Modern shopping experience is vastly different to the type of shopping that people would have enjoyed a few years ago. This is primarily due to the widespread adoption of the internet and subsequent evolution of the mobile phones.
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The internet has allowed consumers to have a far greater level of choice when it comes to shopping around, and this has created an era of super savvy shoppers who are largely influenced by super targeted pricing and promotions.
The best marketers in 2024 should be aware of the benefits that harnessing these unique shopping habits can offer for marketing purposes.
After all, online shopping has created a huge number of opportunities for marketers to promote their products to a wider audience—and one such option is coupon marketing.
This can make them a highly effective form of business marketing; as such, more and more companies are choosing to offer customers with coupons for shopping with them, or sometimes for referring the company to other shoppers (thereby improving the business’ marketing through incentivized word of mouth strategies).
With consumers increasingly searching out the best deals—and with the introduction of handy apps that allow users to search for the very best coupon codes while shopping to save money—the importance of coupon marketing cannot be overlooked.
From a shopper’s perspective, there is something about the use of coupons that can help to encourage people to spend more money and choose a certain company to buy from.
Since coupons are only applied when a customer makes a purchase (or signs up to your website, in the case of a free trial coupon) you will only have to “pay out” for those customers which result in conversions.
By contrast, traditional marketing through the use of adverts and the like will require you to pay per view, in most cases, irrelevant of whether or not a viewer makes a conversion—and this can be quite costly in the long run, especially for advertising campaigns which haven’t quite got the target market or demographics right.
While this will impact on the amount of profit that a business might make from each sale, it is perfectly possible to still break even or make a smaller profit than normal, even with coupons applied—thereby meaning that you won’t have to worry about losing your investment when you use coupons.
All good marketers should always make sure to consider the break even point for the products being offered, though.
After this, they should ideally target coupons in such a way as to ensure that the business will still achieve this break even income from a coupon sale.
It was concluded by this study that as many as 65% of consumers would be convinced to make a purchase at the checkout if a coupon was available for them—clearly showing how effective coupons can be as a means of marketing for a business.
The first of these is immediately before they checkout their purchase and after they have left their basket abandoned; offering coupons in both of these scenarios can help to encourage buyers to make a purchase, especially if they were hesitant to do so.
Retaining the purchases from these undecided shoppers is a must for all brands looking to increase their sales and improve their marketing attempts for 2023.
If you still have any question, drop me a comment.
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Other people are reading: 100+ Content Marketing Tools to Skyrocket Your Business
The internet has allowed consumers to have a far greater level of choice when it comes to shopping around, and this has created an era of super savvy shoppers who are largely influenced by super targeted pricing and promotions.
The best marketers in 2024 should be aware of the benefits that harnessing these unique shopping habits can offer for marketing purposes.
After all, online shopping has created a huge number of opportunities for marketers to promote their products to a wider audience—and one such option is coupon marketing.
What is Coupon Marketing?
As the name would suggest, coupon marketing is the distribution of special promotion coupons to encourage visitors to buy from your store.This can make them a highly effective form of business marketing; as such, more and more companies are choosing to offer customers with coupons for shopping with them, or sometimes for referring the company to other shoppers (thereby improving the business’ marketing through incentivized word of mouth strategies).
Why Choose Coupon Marketing?
There are numerous different benefits to coupon marketing that make them a useful tool for the top marketers in 2024.With consumers increasingly searching out the best deals—and with the introduction of handy apps that allow users to search for the very best coupon codes while shopping to save money—the importance of coupon marketing cannot be overlooked.
From a shopper’s perspective, there is something about the use of coupons that can help to encourage people to spend more money and choose a certain company to buy from.
“People enjoy being able to shop around and applying coupon codes makes them feel as if they are benefiting from large savings, which may encourage them to choose the store being marketed over another store; saving money is important in all walks of life and will allow shoppers to use the money to invest in other necessities or luxuries that they might need,”says Christine Brown,co-founder of Gomontana.com, a Montana based deals website.Coupon marketing is not only beneficial for customers, but also for marketers and businesses too. Some of the primary benefits of coupon marketing for businesses are outlined below.
Don’t Worry About Targeting The Wrong Audience
One of the top benefits associated with coupon marketing is the fact that you won’t have to worry about targeting the wrong audience.Since coupons are only applied when a customer makes a purchase (or signs up to your website, in the case of a free trial coupon) you will only have to “pay out” for those customers which result in conversions.
By contrast, traditional marketing through the use of adverts and the like will require you to pay per view, in most cases, irrelevant of whether or not a viewer makes a conversion—and this can be quite costly in the long run, especially for advertising campaigns which haven’t quite got the target market or demographics right.
Doesn’t Require Upfront Investment
Another benefit of coupon marketing is in relation to the fact that it does not require a business to set aside money for an advertising campaign upfront; instead, coupons will apply a discount at the checkout instead (generally speaking).While this will impact on the amount of profit that a business might make from each sale, it is perfectly possible to still break even or make a smaller profit than normal, even with coupons applied—thereby meaning that you won’t have to worry about losing your investment when you use coupons.
All good marketers should always make sure to consider the break even point for the products being offered, though.
After this, they should ideally target coupons in such a way as to ensure that the business will still achieve this break even income from a coupon sale.
Gets More Attention
A study into consumer spending habits was conducted, researching the effects of coupon use and customer conversions.It was concluded by this study that as many as 65% of consumers would be convinced to make a purchase at the checkout if a coupon was available for them—clearly showing how effective coupons can be as a means of marketing for a business.
When to Offer Coupons
There are two times that you might ideally want to offer customers with coupons in order to convince them to make a sale.The first of these is immediately before they checkout their purchase and after they have left their basket abandoned; offering coupons in both of these scenarios can help to encourage buyers to make a purchase, especially if they were hesitant to do so.
Retaining the purchases from these undecided shoppers is a must for all brands looking to increase their sales and improve their marketing attempts for 2023.
If you still have any question, drop me a comment.
If you find this article interesting, don’t forget to share it with your friends and family.
Why?
Because, Sharing is Caring!
Don't forget to follow us on Twitter and join eAskme newsletter to stay tuned with us.
Other Interesting Marketing guides for you;
