Coupons are another great sale option to use in your online store. Discounts are usually a long-running sale, such as the bulk option or clearance, whereas coupons usually run on a flash sale basis. Limiting the time on a coupon entices customers to make a quick sale before they lose out, so more products are sold quickly at your online store. If you let your customers know “This coupon is good for buy one get one free,” they will buy more of your product on your terms while they think they are getting a deal. And since your online store is selling them quality goods and services, they are!
This Coupon is Good for Buying More than Intended
A great example of how to entice customers to buy more than they intended to is to have a coupon that has a threshold, such as “Buy X amount, get X off”. To get the deal, customers have to spend a specific amount. Be sure to mark up a few best selling items by a slight margin to make up the difference. This sale is great, because it gives customers a chance to peruse your entire store looking for extra items to buy to fulfill the threshold. Your online store gets more traffic, especially to pages or items that are low sellers, and customers see all you have to offer for future purchases. It’s a win-win situation, and you are profiting from it.
One issue with this coupon to keep in mind is that customers will buy some small item to fill the last little bit of the threshold, so be sure to stock up ahead of time. Give them a ship-by date that gives you some wiggle room to make/get more of your products if you think there might be an issue filling orders. Just add “Please allow blank amount of time to fill orders due to the massive quantity of purchases”. This gives you some space to get all you need doing done while also inviting customers to buy faster, lest you run out or end the sale early.
This Coupon is Good for Your Next Purchase
Another coupon type that gets customers to buy more than they originally intended is to give them a coupon for their next purchase. Send them a code with their receipt for a few weeks later, so you are constantly generating more sales to your online store. The time limit will make them think about what to purchase, and will have them anticipating buying something soon before the sale ends. This is a great way to entice customers to return to your store, especially first time users. The diverse nature of this type of coupon allows you to plan for future sales, and you can steer your customers to specific products in your store. Have the coupon be for a low selling or small traffic item to boost sales in a lacking area, or allow them to get a higher percentage off a clearance area to clear out inventory.
Depending on what product you are selling, this coupon can be specific to the product they purchase. For example, if you are selling a perfume or other personal care product determine when the customer will, on average, use up the product and generate the coupon sale around the same time. Customers will be more likely to use the coupon when they need something, and you are planning ahead for more profit. Most customers will also notice that you planned for when they needed the product and will appreciate the convenience, giving your online store that much more appeal than other competitors. Using the coupon with purchase sale is an excellent way to get customers back to your online store, while timing your coupon generates more traffic and profit.
Another time to plan for this coupon is around Thanksgiving (coupon for Black Friday/Cyber Monday Sales) to before Christmas (Get $ off this great gift!) Holidays are excellent times to plan for these coupons, just give a two-week period for the coupon before the holiday and be sure to plan for fast delivery to make it in time. Lots of shoppers order last minute, and you are free to add an extra delivery cost to make up for the expense of overnight delivery. The extra delivery costs themselves could be their own coupon if you chose to do that, since this type of coupon can be used for anything wide ranging to extremely specific and still is lucrative if the timing is right.
Buy One Get One Free
Everyone wants something for nothing, and you can take advantage of that with this coupon. Buy one get one free coupons, also abbreviated as BOGO, lure customers in with the promise of more product for less money. Customers think they are getting a great deal, since they get a whole product for nothing, but in reality they are usually spending more. This coupon moves product from your online store faster, and you can make up costs by added shipping, or offering the trial size for free. Additionally, it doesn’t have to be buy one product get one free, it could be buy 2 or 3 and get another one free. Whatever you need to do to make up the costs you accrue is fine, and will still generate a profitable sale.
This type of coupon is especially profitable for items that have more than one flavor, scent or type available, because then customers get the option to try items they normally wouldn’t purchase. Allowing customers the chance to try something new from your online store lures them back in after they discover they like it and want to buy more. Using BOGO is another way to target specific items that are best sellers or easy to produce at your online store to gain even more profit.
This Coupon is Good for Email Blasters
Email blaster coupons are so popular that Google’s Gmail has a specific promotion section for them. This is one of the best methods of promoting your coupons, which will be covered more in the next chapter. Sending out coupons en masse to your customers gets the coupon to them before your deadline is up. Email blaster coupons can be any of the types discussed above, or can be flash sales, trending or other options that will be included in chapter 6. The most important thing about these email blasters is to get an email from customers, so include email information in the checkout portion of your store and also have a separate section where customers can sign up their email for sales information.
Chapter 4 will discuss how and where to promote your online store sales to attract new customers, but retaining previous customers is also a necessity. To do this, keeping in contact via email is one of the best ways to communicate with current customers and keep them coming back. Read on to learn how to promote your coupons and discounts in the next chapter.