Did you know that coupons also belong to the arsenal of tools you can use to increase traffic to your site at short notice AND generate some quick sales? Think about the wonders that can do to your bottom line!
Here are some tips you can use to make the best use of coupons:
1) Announcing New Products: Use coupons with a 5%-10% discount rate to announce a start-of-the-season or a new collection of products. Apart from giving you quick returns, you will also be able to identify customer favorites for the season and stock your inventory accordingly.
2) Clearances: Similarly, when you want to clear old stock, using coupons to announce the end-of-season sale can help you clear your stock and provide you with the funding you need to acquire new stock.
3) Up-Selling: You can also use coupons to up-sell, i.e. make purchases of larger amounts or quantities. For instance: buy 3 ties and get Rs. 250/- off, or 10% off on purchases over Rs.2000/-. For the second example, a good rule of thumb is to calculate what’s 25% higher than the average total for your store, to decide the right threshold amount (Coupon visual – ”10% off on all orders over Rs. 2000”)
4) Cross-Selling: You can also use coupons to cross-sell, if you have more than one product range. For instance, buy 1 LCD TV + 1 DVD player and get Rs.2000/- off.
5) Festival Time: Use coupons to attract customers during high-competition periods like festive seasons. Most sellers tend to offer festive discounts so as to maintain a competitive edge and make rapid sales.
As you can see, when used properly, coupons can help you create a buzz about your brand, get your target audience talking about you, increase your website traffic dramatically, as well as help you generate lots of revenue in a short span of time.
Here’s wishing you lots of sales with the use of coupons!