As a small business owner, it is crucial for your ongoing success to attract and retain customers. It is however often difficult to determine which marketing tactics reach the largest audience and in turn produce the best results for your company. Many companies are using a common strategy to differentiate themselves from the competition, stimulate customers for the first time and reward existing customers by offering offers and discounts as coupons.

While you might worry about the negative impact your profit by reducing your products or services, correct performance can help you increase sales while building a reliable customer base. In fact, a recent study by Askmeoffers found that 61% of shoppers say they wouldn't buy a coupon, and 85% said they would go back to a retailer after they had offered a coupon. The following tips can help you design a successful coupon strategy without hurting your bottom line if you are looking for ways to advertise and develop your business.

How to develop a coupon strategy for your company

1. Make an inviting offer

Regardless of how you structure your offers, remember that your coupon is valuable only if it matters to the consumer. This means that your research and market understanding are important before a coupon strategy is launched. Moreover, as your objective is ultimately to influence your behavior—whether it's to get your customers into the door or to encourage them to spend more—your offer should be based on the results you're looking for. For example, if most of your sales are in the store and you want to increase online orders, consider offering the first-time orders free shipping or a % off coupon code, as instance Askmeoffers & CouponsABC provide deal code such as Oyo Coupons, Ajio new user offer, etc to attract new users.

2. Distribute via different channels

Too hard to find a coupon is not an effective marketing strategy. Ideally, every potential customer should be found, not the other way round. For example, consider targeting customers by direct mail, email campaigns, or social media in addition to leveraging websites and printed media. This helps you build a wide net while keeping up with those who don't actively search for deals and discounts.

3. Change your coupons

Please note that coupons are also a great way to advertise your company and ensure that your company logo and photographs or graphics attract people's attention. It is more likely that your potential customers will notice your coupons if they are visually attractive. If you have a limited budget, there are many online tools that allow you to create your own professional designs free of charge. Alternatively, you can hire a self-employed or graphic design company to take over the project.

4. Appeal to single segments of customers

While your main objective may be to attract new customers, your coupons do not have to be a one-time deal. Coupons can also be used to build loyalty by offering regular discounts and promotions to past customers. Email is an effective tool for targeting specific offers on customer segments. For example, you can reward your best customers or attract customers to come back in a while with exclusive promotions.

5. Too many deals don't offer

Whilst coupons are an excellent way to satisfy your clients, you don't want to offer so many discounts that they never pay their full price. When they become used to the frequency of your offers — say, weekly or monthly coupons — they can wait for the next promotion to make a purchase. If you send coupons, inform the recipient that this is a unique opportunity.

6. Set an expiry date

In addition to marketing your business, a call-to-action should be part of your coupon strategy. If you create a sense of urgency, you are more likely to see immediate results. Instead of allowing recipients an open time to use the coupons, specify an expiry date. Make sure the date is clear, however; you will not deceive prospective customers or lose your business by rejecting your voucher when you try to use it.

7. Make Math

Finally, make sure that the numbers are used before you decide what discounts and deals to offer. Without increasing your sales revenue, if you continuously discount your products or services, you will likely lose money at some point. Ultimately, any strategy you implement should not impair your ability to operate profitably.

You can market your business with many tactics. Coupons – whether used alone or in a larger marketing effort – are often an effective means of attracting new enterprises and increasing your repeated customer base. Like all business decisions, you should weigh the pros and cons before deciding on the best approach, and consider all your options.

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