Coupons might be that one final step that turns a potential sale into a lifelong customer — and their value is only increasing. In 2013, 92% of consumers reported using coupons, up from 63.6% in 2007. This should really come as no surprise to anyone. We all know that coupons work, and many of us have bought something online simply because we had a coupon. But why do coupons work? And how can you put that psychology to work in your own business?
Coupons Give Value and Urgency
According to Vouchercloud, 57% of shoppers say they would not have made a purchase without a coupon first. Furthermore, 65% of consumers agreed with the following statement: “Online voucher codes often finalize the decision for me if I am undecided on a purchase."
What causes this change in behavior? And how can you harness that for your business? Behavior economist Dan Ariely told Marketplace.org that coupons can create an added sense of urgency and value.
“Imagine that a new car is $30,000 discounted to $20,000," he explained. "So you say to yourself, 'Oh my goodness this is really worth $30,000, (but) right now it's $20,000.' It gives you an extra sense of value."
If your discount expires, it can create a sense of urgency, Ariely added, making you feel like you really need to take advantage of a limited-time offer.
So coupons enhance the customer's your perception of value. The customer feels like they're getting a bargain, whether or not they really are. But you might be surprised to learn there's even more to it than just that. Marketing expert Michiel Heijmans said that a different psychological mechanism is also at work. He wrote:
According to the Pleasure Principle and the Regulatory Focus Theory, people seek pleasure and avoid pain. The anticipation of missing out on a discount is definitely a pain people will want to avoid.
While these theories sound convincing, there's also a chance that customers are simply happier and therefore more willing to buy. According to a Coupons.com study conducted in 2012: "Those who received coupons were 11 percent happier than those participants who did not get coupons."
Whatever the underlying mechanism, it has been proven time and again that coupons are an effective way to bring customers through the door. And Weebly's coupon builder is the perfect tool to execute your coupon strategy.
Using Coupons in the Weebly Store is Easy
All Weebly Business and Performance plans come with the coupon builder. Using the builder, it's easy to set up many different types of coupons. You can give your customers a percentage off or an exact dollar amount. You can make codes that expire soon or codes that never expire at all. (But from what the studies said above, a limited-time offer might work best from a psychological standpoint.)
You can limit an offer to the first 50 customers, thus adding value to the discount, or allow for unlimited uses. Or you can limit a Weebly coupon to specific products or apply it to your whole catalogue. The choice is yours.
Weebly even makes it easy to offer free shipping, which can be a great way to close the sale. According to research conducted by UPS, 93% of shoppers take action to qualify for free shipping, and the leading action taken is adding items to a cart.
Once you build a coupon, the checkout screen on your website will include a field to enter a coupon code, making it easy for customers to use the code without any additional setup. The coupon box integrates seamless with your shopping cart design and looks great on mobile and desktop.
Don't Forget to Promote Your Coupons
Creating a great coupon is only half the work. You've got to get the message out there and put those coupons into the right hands. Weebly Promote helps you send coupon offers to your mailing list via smart email marketing programs.
You should also consider advertising your coupons on social media — and not just once. Make sure you get the most out of your promotional campaign by displaying your discount early and often. In this hectic world, sometimes it can take multiple notices before your customer will take action.
Using Weebly to make and promote coupons is an easy, straightforward process. And psychology is teaching us that these coupons are very worthwhile. If you employ a sense of urgency and value into your offers, you may gain some new, happy customers that you might never have had otherwise. So why not give coupons a try?