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As a small or medium business, it is important to find ways to retain your customers. One way to do this is through offering discount coupons to your customers. Here is how coupons can work for your business.
In an ecommerce world that is ever competitive, it can be challenging to keep new and old customers interested in your brand. However, coupons help cement the relationship between your customers and your business. This encourages them to be repeat customers in the long run.
Moreover, there are several ways to use discount coupons to attract new customers. It could be a discount on items or an offer redeemable on a service or product.
1. Offer Discount Coupons Only on Subtotals
Offer a percentage discount on items before customers check out. It can either be a flat discount or an upper limit discount. Offer an upper limit discount if the customer is willing to purchase a large number of items.
The flat discount, however, can be for any item regardless of price. This discount gives the shopper the push to finally make the purchase and be willing to come back for more.
2. Offer Coupons on Select Items
Your online shop could offer a discount coupon on select items. It could be for the most viewed product or service in your catalog or a product or service that is not bringing in many sales. Discount coupons on such items raises sales and even prompts customers to come back for more.
This type of coupon is best applied during an end-of-sale season such as the holidays. It is an ideal way to entice customers to buy more products to clear remaining stock. You will be selling for less than the original price. However, this is better than making losses.
3. Limit Coupons to Specific Days
Apply select-day coupons on a specific day of the week, month, or year. These could be days when business is slow. Discount coupons on these days will encourage customers to make purchases. For best results, apply select-day coupons on weekdays.
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4. Give Loyalty Coupons to Your Best Customers
Businesses award loyalty coupons to those shoppers who have been consistent return customers or subscribers to their businesses. The customer feels appreciated, and new shoppers are motivated to continue buying so they can get discount coupons.
5. Don’t Forget Social Media Coupons
How do you get your followers to share your links, pages, or posts willingly and widely? Well, just reward discount coupons to those followers who rapidly retweet your tweets, like your Instagram posts, or share your Facebook updates. If you are planning a social media campaign in future, factor in social media coupons. This will go a long way toward making your campaigns go viral.
6. Use Coupons as a Payment Method
Businesses can use payment-method coupons to introduce new payment methods to customers. For instance, try substituting payment-method coupons if you are trying to get rid of an old payment option because of its high processing fees. Cutting off the service altogether will hurt some of your customers and can potentially turn them away. However, if you offer discounts for using your new payment service, your clients will not think twice.
You could have the payment-method coupon running for a limited period. This gives you enough time to gradually move away from the older payment method as clients move to the new one.
7. Reward Customers with Payback Discount Coupons
Here, you reward the customer for making full payments on a product or service. The discount coupon lets the customer redeem points to get a second item for less. Shoppers can collect as many points as they want and eventually redeem an item for free.
8. Say Thanks with Gift Coupons
Sometimes you just want to say thank you to all your fans or customers for being part of your amazing brand. You could send the gift coupon via email or add it to your customer’s inbox when they log into their account on your website. Alternatively, you could give out a printed coupon and give it with a purchased product.
Coupons can be a game changer for your business. Whether yours is a startup or an already established business looking to grow, discount coupons could help convert visiting shoppers into regular customers.