internet searches conducted by their GenX kids. Considering that 95% of this generation owns smartphones and spends around 10 hours a day checking Instagram and YouTube videos, you absolutely must leverage this sales potential. The most impressive statistic of all -- 85% of users search social media sites to get information about new products available in the market.
Understanding Different Coupon Campaigns
Coupon strategies can be of different kinds, and you can adopt the one best suited for your industry and niche. Chances are that you won’t get the desired results with the first campaign. Don’t be afraid to experiment and discover what works - not just in terms of profits, but also customer acquisition, retention, brand loyalty, and enticing past clients who haven’t made purchases in some time. Here are some of the options you can try.
A dollar coupon is a specified dollar value amount deducted from the original price tag. You’ll provide incentives for placing orders by offering the deal on minimum amount purchases. Such coupons encourage buyers to spend more to avail of the discount. For instance, say, $10 off on orders valued at $60 and above. You’ll provide a coupon code that can be cashed at checkout. Shoppers intending to place orders for, say, $50 might be tempted to add additional items to avail of the offer.
Store Credit Coupons
Store credit can be in the form of a percentage of the final bill or a dollar value deal. Accruing points that can be encashed for dollar discounts promotes sales. That’s because customers will likely place orders rather than pass up on the opportunity to get back some of the money they’ve spent.
If you’re trying to liquidate stagnant stock or sell slightly-dated products, product-based coupons are a great option. You’ll offer a percentage off on the product’s total price on, say, a first-time order. Smaller percentage coupons work well to attract a new clientele, while larger percentages are ideal for attracting old customers who are familiar with your company and its products. Use codes that are easy to remember and match the current event. For instance, personalized apparel for Mother’s Day from RushOrderTees, one of the largest custom apparel companies would carry a coupon code with ROTMOM15.
Coupons for Abandoned Cart Items
Abandoned carts where customers change their minds just before checkout are among the most significant issues that e-commerce companies face. Statistics show that around 88.05% of digital shopping carts are abandoned before conversion into sales. Interestingly, though, 54% of shoppers are likely to finalize the purchase if they see a discount on the original prices.
Holiday and Limited Period Offer Coupons
Holidays are always the time when people buy gifts for loved ones or to indulge in things they’ve wanted to buy for a while. Offering coupons around this time works to encourage purchases. You would also design deals that end on the actual holiday. In this way, you’ll entice customers to go for last-minute shopping to take advantage of the deals before they expire. Remember to include hashtags so you can add information about the coupons on platforms like Twitter.
Use Social Media to Advertise Coupon Codes
Social media platforms are possibly the best platforms for your coupon campaigns. You can choose from a selection of options such as:
Exclusive offers for people visiting a specific social media platform like, say, Facebook only.
Introductory period offers for promoting new launches where customers can place orders for the first lot of merchandise like, say, 100 pieces. Such coupon campaigns add a sense of urgency to snap up the deal before the products sell out. You would also advertise the products before they arrive in the market and encourage initial users to post favorable reviews for future sales.
Coupons for liking, sharing, or following the company pages
Coupons that are redeemable only up to a specific period during the holiday season.
Coupons available each week or month on selected items only or a combination of things. This strategy helps you liquidate slow-moving stock.
Coupons for influencers where you’ll use promo codes with four or more letters or digits. Creating customized and shareable discount codes for each influencer helps you track where your sales and traffic have originated.
Offers and deals on large volume purchases where shoppers can get coupons each time they cross a certain number of items or value in their carts. This strategy is beneficial to prevent abandoned carts.
Customer loyalty coupons that are available for repeat orders or based on the membership length, like a promo code for being a member for six months or more.
Do keep in mind that social media platforms and coupon campaigns can be interlinked. You’ll entice customers to visit your website and look around at the complete product portfolio when placing orders and redeeming coupons. On the flip side, encouraging customers to share promo codes for more attractive deals gets you additional exposure on social media networks. It’s a win-win all the way.
Social media and coupon campaigns can be harnessed effectively to boost sales and raise revenues. Optimize each campaign according to factors like the products you’re pushing, objectives from the strategy, targeted customer base, seasonal, and type. You’re sure to gain the results you were hoping to achieve.