How to Provide Discounts or Coupons Without Making a Loss?
Are you struggling to improve your brand’s conversion rate?
If people are visiting your page, but are just leaving the site without a purchase, then it might be the case that they don’t find your offers too good. You did a great job in bringing the leads but failed to capture them. This is when you can use the strategy of offering discounts and coupons to ensure an increase in the conversion rate.
Are afraid of incurring loss while offering discounts or coupons?
It is not necessarily always the case. It entirely depends on how to use the strategy to ensure a positive result even after giving away discounts.
Offering discounts have always been used to encourage customers and prospects to make a purchase, even in the digital market. It is an effective strategy that many business owners use after considering whether visitors are in the buyer’s journey or not.
Business owners plan every step of their plan execution. They don’t just go online and post their offers. They set the time, mode, and reason for offering discounts or coupons.
Offering discounts or coupons can even backfire in different ways sometimes. So, consider the following ways while planning to give out an offer.
Capture New Visitors with a Special Offer
Offering a new visitor discounts or coupons might not always bring a positive result right away. Instead, go for smaller commitments like asking for their email address in exchange for a discount code.
1. Reward Loyal Customers
If you have a group of loyal customers, you should often reward them for being loyal to your brand. Whenever customers cross a certain amount of money on your website, you need to offer them discounts or coupons on the next order as a thank you reward.
2. Boost Sales During Holidays
During any holiday or festive season, people go online to purchase gifts for their friends and family. There is always an increase in sales due to the holiday offers and discounts.
3. Use Pre-Order Discounts for New Products
Whenever there is a launch of the new products, you want a maximum number of people to buy them. So, make the online stores promote it with a pre-order discount on upcoming products. But offer a small discount or else it can devalue the product.
4. Reduce Abandoned Carts
Most likely you already use this strategy. But if you aren’t, start using it. You constantly need to offer a discount on the items in their cart, to bring them back and make them purchase those items.
5. Rewards Referrals from Existing Customers
You must be familiar with referral marketing. It is an effective way to invite new customers through the existing ones by offering them discounts or coupons.
6. Retarget Visitors with a Custom Offer
The best way to bring more sales is to target every customer with a personal message. Personalized emails, ads, or on-site messages can surely increase sales. Create ads or emails focusing on the offer that is only for them.
7. Offer Discounts on Subscriptions
This is another way of customer retention. You can offer discounts or coupons to the prospects to make them subscribe. After that, you can easily target the prospects. This will increase customer lifetime value and recover it.
8. Follow Up with Event Attendees
If you promote any of your products in an event, it will bring you, attendees. Send emails to them and promote the products you promoted in the event. Don’t forget to link them to your site. This offer becomes more exclusive and brings more visitors to a specific segment.
