Coupon Marketing Strategy: How to Use Coupons to Promote Your Business

coupons

“A penny saved is a penny earned.”

The old adage was drilled into our brains right from the time when we were kids. There’s no doubt that everyone on the planet has heard some variation of this phrase over the course of their lifetime.

It reveals one of humanity’s chief obsessions: saving our hard-earned dollars.

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Few things can get us so riled up as the idea of huge savings. Heck, that’s the whole reason why Black Friday is a thing!

If your business plans to capitalize on this human trait with a coupon marketing strategy, then you’re in the right place. In this article, we’ll explain how to develop a coupon marketing strategy that will firmly establish your brand among consumers.

Work the Numbers

The most important thing in a coupon marketing strategy is, of course, the coupon itself. That’s why it is so essential that one takes the time and effort necessary to produce the perfect coupon.

Finding the perfect coupon is all about striking a balance between savings for the consumer and profit margin for yourself. After all, you can’t just offer ridiculous discounts on everything in your store, as easy as that is to market. Your coupon strategy is only going to be counter-productive in the long-term if you don’t have the profit margins to support that.

Instead, you have to take the time to calculate the numbers to make the discount attractive enough to consumers to make them want to take the time to cut the coupon out and use it, but at the same time funnels more profit into your business. You don’t have to make a profit margin on the actual product, however, so long as you’re able to upsell other products to the customer that will help you retain the money you lost.

Give Exposure to Your Low Performers

A coupon marketing strategy is a great way to give some exposure to your products that have thus far proven to be low performers. The reason for their poor performance in the market could simply be that they haven’t had enough exposure to consumers yet.

By focusing your coupons on this market, you can not only get rid of the excess inventory that’s burning a hole in your warehouse costs, but it will also help you figure out whether or not this product in question was a flop.

Consider Coupon Distribution

Last but probably most important is the coupon distribution strategy. You want to make sure that you’re sending your coupons to consumers with the highest likelihood of using your coupon in a favorable way.

This means that you need to figure out who is your ideal customer who will come into your store, use the coupon, and then purchase complementary products to make your company a profit.

How to Plan a Coupon Marketing Strategy, Made Simple

There you have it — armed with this info, you’re ready to plan a coupon marketing strategy that will revitalize and rejuvenate your company’s sales.

For more business advice, be sure to check out the rest of the articles on the website!