Coupons can really help to sell your products, but how you use them as a retailer can make a huge difference in your bottom line. Have you ever thought about your coupon strategy? If you’re using a custom coupon service like Octopon, you are in direct control of every aspect of your coupons, including the value of their discount, what products they can be applied to, when they can be redeemed, and how they are distributed to your customers. If you design these factors around your (or your customers’) specific needs, you can build an amazing strategy that will have tremendous results. Here are a few ideas to get you started.
- Boost low business days – Do you notice a specific day each week where your sales seem to dip? One strategy is to create coupons that can only be redeemed on that day. For example, Happy hump day – Buy 1 get one half off of all treatments on Wednesday afternoons. You can experiment with different discounts and products to find what motivates people to come in and buy from you. You can even make it a recurring event to get shoppers coming back regularly.
- As an exclusive gift – Do you have an email list for your store? If you do, you can reward your subscribers with unique coupons not available to the general public. Sites like Octopon allow you to distribute custom coupons online, via your website, emails, or social media, so you can reach your most loyal customers in several different ways. They’ll feel that you truly appreciate them, plus it gives other customers a stronger incentive to sign up for your email list, giving you even more opportunities to make sales.
- Promoting new items – It can be a risky business when you decide to carry a new product. A simple way to help promote it (without the need for invasive advertising) is to use coupons tailored to the product itself. Promotions like “half-off” or buy one get one free may be enough to convince your customers to give something new a try. Encouraging customers this way is a smart alternative to gauging what the product’s popularity might be through other means because you can see the results directly.
- As a reward for shopping with you – It’s common practice for big box stores to give customers manufacturer coupons when they buy certain products. You can do the same thing, but with even greater control thanks to custom coupons. If there’s a product you’d like to sell more of, you can create coupons for it and offer them at the cash register, or you can create more general coupons, like discounts on their entire order, as a reward for them spending a minimum amount of money at your store. No matter how you choose to issue them, coupons used as rewards will convince customers to come back more often.
Coupons are a great tool, but how you choose to use them as a retailer is what makes them truly effective. Go ahead, experiment with custom coupons, and start building unique strategies of your own.