It’s no longer a secret; customers adore coupons and offers. They easily accept an idea that guarantees them financial saving or value addition. With so many ways to get the deals, the customers are always on the hunt. They’ll subscribe to newsletters and set customized coupon alerts on their mobile devices so that they don’t miss on an important deal.
Having said that, the whole essence of giving out coupons and offers is to increase your revenues. The deals can help you achieve this in the following 10 ways:
In This Post:
1. Attract Customers
The latest survey by Convince & Convert shows that 93% of customers use coupons and other forms of discounts yearly. This clearly indicates that customers are generally attracted by the deals. When the customers’ population improves, it’s highly likely that the revenues will improve too.
2. Reduce Cart Abandonment
Most customers abandon their carts not because the commodities are too expensive but because the shipping costs are high. By offering a direct free shipping coupon or a discount code, such customers are able to continue with the purchase.
3. Increases Conversions
By attaching coupons and promo codes to newsletters that you send periodically to customers, it becomes easy to convince them to visit your store to buy something. With the promise of more fair deals when they get to your store, the customers will set some cash aside to make purchases.
4. Move Still Inventory
Through coupons and discount deals, you can clear products that have stayed for long in your inventory without moving or those that are becoming obsolete. The other way to move inventory is through bundle bonus deals. One study actually argues that you can improve revenues by 73% through bonus packs.
5. Encourage Minimum Purchases
When thinking of a way to up sell, nothing does the job well than minimum purchase deals. Since the customers are promised a massive offer when they reach a certain purchase limit, they’ll feel the need to add more items to their shopping carts so that they can claim the deal. This significantly improves your earnings.
6. Promote Repeat Purchases
Coupons and promos easily convince first-time buyers to go back to the store and repeat the purchase. The more they do it, the more you are able to earn.
7. Seasonal Guarantees
By offering weekly, monthly or special holiday deals, customers are always enticed to make purchases. Actually, a majority of them only shop at these times since they are guaranteed massive savings. The more they shop, the more revenue you earn.
8. Build Loyalty
Every successful business has loyal customers. The reason why such customers stay loyal is that they are promised something special. So often, the promise comes in the form of loyalty programs for free gifts, reward points, and bonuses.
9. Accelerate Purchases
Coupons and offers normally have an expiry date and a call to action. The moment the customers sees them, they are pushed to make a quick purchase since they don’t want to miss on the offers. This means more revenue for your business.
10. Referral Advantages
New customers are generally hesitant in trying a product that they are not familiar with. However, the fear always goes away if the product is referred by someone that they know.
Also through discount coupons, it becomes easy to convert the customers and this means more revenues for your business in the long run.
Generally, all that a customer wants is a fair deal. It doesn’t go further than coupons and promotional offers. As seen above, it’s a smart strategy to give out the fair deals since they guarantee massive revenues in the end. You only need to be cautious not to damage your profits when trying to impress the customers with the deals.