How to Increase Revenue and Gain Customer Loyalty with Discounts and Offers – Part 1

The biggest shopping weekend of the year is just around the corner. With Black Friday and Cyber Monday existing primarily online this 2020, your eCommerce needs to be more ready than ever to give your customers the warmest welcome.

According to eMarketer, this year, Cyber Monday is set to be the biggest online spending day in US history, with sales of $12.89 billion, up 38.3% from last year. So you need to get your game going!

Regardless of the season, coupons and discounts are a critical tool in your back pocket, and understanding how to deploy this tactic is the key to boost your sales and gain customer loyalty and trust – at every moment of the year. Here are some top ways to make sure your discounts and offers will be successful.

Consider Your Customer Loyalty Strategy

Your discounts work best as a part of an integrated marketing and brand strategy. No one-off deals just to meet the month’s sales goals. Offers without an integrated approach can eventually damage your brand. When considering using discounts and offers, take the time to see how they fit into your brand’s overall sales and marketing strategy and whether or not they would be a good fit for you.

Set Goals

If you have nothing to measure, you won’t know whether or not your discounts were successful. But keep in mind that, while sales goals are important, there can be other ways of measuring an offer’s success. Several different metrics to consider are:

New customers
Repeat customers
Email subscribers added
Growth of social media following

The way you design your offer changes the way you can track its overall success.

Cross-Channel Deployment

Now that you have a strategy for your offer, it’s time to send it out into the world. Since this offer is now a part of your overall process, consider how you will promote this offer to reach your target audience.

An alternative to using traditional channels could be partnering with influencers. They can offer discount codes or freebies to their followers. Likewise, you could launch a retargeting campaign to access those abandoned shopping carts. The options are endless!

Stay tuned for part 2 to discover specific offers that could work for your business. In the meantime, if you’re interested in learning more about using coupons and discounts for your business’s goals, drop us a line.