In the UK, 1 among 5 18-35 year olds has a nascent business idea in their minds. With the young people 3-times more likely to stay unemployed than the rest of the population (which has seen the highest level in the last 20 years), and with the volume of companies rising every year, starting a business at this opportune moment is extremely necessary. As the stats show youth employment to rise in this country, there is also a drastic increase in the number of people who are trying their best to recover from the economic crisis.
However, starting a business is not enough as you also have to continue with the promotions. There’s no doubt about the fact that ours is a nation of coupon-clipping consumers and who doesn’t love to bargain? Well, strategic couponing can be easily used by business firms to promote their brand image. Take a look at how businesses can utilize couponing system to spread the word about their business.
#1: Cart desertion strategies and retargeting
It is extremely essential for an e-commerce startup to utilize coupon codes if it has started running its business in a cut-throat competition. The business owners can utilize coupons smartly in their marketing and promotional strategies by retargeting with the usage of banners or sending shopping cart desertion emails to attract more shoppers to get back to their e-commerce website. But make sure if you wish to sustain in the business market, don’t make discounted and rebated products the only value proposition.
#2: Distribution of coupons and discounts through partners
An eminent businessman shared his view that he offered his partners with special discount offers which they could further disburse among their audiences. All they set was a quantity-based limit and a time-based deadline. They offered commissions to their partners on their sales so that they could have an added incentive to promote offers and earn money. This is yet another successful way of using couponing to promote businesses.
#3: Offer perks to loyal fans in Facebook and other social media sites
Did you know that you can also offer discounts and coupons on the social media to your fans directly through Facebook or through some other third-party apps? Rather than offering coupons to all and sundry, how about rewarding your most loyal fans with the best discount coupons? There’s a company named Earthegy which offers promotions and discounts to their top fans which are obtained through a specific app. You may try this strategy too!
#4: Use coupons to encourage and boost action
You as a business owner can even offer coupon codes and online discounts to the first few buyers of your site. As this creates a sense of scarcity, everyone wants to take immediate action so that they can grab the discounts. Hence this component of scarcity drives those people who could have taken the leap to some other online store.
Nevertheless, though using coupons can definitely help promote your business, yet before taking the plunge into social coupon bandwagon, step back and consider whether or not coupons are the perfect marketing strategy for your business.