Why Social Media Coupons Will Help Your Business Rule the World (Or the Internet, at Least)
In 2013, more than 50% of adult internet users in the US redeemed a digital coupon. This number is expected to continue to rise at a rapid rate as smart phone usage proliferates and alters consumer patterns. Offering coupons through social media can generate a multitude of benefits for your business if you create an effective strategy. Here are some of those benefits and the ways you can successfully utilize coupons to build your brand awareness and capture the attention of a wider net of consumers:
1.No upfront costs
Imagine all of the paper and postage you could save by posting a coupon onto your brand’s Facebook page instead of mailing that same coupon to ten thousand people. Better for the environment, more convenient for consumers, cheaper for you.
Social Media Coupons offer a channel to reward loyal consumers with discounts. By offering the fans of your Facebook page or Twitter account exclusive deals you can make your customers feel valued and special. Sending discounts allows you to treat your followers like personal friends you are sharing a tip with, rather than as customers you are blatantly pitching. By rewarding them with the discount, they are more likely to share positive reviews of your products and services with others, expanding the reach of your brand to untapped markets.
3. Lure New Customers
Social media coupons also provide a great way to convert page views into new consumers. Once a new customer has patronized your business, you have the opportunity to turn them into a loyal repeat customer. Therefore, taking a profit cut for a coupon can be worth it in the short term to secure the long-term business of new consumers. Remember that each new customer brings you their own business, as well as the potential to reach out to their own social networks to promote your product.
4. Incentive To Share
When you employ an effective coupon strategy, you can give followers and fans increased incentive to share your content on their social networks. For example, if you own a restaurant, you can offer a free dessert to any customer who “checks in” on Facebook, which will put your name in the news feeds of all of their friends. Or if you own a shoe store, you can offer a $10 discount on sneakers to anyone who retweets you. This will have a similar effect – every person following them will be exposed to your brand. Providing incentives for consumers to post and share your content increases awareness of your brand and can stimulate new business.
5. Brand Awareness
Coupons can be used as an easy way to interact with fans, gain followers and build your brand’s image. Coupons offer a direct link between you and your customers, and can help you spread the word and increase web traffic to your pages.
6. Stimulate Trials of New Products
If you are offering a new product or service and want to encourage people to try it, social media coupons are a great way to do so. By offering a discount, you let loyal insiders access this product at a discounted rate and have a ready-made focus group to provide you with feedback. Additionally, by setting time limits on these coupons, you can increase the speed of sales of these products.
7. Up-selling and Cross-Selling Potential
It is crucial to allow for both of these in your coupon structure. For example, if you are offering $10 off of the cheapest sneakers you sell, be sure to include in your terms and conditions that consumers can use the coupon for more expensive pairs of sneakers or for sandals instead. By allowing up-selling and cross-selling, you increase potential revenues by giving consumers the flexibility to purchase more expensive products and still enjoy the satisfaction of the discount.
The true beauty of the social media coupon lies its trackability. You can easily determine the age, gender, location, and language of each person who used your coupon. Additionally, you can track if they became a repeat consumer. This offers you a minefield of free data on your target market to collect for future marketing use and for effective structuring of future promotions. Social media coupons present a win-win for you and your consumers. You can reward loyal customers, generate new business, and promote brand awareness. Consumers enjoy discounts that they would be unable to find elsewhere, setting your brand apart from competitors.
Could social media couponing boost your business? Online Optimism is a digital marketing agency with offices in Atlanta, DC, and New Orleans and clients across the U.S. Give us a call at 504-521-6222 and we’ll help you figure it out!