Today customers have more options online than they had ten years ago. According to WikiGains, customers’ buying pattern has changed from purchasing at their preferred physical store to visiting different online stores, comparing prices, searching for deals and discounts before adding a product to a virtual shopping cart. As a result, every online merchant, at some time or the other will be faced with the decision of offering deals, coupons, and discounts.
While offering good deals frequently can encourage repeat business and drive customer loyalty, using them haphazardly can harm your brand image. Here are 10 effective ways you can use to drive customer loyalty, conversions and acquisitions.
1. Weekly or monthly discounts
These are traditional ways to offer discounts and they are often used at the end of a week or month to meet specific business goals.
2. Cart abandonment email
A study showed that nearly 70% of online customers abandon their carts for some reason or the other. Sending a tactically-crafted abandoned cart email can encourage people to come back and complete their checkout. There are many sites like Shopify and Klaviyo that offer easy to customize abandoned cart emails.
3. Special holiday or season deals
While Cyber Monday, Black Friday, and other holiday seasons are big occasions to offer attractive discounts, you can use other opportunities throughout the year like the onset of winter, summer or autumn to share appropriate discounts and offers.
4. Prelaunch coupons
Your business may be in the prelaunch stage or you have just launched a new product. The pre-launch offers enable you to create a sense of inquisitiveness among customers regarding the product. They help in driving more traffic and turning new customers into loyal ones.
5. Minimum value to get discount
In coupons sites like Wikigains, you can find deals that require customers to spend a minimum value to get a discount. This is a good tactic to encourage customers to spend more.
6. Special discount for sharing on social media
When you start a new online store, the biggest challenge is to reach out to more people and attract customers. So, offering an incentive on every Like on Facebook or sharing on other social media platforms can be a good way to raise the visibility of your brand.
The referral programs work even today because people tend to rely on a brand if it is referred by a friend or relative. Wikigains says you can use this to your advantage and encourage more referrals by offering a good discount to both – the person referring and the one being referred.
8. Welcome discount for new customers.
This is a ‘feel good offer’ that gives first-time customers a positive experience with your brand. They are likely to remember you, refer friends, and even come back again to convert into a paying customer.
9. Create an email or subscription offer
Building an email list is extremely important for the success of online retailers. When you offer a coupon or discount in exchange for a visitor’s email address, it increases your chances of conversion. This is a win-win situation where the visitor receives a good discount and you get their email address. This can be used to create customer loyalty, build a solid relationship, or send promotional materials to them in the future.
10. Special incentives to influential people
Offering discounts to famous bloggers or celebrities that have a huge fan following can be an effective way to promote your brand. So, if a blogger writes positively about your products or a celebrity talks about your excellent service, your brand value increases tremendously.
Wikigains.com is a voucher site that has been operating in the UK since 2012. Alex Papaconstantinou, the founder of Wikigains, and his team, have accumulated a wealth of experience in the industry as they have seen it through several ups and downs in the last few years.