How to Develop a Successful Voucher Code Marketing Strategy in 2021 and Increase Your Conversion Rates

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Regardless of how creative your coupons are, you must target them appropriately to be effective. You must understand that every client is unique, and a single voucher/ coupon code may not suit all your customers. 

Having coupons is just one part of your campaign. Ensuring that these coupons reach the target clients and generate sales is a totally different matter. You might be good at developing coupons, but how do you market them once you have them in place? You may choose to market them at this voucher code website, but that may not be all you need. 

Marketing coupons requires an effective marketing strategy. There are many ways to get coupons to reach your target, but how effective are they? Your strategy should be able to answer these questions before you start sending out coupons. 

How to Develop a Successful Voucher Code Marketing Strategy

1. Use Targeting/ Customer Segmentation

Before you develop a strategy, evaluate your customers to understand the features that influence their shopping patterns and habits. This will enable you to segment your clients and develop campaigns specifically for each segment. 

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Of course, customer segmentation works differently for each business. Every business is unique, and so are its customers. You need a good understanding of customer relationship management and look into your sales data to develop suitable customer segmentation criteria. 

Segments can be based on the age of customers, location, revenue per customer, product/service preference, customer activity, etc. If your sales data shows you that a particular client has never bought skincare products, sending them coupons for such products will likely not generate sales. 

2. Create Urgency 

The primary goal of coupons or voucher codes is to create urgency. If your strategy does not generate the need among customers to make an immediate purchase, then it is not effective. If you have a voucher code that expires in 24 hours, you are more likely to have more sales than with a one-week code.

Creating a sense of urgency will help increase your conversions. Customers never want to be left out, and if the code expires before they utilize it, they will feel like they missed an opportunity. Marketing requires a greater understanding of consumer psychology. 

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The human brain has an intense desire for scarce things. When you create urgency, you generate the Fear of Missing Out (FOMO) in your target customers. To make your strategy effective, limit the time customers must make up their minds or miss the opportunity. You must also create a sense of scarcity and point out the consequences of missing the opportunity. 

3. Build an Email List

Marketing requires valuable data, and having your customers emails is a good way of collecting reliable data. An email list is a good way of marketing coupons because it can be personalized, which gives a significant advantage. A good voucher code marketing strategy should include an email database. 

Just imagine how many customers would sign up for your email list if you offered them just a 10% discount on their next purchase. This may seem like a small incentive compared to what other e-commerce shops offer, but it is still enough to get your customers to sign up. The advantage an email list gives you is that, in return, you get a personalized email list where you can market your future voucher codes. 

4. Have Social Media in Your Strategy 

If you have social media accounts on platforms such as Instagram and Facebook, you can include them in your strategy. Let’s say you place a 24-hour voucher code on your story. What a great way to create urgency!

Social media also gives your voucher code a greater audience because it offers shareability. When your followers share the code, it increases potential sales and your brand exposure. 

Using social media may seem easy, but it is not necessarily so. Remember that other brands are using the same platforms. Your followers are possibly getting thousands of sponsored ads on their feeds. You need to be creative to stand out. 

5. Offer Incentives for Customers who Spend More

Having a spending threshold is an excellent addition to your strategy. Once you have segmented your customers and identified their spending habits, you can offer incentives for those that spend a specific minimum limit. For example, you can give 30% discount codes to customers who spend over $100. 

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FOMO can function as a great incentive as it taps into the desire for an extrinsic reward. It pushes customers to overcome the constraints that prevent them from taking advantage of available opportunities. 

If the spending limit is within the customer’s pending range, they’d not want to miss the opportunity. If someone has spent over $90, the message on your voucher code should appeal to them to latch on to the opportunity and get the discount, even if it’s an impulse purchase. 

Final Word!

Grabbing the attention of buyers is challenging. Online shopping gives shoppers an array of choices without the constraints of physical stores. This means more competitors to beat for e-commerce stores. 

Coupons and vouchers are great promotions to attract customers, but you’ve to go beyond basic voucher code marketing strategies for them to be effective.