Coupon industry is set to touch a $1 billion mark it is becoming interestingly crowded space and not only with coupon sites but by marketers and brands as well.
Coupon marketing is one of the best strategies that the e-commerce industry has learned to provide high ROI. However, lately, companies are seen stuck with the age-old digital couponing strategies that follow the practices that hold little relevance for present-day markets. Even the most brand-conscious investors are backing coupon and cashback websites.
Here’s a look at the leading websites that are using coupon strategies to promote brands and generate traffic for their clients.
But we want you to focus on the ‘Shutdowns’ of the industry.
What actually you think went wrong with them, when they seemed to got it right in the first place?
Well, they fell prey to their old-fashioned practices and succumbed.
Why are we telling you this?
Because if you want your coupon strategy to succeed you need to know how to identify the worthy affiliate partners and how to forge a successful partnership with them.
But we will discuss that in a while, first, you need to know what benefits a successful coupon strategy can bring for your business or service:
How to Modernize Your Coupon Strategy And Never Miss The ROI
- Unprecedented Awareness
Believe it or not every 1 online shopper out of 5 in India uses coupon sited to avail offers. At present, the coupon sites have a broad reach with a large user base that allows you to maximize the ROI on your marketing investment. But what you will be more interested in is the demographics of the user’s coupon sites usually get. Most of their users are young and affluent buyers who are still developing their taste as they age. They can easily be your most valuable consumers if you know how to target them and build brand equity with them.
- More exposure resulting in more sales
On average, brands that run promotions through coupon marketing are seen getting as much as 125% more clicks on their sites. Here the number speaks for itself. If you are able to modernize your coupon strategy then you can safely assume your sales to increase multiple times.
- Positive brand perception
Consumers usually develop a positive perception of brands that offer coupons. If your customers are looking for discounts and you make it available for them, it is more likely they will stick with your brand even when you are not offering any more discounts.
This will help you if you are in a niche where there is high competition. Through usual promotional methods, it will be hard to beat the competition that too within budget. But partnering with coupon sites you can have data-driven results at much lesser investment.
Now the real deal, how you actually modernize your coupon strategy?
Start with building a solid infrastructure
Almost, all digital coupon sites are part of some affiliate programs. These affiliate programs connect you as a merchant with coupon sites. You cannot just decide to partner with any coupon site if you want to gain real value you to invest in a quality affiliate program.
Here are some tips on successfully working with coupon websites:
- Be very selecting with coupon partners
When you join an affiliate program you will be presented with hundreds of coupon partners. However, before accepting any of them research coupon websites. Visit the coupon sites that interest you to see if they have a relevant section or dedicated pages featuring similar products or offers as you want to promote.
- Have the right oversight
You need to keep a close eye on your coupon partners or hire in-house managers for the job. Your in-house manager will work closely with the coupon site teams to discern what’s working for you. This way he will be able to find out which promotion or offer is converting viewers into buyers. Your focal points should be new customer acquisition and incrementality.
Coupon sites like GreatBuyz have dedicated dashboards for brands to work with. GreatBuyz.com is a recommended coupon partner because the site offers the real-time capability for brands to add, delete or modify coupons. The site also has dedicated pages that you can target with your coupon strategy by adding relevant keywords to your campaign and your offers will automatically show on relevant pages.
- Build relationship with partners
You need to create regular and unique promotions for each coupon site you work with. This way you will be encouraging them to put your brand in front of the users. If possible, invest in their marketing programs like display ads, email and social media.
Progress To Next Level
Once you build a solid base for your coupon strategy, its time to take things to the next level and dealing with challenges like ineffective partnership offers.
- Use single-use codes for individual offers
72% of shopping carts are abandoned because shoppers leave them to search for coupons. If you are not using single-use codes than the coupon code may leave its intended channel and appear on other coupon sites. Limit the use of coupon code with duration and activity link that only activates in the shopping cart.
- Use specific links for each partner
If you are working on certain offers with specific partners than provide them with link-based offers that work with a specific tracking link to avoid stealing of such offers by other partners. It is not uncommon to find partners stealing coupon codes to generate more commission.
- Create dedicated coupon code pages on your site
You will be bothered if searches for your brand coupons lead to a coupon site rather than your own. To correct the situation, create dedicated coupon code pages on your website like the www.site.com/coupon-promo-code. Keep such pages optimized with fresh content to rank higher.
A lot has changed in the coupon marketing strategy since it first started. Investing in coupon marketing is a recommended step because the buying intention of users looking for coupon codes is high. With the updates shares here, you can ensure your digital coupon strategy never fails.