Did you know that 50% of people are more likely to visit a store if they have received a coupon?
If you’re looking to drive sales and clicks, email coupons are a top strategy.
Emails containing coupons are shown to have a 34% increase in click-throughs, as well as a 27% increase in transaction completion rates, and a 48% increase in revenue per email.
Those are some powerful statistics.
However, if you want to leverage coupons in your email marketing strategy, you need to know when to send those click-driving deals. Otherwise, you could end up wasting your efforts and minimizing your impact.
Ready to find out at what precise times you should send out those email marketing coupons? Keep reading as we share with you the key points where coupons can act as revenue drivers.
When You Want to Grow Your Email List
In order for your coupons to have an impact, you need to have a healthy email list. However, did you know you can also use coupons to grow that list?
One of the most effective coupon-related marketing strategies is offering a coupon when someone signs up for your newsletter. This incentivizes sign-ups and shows you aren’t stingy with your sign-up rewards.
Most people nowadays are hesitant to sign up for newsletters unless they’re offered something of value in return. Coupons make for a great signup incentive.
Once you have gained the signup, they can then become part of your email drip campaign. After a certain period, you can then offer them another coupon to trigger a follow-up sale.
When You Want a Customer to Return
Do you have a low rate of returning new customers? If so, it might be time to offer them a discount in the form of an email coupon.
Chances are, your first-time customers are not in the habit of trawling your site. You can remind them of it and incentivize a second purchase by sending them a coupon, killing two birds with one stone.
When You Haven’t Sent Email Coupons in Awhile
One of the secrets to email coupons is to limit their availability. If you are sending out a never-ending stream of site-wide coupons, this de-values your products.
Have you ever seen those “deals” where an item is permanently on sale? At first, you think, “Wow! $50 instead of $70, what a bargain.” But eventually, the item’s value just becomes $50 in the viewer’s mind, because that’s its permanent price.
If you send too many coupons that run too long, this can have the same effect.
However, if you leave a little time between coupons, and set short expiry periods, this will increase the demand for them with your subscribers.
So, if it’s been a while since you last sent out an email coupon, now’s the perfect time to show your list a little coupon love.
When You Want to Move a Product Line
Do you have a range of products that needs to move? If so, this is the perfect point at which to send out coupon emails.
For instance, say you have an online clothing store and you need to clear some of the women’s’ clothing that’s in stock to make room for summer lines. You can send out a coupon for your women’s wear line to boost its sales.
While we are on the topic of non-site-wide coupons, don’t forget to segment your email list for these. In many cases, you don’t need to send these coupons to your entire email list. Usually, coupons for women’s wear should only be sent to female subscribers and vice versa.
By segmenting your email list, you can personalize your marketing (always a good thing) and decrease your email marketing costs.
When You Need to up Your Email ROI
If the ROI on your email marketing campaign is low, this might be a good opportunity to leverage coupon emails and boost it.
Not only do coupon emails have dramatically higher open rates, click-through rates, and transaction completion rates—but they also trigger higher checkout totals.
The stats show that buyers who have a coupon spend an average of 24% more than those who aren’t using a coupon.
The logic behind this is simple. If your subscriber feels that they have a valuable, limited-time coupon on their hands, they will want to capitalize on it by spending more. If the coupon is a percentage discount, the more they spend, the more they will save effectively.
For the marketer, however, this still translates to better sales volumes and a higher ROI.
When You Want to Create a Customer Loyalty Program
Coupon emails are also a great way to build customer loyalty programs. Loyalty programs are a powerful tool for driving repeat sales and creating a perpetuating buyer’s journey.
If you are starting a loyalty program, coupon emails are the ideal invitation for customers to sign up. Think about it. Who wants to join a loyalty program if all that’s offered is the vague mention of “membership benefits and discounts.”
Instead, motivate signups by offering an initial coupon upon joining. This gives your subscribers a taste of what’s to come and an immediate reward.
Are You Ready to Boost Your Revenue With Email Coupons?
As you can see, email coupons are a powerful way to boost conversions and sales, if done right. It’s all about timing and having a specific goal in mind, such as driving sales, clearing stock, or increasing email list sign-ups.
Now that you know when to send email coupons, are you wondering how to create and send these powerful discounts and offerings?
If you’re signed up with Vertical Response, it’s easy. All you have to do is head on over to the Social tab in your account and click “coupons.” From here it just takes a minute or two to create a snazzy coupon, and you won’t need any design skills.
Once that’s done, you can post your coupon to social media or include it in your email marketing.
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© 2020, Chris Duncan. All rights reserved.