Looking to drive incremental sales and gain higher ROI from coupon sites through your affiliate marketing channels? Read on to learn Ignite’s top three tips for doing just that!
1. Create Coupons with Minimums
Create coupons with a minimum amount attached to them, such as 10% off $75, instead of just 10% off. In doing so, this will naturally increase the Average Order Value (AOV), while simultaneously increasing ROI. In addition to almost doubling clients’ AOV, Ignite OPM conducts A/B testing to determine the coupon that will convert best with the highest AOV.
For example, a recent Ignite OPM case study demonstrated the benefits A/B testing can have. A well-known athletic brand was looking to increase AOV and increase their Return On Ad Spend (ROAS) through the use of promotional coupons and deal sites. After A/B testing the brand’s coupons, Ignite OPM doubled down on the coupons with the highest AOV, increasing the brand’s revenue by 30%.
2. Actively Manage Deal Site Relationships
Brands need to build and maintain relationships with coupon and deal sites. Without an active relationship, coupons sites may start promoting offers from your competitors on your page within the coupon site. This increases the chance of customers changing their minds, which decreases your conversion rate, ultimately losing your brand the sale.
Actively managing these relationships will help keep your coupons and messaging accurate, and preserve control over your brand's image online. By establishing sustainable relationships with coupon sites, you’re incentivizing the sites to cooperate with you and your brand; without such relationships, you’re more susceptible to having them misrepresent your brand and create a poor user experience for your customers.
3. Get More Exposure with Premium Placements
Lastly, consider moving coupon sites up the buyer’s funnel through the use of premium paid placements. Explore premium placement opportunities with coupon sites to drive an influx of new customers, while also creating brand awareness. Homepage placements, regularly targeted newsletters, and relevant gift guides can place your brand and new products in front of new customers who aren’t even thinking about your brand or have never heard of your brand.
It turns out that impulse buying occurs with products equal to or less than $25. If you’re lucky enough to have a product that totals $25 or less, these upper funnel placements will help impulse buying, and therefore, increase your conversion rates. If your product doesn’t employ as much impulse buying, you can increase your conversion rate by offering exclusive coupons instead. With product targeting capabilities, companies are able to target consumers in their space, specifically seeking buyers that are thinking about your product (even if they aren’t aware of your brand). By strategically working with coupon sites, brands can drive incremental sales and a high ROI from these partners.