The reign of social media brought with it…
Social couponing continues to grow but many small businesses are limiting their efforts and not reaping all the rewards social couponing can provide. Let’s take a look at what social couponing is and why it’s valuable so you can turn social followers into paying customers.
What Is Social Couponing?
Social couponing is simply putting coupons online and your social channels that your followers can download and use in person or on your eCommerce site. Customers can share the coupon with friends on their own social channels, expanding brand reach. For this reason, it’s often used as an acquisition strategy when companies are looking to grow their customer base.
A Wildfire Interactive study made waves a few years ago after it posted its findings of a study on Mashable that found that coupons earned the highest response rates out of 10,000 Facebook campaigns so it could be the best strategy for your business to engage customers.
Value Of Social Couponing
As I mentioned above, social couponing is a great way to acquire new customers since people like to share deals. And as to the Wildfire Interactive study, social couponing can also help engage existing customers. Marketers like social couponing because it supports their ongoing marketing efforts by linking your customer’s behaviors across multiple channels.
It’s also a great way to help quantify the value of a “Like? or “Follow.? More sophisticated marketers use social couponing as a way to identify those customers that interact with a company online only so they can create targeted campaigns that encourage greater engagement with this group.
Methods Of Social Couponing
There are two main ways for small businesses to execute social couponing: post their coupon on a deal site, like Groupon, or post the coupon themselves on their own channels. Both have pros and cons and the decision will often hinge on what you’re trying to achieve and the resources you and your marketing team have to support social couponing. If you don’t have a lot of the latter, consider posting your coupon on a deal site.
However, there are some considerable benefits for your small business to control its own social coupons. Unlike deal sites, social coupons on your company’s website or social channels are controlled by you, not the deal site. That means you control the message and presentation of the social coupon communication, and sharing and engagement drive traffic to your assets, not the deal sites’.
However, since over 96% of adults in the U.S. have used a coupon in the last three months, getting your deal online in any fashion will only help to grow your business.