You probably already know that conversion rate optimization (CRO) remains the “number 1” objective for any digital marketer or online business.
When it comes to CRO, I’m sure you’re thinking about: Landing page optimization, call-to-action (CTA) placements and lead forms!
But here’s the challenge…
Do these conversion optimization strategies guarantee torrents of new customers to your site?
The answer is NO!
The bigger challenge is that these strategies alone won’t help you retain your existing customers so that they keep coming back.
If you’re serious about conversion optimization this year, you’ll need to add coupons to your CRO strategies.
Why?
Let me explain. 91% of customers prefer revisiting a retail site if offered a coupon. And users with coupons spend 24% more than regular shoppers.
This means that adding coupons to your CRO mix can instantly boost your conversions.
But, using coupons to boost your conversions isn’t as easy as it sounds.
In fact, according to Couponbuffer.com, 321 billion coupons were distributed in 2015, but only 2.5 billion were redeemed.
This means that the potential ROI of coupon marketing is low.
The answer is a resounding NO!
Now, I’m sure you’re wondering:
“How do I use coupons without having to worry about low ROI?”
Turns out you’re in luck. Because today, I’m going to pull back the curtains and reveal a step-by-step guide to using coupons to boost your conversion rate.
Let’s do this.
Step 1: Determining who to target – new customers or existing ones
Okay! This isn’t new…
…but let me reiterate this again:
The success or failure of your coupon marketing strategy depends upon how well it resonates with your target audience.
This means that you’ll need to first figure out who you are going to target with your coupon campaign. Are you planning to target new customers? Or do you wish to attract existing customers to stick with your business?
If you’re looking to target new customers, you’ll need to go over and beyond what your competitors are offering.
Remember, 80% of buyers switch brands if offered better discounts and promotions.
On the other hand, if you’re looking to target your existing customers, you’ll need to carefully analyze their buying patterns and browsing behavior, and carefully come up with coupons that match their buying habits.
Let me explain this with an example.
Popular shoemaker Crocs were looking for ways to reconnect with their existing customers. The company decided to offer 15% discount coupons to lure in existing customers in the age group of 18 to 50 years to buy from its Crocslite range.
The company got 94,000 mobile coupon redemption requests in the first month.
What does this mean for you?
Tailoring your coupon campaign to suit the needs and buying habits of your target audience could be a great way to instantly boost your conversions.
But, don’t just let your customers leave you when they are done redeeming their coupons. Instead, retarget them with follow-up coupons.
It will help you keep your audiences’ interest in your business and products.
Now that you know who to target through your coupon marketing campaign, it’s time to know what to offer…
Step 2: Deciding what to offer
By now you already know that different customers…
