By Lisa on February 3, 2012
On Tuesday, Feb 7th, Impact Radius co-founder Todd Crawford is speaking at the Online Marketing Summit to share some expert coupon strategies for eCommerce companies. Here are some highlights of the key action items he’s recommending.
More and more you hear eCommerce brands debating the pros and cons of partnering with coupon and deal sites. And, for that matter, the merits of discounting altogether. The concerns are understandable, especially with the insatiable demand for more and more offers coming from the consumer base.
As an eCommerce brand, the choice of whether to play in the coupon space is ultimately one of mitigating risks and maximizing opportunities. So, how do the brands enjoying the success of a solid coupon strategy do it?
Action Item #1 – Try alternatives to site-wide discounts
It’s well known that “Free Shipping” promotions are a popular alternative to percentage-off discounts. What are some of the other offers popular with consumers?
- Deal of the Day – these short-lived promotions limit your exposure
- Bundling & Gifts with Purchase – can help you increase your average order value
- Specially Priced Items with Limited Quantities – lets you test with control
Action Item #2 – Negotiate for premium placement
To understand the true potential of partnering with deal sites you need to get the best placement. Use a limited-time, high-value offer (this week only take an additional 5% off) to place your brand front and center.
Action Items #3 – Build partner loyalty with exclusive offers and vanity codes
Coupon sites are in constant competition to attract the loyalty of deal-seeking consumers. Exclusive offers will typically increase traffic. Vanity promo codes increase conversions tracked. The combination creates a measurable lift in payouts – which is foundational to achieving top-of-mind status with your partners.