Although coupons are an age-old marketing technique, it is the most proven way of increasing conversions. Whether it is a product or a service, coupon is a great motivating factor for both new and existing customers.
What is a Coupon?
I’m pretty sure most people in the eCommerce community would know what a coupon or coupon code actually means. Check the image below. If you are an avid marketer like me, you probably know the history.
Coca-Cola was the first to make a coupon promotion and rest is history.
Issuing coupon code is one the best rewarding techniques to retain your existing customers and also acquire new ones. There are a number of ways coupons work. Usually there are two types of them
Generic coupon codes
Generic coupon codes are just vouchers with common code shared with customers and redeemed online or in-store purchases.
Unique Coupon codes
Unique Coupon codes are vouchers that are sent to individual customers. The coupon code is not common and can be used only once by that particular shopper.
Coupons and WooCommerce
Being the best wordpress ecommerce plugin, WooCommerce controls a huge market share, almost 70 to 80%. WooCommerce by default comes with a basic coupon feature that allows you to create generic coupon codes and product specific ones. It also has pretty good usage limitations as well. However, if you are looking for advanced coupon management, the default WooCommerce coupon feature might not be sufficient to meet your requirements.
Don’t worry. The WordPress community has created more ways of offering smart coupons and discounts in WooCommerce.
WooCommerce has a number of plugins that extend the coupon discount feature and offer more advanced functionalities. Checkout this comprehensive list of best coupon code plugins for WooCommerce.
Why Coupons are good for business
1. When the inventory moves slow.
‘Busy inventory defines the brand’s progression’
You would have witnessed slow moving inventory most times during a sales year. Those are times when coupon codes can come in handy. We can offer less selling products as gifts to customers.
2. When customer retention is needed.
By sharing discount coupons with existing customers we express gratitude and earn their loyalty. Retention of customers is needed for business flourish.
Don’t we love to receive encouragements from their favorite shopping brands?
3. Welcome new customers.
How will we feel when someone welcomes with a surprise gift?
The Joy of surprise makes relations better. Give the same joy to new customers who are joining in our business venture. Offer free shipping coupon on their first product and surprise them.
4. During Cart-abandonments.
Most customers abandon their shopping cart right before starting the payment process. Is this your store’s scenario?
The reason for this customer behavior to exit is because of unexpected charges like shipping. In such scenarios, offering free shipping coupons will bring customers back to make the leftover purchase.
How to promote coupons effectively?
Yes. Coupons themselves need promotions!
When it comes to displaying the coupon codes in your eCommerce store, consider the following,
- The maximum engagement of these coupons can be achieved by displaying the coupons on the Homepage of your website.
- Coupon codes on the products page is a nice way to up-sell and cross-sell products. Give valuable product suggestions so that the customer fill their cart.
- Free shipping coupons can be placed in cart page to encourage customers to avoid cart abandoned products coz, 75% of shoppers abandon their cart at the moment of purchase.
Also, fixing a timer along the coupon creates an urgency in the sale and fear of missing will make people rush for a quick purchase.
When it comes to advertising on the web, it’s important that we promote coupons in right channels where customer engagement is maximum.
As an eCommerce store, we should always keep our audience interested. Newsletters can be shared regularly to the customer email list about the ongoing trends, updates in the market. Customers can engage with our online store on receiving the coupons.
2. Transactional Email
‘Never make a Sale, Make Customers’
The first purchase from a customer is always the big ask. Once a customer gets to know our brand, we always have the opportunity to up-sell. Sharing coupons and coupon codes along with transactional emails will make the customers come back for more.
3. Social media Engagement
Where in the world do we hang out often?
Social Media- We scroll the digital world. Right? So, a spread of brand name can be exponentially achieved when we promote sales coupons over social media platforms.
Create your official page on social media (Facebook, Instagram, Twitter, Snapchat and more...) if haven’t had one for your eCommerce brand.
4. Coupon code websites
We can also promote sales by submitting the coupon codes in websites where coupons of many brands are submitted. But, one thing to consider is that these websites get only people who seek for low priced products. Loyal customers ain’t possible.
CouponCabin, RetailMenot, Woot Deals, SlickDeals are few of the websites where people dive in to get free coupons.
Don’t overdo - Coupons may kill your brand value
What happens if we promote lots of coupons? Giving away coupons often will make a brand’s credibility and value to fade away. People start to think of the product to be unworthy. So, it’s always essential to pitch the sales promotion at right time. Week-ends, Special Occasions, Shopping seasons, Festive times- The Calendar has got plenty of days to celebrate.
Show the customers a Reason to buy.
Show the customers Why we gift Coupons.
Do not want to offer coupons?
Get creative and introduce dynamic pricing rules in your online store. You can consider offering bulk discounts where customers get discounts automatically when they purchase more quantities.
You can do a Buy One Get One Free offers that would encourage visitors to convert faster. Checkout this plugin that will help you offer dynamic pricing discounts in your WooCommerce store.
It’s all about making Happy customers and Why should we make our customer’s shopping experience happy?
“Customer is the Brand’s Ambassador”!
“One will make Many!”