Coupons help businesses grow market share, increase sales volume, sell faster, cultivate loyal customers, and drown out competitor advertising, and can encourage consumers to make a repeat purchase.
Coupons can be used to strategically encourage customers to buy a new, more profitable product to help boost your profit margin. Also, coupons can create loyalty with existing customers by using the discount as a reward to ensure they continue to buy from your store. Maybe your client has a birthday, or has completed a Fixed Length program, or has subscribed for a year, for example, and you wish to recognise or reward them.
The psychology of coupons plays into a fundamental truth about consumers: They love to save money; value that customers didn’t have before using the coupon, and value they can apply to other things in their lives.
When you offer coupons and other offers to your customers—exclusive deals only for your customers—you make them feel special, as if you were doing this just for them. This loyalty keeps them coming back, even in the face of competitors’ promotions.
How to Create a Coupon Strategy for Your Business:
Make a Compelling Offer.
Distribute Through Various Channels.
Customize Your Coupons.
Appeal to Unique Customer Segments.
Don't Offer Too Many Deals.
Set a Deadline.
A good way to distribute coupons is via your social media sites. Also, an expiration date can be established to create a sense of urgency, which encourages new or existing customers to buy your product by using the coupon.
Your business page, Fitr Storefront, and social media sites can be used to promote products and events, and communicate with your customers. By frequently interacting with repeat customers, offering discounts, or sharing news, you can build stronger relationships and better understand your customers' needs.
Please see the below links for practical assistance: