coupon

Coupon
With the development of enterprises, coupons have gradually evolved.
People now use online coupon codes or go to the store to use simple discount codes.
The 2016 CouponBox survey revealed that coupons are not only valuable to consumers and can be used on a regular basis, but also add up to 40% for retailers. CouponBox also found that surveyed retailers could earn $ 29,435 a month on coupon sales alone.
For businesses, festivals are the best time to use coupons to earn money. Everyone is looking for discounts on holidays to save money.
However, this is not the case for all coupons. Because offering discounts doesn't mean you will automatically drive sales.
Here are some things you need to know about creating promotional coupons to drive sales this holiday season.
Think carefully
Without a doubt, you must plan your discounts carefully before deciding on a coupon discount, otherwise you may lose more money. The first step is to ensure the regular profit margin of the discounted product. The simple calculation formula for profit margin is:
(Retail price-cost) / retail price = profit margin
That profit margin is your benchmark. Because coupons naturally cut profits, you want to make sure that you don't sell your products at too low a cost, halving profits or even worse.
Calculate how many items you need to sell to break even, and develop an appropriate plan to ensure that you achieve your goals.
Don't underestimate your business
When you want to attract customers through coupons, it is easy to invest the biggest discounts and control the costs, which is likely to be counterproductive. Once a big discount is offered, customers are expecting the best deals every time they make a purchase, which is impossible to implement.
To avoid customers expecting a small cost to buy your high-quality products every time, you can distinguish existing customers and potential customers by different consumer groups, and provide them with more exclusive discounts, such as "20% off regular customers Offer "or" 50% off for new customers ". Constantly changing discounts and changing audiences to maximize coupon value.
You can also create a sense of urgency through limited time and limited means to make the best of the low discount offers. Although sometimes customers do n’t plan to buy your product that day, some preferential measures will promote a large number of transactions, and perhaps they will make the most of these coupons before the end of the promotion.
According to market analysis, 83% of shoppers acknowledged that they had purchased items outside the plan due to promotions. This strategy not only drives you to dominate, not customer-driven, but also encourages sales and avoids underestimating the risks of your business.
Offer various coupons
The holiday season is long and busy, and you can spread your coupons this holiday instead of offering larger discounts. You can do something fun to deepen the consumer ’s impression of the event. In this way, you will get double income:
1. By promoting discounts, you can increase your chances of using one (or more) coupons. Whether it's a big promotion or not: The holiday season is very busy, and busy schedules can prevent savvy shoppers from using a large number of coupons.
2. Coupon strategies can encourage consumers to buy again. According to RetailMeNot, up to 96% of shoppers use coupons. If consumers get a good first-time experience, you can offer another coupon, and they will likely come to your store to buy again.
However, the most important thing is to fully promote your offer to maximize its effect. If your customers don't see the coupon, they won't be able to use it.
Audience segmentation
Mailing lists or social media are two of the best ways to get coupons for existing and potential customers. However, before sending an email or sharing a coupon, you must assign it carefully.
According to Precima, more than 80% of customers want promotional opportunities that meet their personal needs. So whether you ’re sending an email or advertising on social media, keep in mind that audience segmentation is the best way to ensure you get a promotional opportunity.
Most email clients use customizable segmentation options to easily segment audiences. For example, you can distinguish mailing lists based on purchase history, geographic location, or other overall conditions. You can also do the same with most paid social media ads including Facebook, Pinterest and Twitter.
And Facebook also offers a discount feature, you can create offers directly through the platform.
You need to seriously consider making an informed discounting decision to offer the right customers. Make the most of your holiday coupons.