Australia is a place for shopaholics. Whether you head to the biggest malls of Australia, the Chadstone Shopping Centre, Westfield Miranda, or the Westfield Chermside they are crowded with buyers. The revenue generation of brick and mortar stores in the region reached USD200 billion in the year 2021. On the contrary, e-commerce sales crossed 7 billion in 2020 and are expected to reach 32. 3 billion by 2024.

As such a huge hustle and bustle is seen in the retail industry of Australia, what are your plans to give it a boost? Among the many Marketing tactics, one of the easiest and most effective techniques is Coupon Marketing. Here you are going to unwrap some amazing tips and techniques to execute coupon marketing for your branding campaign. So, let’s begin reading.

Understanding Coupon Marketing & Its Benefits

Every business needs a lead magnet to attract more buyers and increase conversions. Coupon marketing is a marketing trick that entices customers through exciting discounts and deals. Coupon marketing in digital marketing is similar to how you convert your business into digital form.

According to the statistics, around 90% of customers redeem their coupons. Not only this, in the US, nearly 142 million adults have used coupons in the same year.
When it comes to customer satisfaction, nearly 68% of buyers believe that coupons generate digital loyalties. Back in 2020, digital coupon redemption grew up to 24%. Research shows that coupon redemption will exceed $22 billion by 2022.

So, here are some actionable tips to harness the momentum and maximize your sales through coupon marketing.

1. Create Customer Segmentation

The first step to increasing sales is to maximize the online reach you generate through your coupons. For that, you need to segment your audience. You have to create a list of returning customers, frequent buyers, and seasonal buyers.

Advanced tools like Kissmetrics, Baremetrics, Google Analytics, and Segment can give you a comprehensive overview of your target market. You can find out what your buyers prefer, the region of high traffic, the time and hours, and the gender specifications. It breakdowns the store activities giving out every little detail including the psychological characteristics.

2. Target Multiple Channels

Never stick to one or two channels to promote your business. You need to widen your reach and target your audience from everywhere possible.

For instance, social media platforms are rich with prospective audiences. You can share on all the leading social media channels. Apart from that, try Google Adwords. Revenue generation through paid marketing can go beyond your expectations. You can also team up with local coupon platforms like EMUCoupon to reach a bigger audience.

3. Email Marketing

According to Voucherfy, more than 50% of customers open emails having exciting coupons and offers. So, if you think email marketing is outdated. you need to recheck your grounds. If you want to boost your coupon marketing you have to create an email list and offer personalized discounts to customers.

4. Target Shopping Seasons

Never let go of shopping seasons. You need to have your calendar marked with dates to target. Whether it's Valentine's Day or Christmas Eve, you need to know what sort of promotional deals you can offer. These are the best times of the year to promote new products as well. You can pair up some sample products with your most selling ones at a special discount. According to the statistics, in 2020, holiday shopping raised 19.5% of total annual retail income.

5. Create Promo Codes

Here is a secret, to boost sales you must incite a sense of urgency in your audience. You can do this with promo codes that have a set timer. This will make your audience shop as much as possible with the code before it ends. When shoppers indulge in panic buying, they end up getting things that they never really planned for.

You can spread the promo codes wherever you can, from your social media platforms to your mobile app. The best spot is at the checkout terminal. The cart abandonment rate is around 69.57%. It means out of 10 buyers, 6 drop their cart and do not proceed to checkout. Whiles this can be alarming, you can give them a final push through coupons.

Another way to promote your offers is by teaming up with different discount forums on the internet. There are websites with dedicated coupon sections for Australia that would help you target the local buyers. These sites will introduce you to new customers who might not have heard of your products yet.

6. Stay Connected With Potential Customers

Did you know the cost of losing a customer is more than attracting a new one? So, why hustle to engage the new prospects when you already have a list full of potential buyers.

You need to shift your attention to retaining buyers and keeping them satisfied. You need to understand your customers and cater to their preferences and needs. Sometimes, brands deliberately hide their coupons or avoid offering them to frequent buyers to save some profit. However, this can be a step toward a huge fiasco. Plan your coupons in a way that can generate profit and clear your stocks efficiently.

Furthermore, once you are ready to promote your coupons you need to place them in front of your buyers. Check the platforms they visit the most; popups, emails, or any other channel that can guarantee a purchase.

Things You Must be Aware of During Coupon Marketing

To maximize your sales every time you start a business, sometimes you must overlook some major potholes in the route to progress. So, here are some key aspects you need to be aware of:

1. Be Unpredictable

Do not offer coupons so frequently that your audience starts waiting for your discounts. They should not hold back shopping just to wait for you to crack up the discounts.

2. Value Perception

Never give a discount less than a product value. Sometimes, by being aggressive in converting a lead you tend to damage the image of your product.

3. Skipping Monitoring

Never avoid regularly monitoring your campaigns. You need to know how your coupons are performing and what measures you can take to flourish your productivity.

Conclusion

It's important to stay involved in the market and study the demographics. At present, the eCommerce industry is expanding with newer brands surfacing. You need to stay ahead of the curve or else your brand will be left behind.