A free delivery voucher for a limited-edition book set? Why not? You can explore a new genre of entertainment without breaking the bank.
A 10% discount off a fancy suit? Try it! Who knows when the deal will come back? You can wear it to attend a New Year's event in the future.
Haggling for a discount is a favorite sport of Filipinos. In a study across 144 countries, the Philippines ranked as the 3rd top country where people actively seek discounts when shopping. It showed that 56% of Filipinos enjoy negotiating for a more affordable price.
Many have fallen for the charms of discount vouchers. After all, staying on budget while getting quality goods and services is almost always at the top of a buyer's shopping checklist.
Providing good promotional discounts can give customers more reasons to choose your business instead of your competitors.
There’s no denying that discount vouchers affect a customer's buyer journey. While maintaining equitable pricing is essential in developing the right customer retention strategy, consider the delight coupons and discounts can bring to your target customers' shopping experience.
What are Discount Vouchers?
Discount vouchers are incentives you can offer your customers to purchase your products at a reduced price. These are often given through various digital and physical channels to reach potential leads and maintain brand loyalty from previous customers.
Here are some ways businesses offer promotional discounts to ensure repeat purchases and boost sales per customer:
- Free shipping vouchers with minimum spend
- Free gift/s with every purchase
- A chance to enter a raffle or a giveaway to win exciting prizes
- Referral codes that they can use to family and friends for more discounts
- Cashback offers that customers can use for future purchases
Discount Vouchers as a Customer Retention Strategy
Customers value brands that actively try to build and nurture relationships with them. More than attracting new customers, prioritize being your audience’s top-of-mind choice and keep them coming back for more to boost your company’s sales and grow your revenue at the same time.
- Attract new leads
Chances are that your customers are in the consideration stage of the buyer's journey. At this point, they are searching for solutions to problems or pain points they're experiencing. By offering a discount voucher, you can introduce your solution in a more approachable manner.
A study by Inmar Intelligence shows that 54% of shoppers purchased from a new brand because it was more affordable, and a digital coupon influenced about ⅓ of these. The same article suggests that customers are willing to try new solutions by different brands if given the proper digital promotion that gives them the most value. - Be the obvious choice
As digital shopping has become more favored by consumers, brands are almost always expected to give out digital coupons. Stay ahead of the competition by consistently offering incentives that satisfy your customer’s needs.
Listen to what your audiences want through customer surveys and extensive research of what other brands offer—then take it further. If your competition offers free delivery, you can do the same and add an inexpensive gift to make your customers feel more valued by your company.
You can make less profit with the discount price you offer. However, you must be mindful of how much profit you're willing to cut. Look into your profit margins to balance affordable prices with valuable discounts.
- Get more conversions
Customers always look for new deals that give them more for their buck.
Offering relevant promotional discounts can make your services seem less risky than other brands.
Practice occasionally updating your promotions with new deals for buyers to try out. Customers who land on your website and see your offer can consider buying more products without a discount.
Limited-time offers are also a great way to get your customers to act quickly and avail of your product. This type of promotion makes them perceive that your product gives the same valuable service at a more budget-friendly cost.
- Keep your customer’s loyalty
Giving out discount vouchers in exchange for brand loyalty can encourage repeat purchases from previous buyers.
Maintain brand loyalty through promotions relevant to your customer's purchase history. It requires attentive strategizing with the data you already have. For example, suppose a customer purchased fancy attire from your website. In that case, you can offer them footwear options that match their purchase.
Make sure that your promotional efforts are relevant to your customer's needs. Nurture your relationship with your customers by giving them unique, personalized services of significant value more than what they can get elsewhere.
You can experiment with the special offers and personalize them to each of your customers to give the most valued customer experience.
How Can You Maximize Discount Vouchers?
- Give more, get more
Appeal more to your customers by offering more discount vouchers in exchange for valuable information that you can use for future promotions.
You can start by offering free shipping when customers sign up with their email or giving cashback rewards when they purchase a certain amount.
You can also create a loyalty program where customers can get points with every purchase to avail of special discounts. Not only does this encourage customers to engage with your brand regularly, but it also keeps them interested when new additions expand your product line.
- Extend your reach
Part of being a business that cares is meeting your customers where they are. Being digital means something other than being everywhere, all at once. Focus on being at the right place for the right customer at the right time.
Today's digital age has introduced us to numerous ways of reaching and growing your leads: through social media, email, and SMS, to name a few. Try out voucher hubs like Rush Plus to put your brand at the forefront of your customer's buying experience.
Feel free to test out different channels to promote your offers and establish reliable distribution channels. You can reach your target customers with less expense and hassle.
You Can Count on Discounts
Be wise in strategizing with the discount vouchers your offer. Relying solely on coupons and discounts to drive sales to your site can make your products look less valuable.
Get to know your customers and their expectations to maximize your customer retention strategy, provide the optimal buyer experience you can offer, and convert your possible leads to returning customers.
Put your best foot forward and reward your customers with an experience that costs less and earns more! Explore your options by signing up with Rush today.
