November 16, 2017 4 Reasons You NEED to Create Digital Coupons for your Business
Move over paper coupons! The days of clipping coupons from the Sunday newspaper insert are gone.
Here to take their place? Digital coupons and discount codes, especially those that folks can access on their mobile devices. According to a survey by PricewaterhouseCoopers, globally, about 58 percent of consumers prefer to receive discounts, promotions and coupons via email, while only 20 percent of customers prefer a printed source.
Who doesn’t love saving a few dollars, right?
We know shoppers are fond of coupons (according to Retail Me Not, 96 percent of consumers use them!), but why should you create digital coupons? Well, you might not know this, but coupon users spend about 46 percent more, on average, than folks who don’t use coupons (Source: Dealnerd). That can have a big impact on your bottom line.
Below you’ll find four more reasons you need to add coupons, specifically digital coupons, to your marketing mix.
They get people through the door!
In their 2017 Holiday Survey, Deloitte found that 80 percent of consumers are influenced by coupons and promotions. Influence YOUR customers this holiday season with a digital coupon and get them through your business’s door! If you have an email marketing list of your current customers, try sending an email with a digital coupon offering folks a percentage off their purchase. Be sure to include an expiration date on the coupon, so folks are encouraged to act quickly to redeem it.
80 percent of consumers are influenced by coupons and promotions.
You might be saying, “That’s all fine and dandy, but I’m after new customers.” Perfect! Coupons are a great tool for attracting new customers as well. Experian found that 32.7 percent individuals from of affluent households, meaning they earn a yearly income of $100,000 or more, will shop at a store they’ve never been to before if they have a coupon. Not sure how to get your coupon in the hands of these new shoppers? Run a contest! Feature your own products as prizes, or something else that would interest your target market. Once folks submit their entry, send them an email with a coupon or discount code for your store.
Think the story is different for online retailers? Think again. Despite the overwhelming convenience of being able to shop in your underwear, online retailers should still use discount codes and coupons to encourage folks to buy. According to a study by vouchercloud, around 57 percent of people who used discount codes online would not have made their purchase without the discount code. Fifty-seven percent! Don’t miss out on those customers. Instead, give them a discount for free shipping or a percentage off of their purchase.
57 percent of people who used discount codes online would not have made their purchase without the discount code.
Digital coupons are easier to keep track of, easier to redeem
I get excited to use the coupons I receive, but I’m always super bummed when I forget my coupons at home. I’m not alone. One study found that 40 percent of people left a store once they realized they forgot the coupon they intended to use. That’s a lot of folks! However, what’s the one thing people always have with them — their phones! This is where digital coupons shine.
82 percent of shoppers find digital coupons more convenient.
Digital coupons are easier for customers to get their hands on, because the coupons live on their phones. When compared to paper coupons, 82 percent of shoppers find digital coupons more convenient. In fact, a majority of consumers (51 percent) wish that ALL coupons were digital coupons. Though print coupons are still popular, digital coupon usage is growing. In fact, eMarketer reports that digital coupon usage by consumers is expected to grow by 3.8 percent this year.
Remember, it’s important to create digital coupons that are easy to locate by giving folks a couple of ways to access them. If you’re featuring a coupon on your website, give people the option to download it, or submit their email address for an email version of the coupon. The less work for the customer, the better. After all, you want people to use, not lose, your coupon.
Digital coupons grow email marketing lists and increase open rates
Building an email marketing list of quality leads is key to increasing your sales, and coupons are well suited to growing a list. Research by Valassis indicates that 70 percent of consumers are willing to sign up for a company’s newsletter in exchange for a coupon (I have definitely done this). Take advantage of the opportunity! Embed a newsletter signup form to your website, then set up an autoresponder to email the new subscriber their coupon.
70 percent of consumers are willing to sign up for a company’s newsletter in exchange for a coupon.
Once you send that first email, keep those deals flowing! Schedule emails to send to your list every week or month with a new discount code or coupon. Be sure to mention the deal in the subject line, too. Why? When an email includes a coupon, the average open rate increases by 14 percent. This isn’t too surprising. After all, the people on your list signed up because of an online coupon, so they’re expecting to receive some more.
Digital coupons are sharable
We live in a world where people love to share, so let them! According to Valassis, about 90 percent of millennials share deals with other people, and 43 percent of these folks share the deals they find on social media platforms. Allowing customers to share deals is wonderful word of mouth marketing for your business, because when someone shares your deal, they are essentially endorsing your product or service.
About 90 percent of millennials share deals with other people.
Tap into individuals’ desire to share by creating digital coupons and discount codes that can be used by more than one person, and feature the option to easily share those coupons on social media platforms like Facebook and Twitter. After all, the more people who have their hands on your coupon, the more traffic your store receives.
All in all, coupons are a win-win for both you and your customers. Digital coupons provide your customers with the discounts they desire, but they do so much more for your business. They help you build your email marketing list, encourage word of mouth marketing when made shareable, and work to increase your company’s profits. I think it’s about time for you to create digital coupons, don’t you?