Picture this: you’re online searching for a new pair of running shoes on a site that sells all kinds of shoes: formal, training, football, etc. You navigate straight to the running section.
While you’re skimming the running shoes, a sidebar slides in from the right with an offer. Which of the following sounds more enticing?
- Generic: “Get 20% off your next purchase!”
- Personalized: “Looking for new running shoes? Here’s a coupon for 20% off all running shoes!”
It’s the second one, right?
The second offer personalizes the conversation and creates a strong association between the deal and the exact product you’re looking for. It’s a dynamic coupon. Dynamic coupons use personalized language to make their offer more attractive and convert higher than a generic coupon.
How do you make a dynamic coupon strategy? Let’s explore:
- Use Consumer-Consented Data to Show Dynamic Offers
- Leverage Visitor Behavior
- Unique Coupon Codes
- Build a Dynamic Coupon Strategy
Use Consumer-Consented Data to Show Dynamic Offers
Are you collecting consumer-consented data? If so, dynamic coupons are just one way to put that data to work for you. If that term is foreign to you, no worries! Here’s a quick read on the basics of consumer-consented data. In short, consumer-consented data, also known as zero-party data, is any personal information a customer gives willingly to you. The easiest example of this is a quiz, but it can be through any brand interactions, including a preference center, survey, and more.
It can be so easy to set up a consumer-consented data collection plan and stop there. But data is only useful when put to work. So here’s one great opportunity for you to do so: create a personalized coupon strategy.
Your customers may have told you they:
- Want to gain or lose weight
- Prefer solid colors or wild patterns
- Are going to vacation in the Bahamas or the Swiss Alps
Instead of showing a store-wide coupon for all products, show a discount for the product or service they specifically want. Consumers today crave personalization. This is one more way to show you are listening to them and are here to solve their problem.
Leverage Visitor Behavior
Where are your customers going on your site? Just like our first example, are they navigating straight to one section and browsing there for a while? Have they visited your site several times and viewed the exact same page?
This is your opportunity to prevent cart abandonment and seal the deal.
If they’re staying or returning to the same place on your site, odds are they have their eyes on something specific. For whatever reason, something is holding them back from making the final purchase.
But if they see a discount for the very item on their wishlist? That may be the push they needed to finally check out.
Unique One-Time-Use Coupon Codes
Finally, it’s a good practice to establish a one-time-use coupon strategy. This prevents coupon sharing, ensuring your discount stays with the one person you offered it to. Plus, offers that are truly exclusive or specific to an individual feel more special and rare. This also increases conversion rates.
Extra tip: Add a time limit to your coupon and run with it. Send an email reminder or a banner that tells a customer when their coupon is expiring. This is one more way to increase urgency.
Build a Dynamic Coupon Strategy
Without a dynamic or personalized angle, coupons don’t feel special. Don’t let every customer receive the same immediate offer for 10% off as soon as they enter your site. Get to know them through consumer-consented or behavioral data. Then, overcome their hesitation with a discount offer made for them. That special feeling, tied with an expiration for a sense of urgency, will increase your conversion rates.
In other words: don’t use coupons and discounts as your immediate hook. Use them as your final push.