How to Skyrocket Your Coupon Redemption Rate
For any deal-hungry consumer, the thrill of saving money can be powerful. It can also be addicting, too.
Recent studies have confirmed that coupons, as a marketing contrivance, still heavily influence consumer purchase decisions. For those of you that are surprised by this fact, the reality is this: people will never, ever get tired of saving money. And brands are always looking to attract new customers.
As a business owner, the benefits of attracting deal-hungry consumers through coupons can be endless. Coupons offer the opportunity to attract new customers, to keep current customers coming back, and they also offer the perfect opportunity for former customers to walk back through your door.
Ready to shift into a saving-savvy mindset? Here’s how you can make the most of your coupon efforts:
Customize your offers.
No one likes feeling like they are just a ‘number’. While it’s important to ensure that your coupon offer is clear and concise, it’s also equally important to make sure it’s a personal experience for the consumer. This is where customization comes into play. By using carefully chosen words, you can make it seem like your consumer is getting an exclusive value, with a deal that is tailored to just them.
While this sounds time-consuming – it really isn’t the case at all; you can easily create customized coupons for each type of visitor by using analytics and statistics based on their past visits, referrals, consumer preferences, demographic or geographical location. Examples of customized offers include coupons for first-time shoppers, return customers, referral traffic, etc.
Offer both paper and digital savings.
These days, consumers are smart at saving money – so smart that they are now utilizing multiple sources for their coupons – traditional (paper) savings, and digital coupons.
While digital coupons are known to be the future of commerce, many business owners are underestimating the power of using them as a form of marketing. Integrating with email, targeting consumers directly and encouraging sharing on social media are just a few of the ways in which digital coupons can help build your brand.
To help stay organized, our Business Profile Page is helpful – which lets you host all your digital coupons on the Moneysaver.ca website. This can essentially serve as the home base for all of your offers, deals, and coupons.
As a business owner, you can also get great exposure for a monthly subscription fee, which is an extremely effective way to help attract new customers to your business!
Hurry and create a sense of urgency.
What truly makes a good deal? When it’s only available for a short amount of time.
Coupons really do expire for a reason!
As a business owner, you should take advantage of this social behavior by creating coupons that clearly let your visitors know that their deal isn’t going to last forever. The duration can vary – a 30 day period is advisable – and gives plenty of time for the consumer to act appropriately.
And last but not least, to help drive immediate conversion and a sense of urgency, don’t forget about including a call to action. Use compelling phrases such as: “Redeem now,” “Don’t Miss this…” and “Shop today.” All of these phrases will entice a customer to not let your great deal pass them by.