Coupon use today is ubiquitous. According to one study, 93% of Americans shop with coupons.
Consumer shopping habits have changed as shoppers have become more and more price-conscious in a volatile economy. On average, consumers spend about two hours a week searching for discounts online. Research shows that 97% of shoppers are looking for deals, and 80% of shoppers would go out of their way for a sale.
Online coupons allow a unique opportunity for insight into a consumer’s path-to-purchase while simultaneously engaging customers, promoting brand loyalty, and generating more revenue for businesses.
Given the popularity of online coupons among consumers and their value for businesses as sophisticated marketing tools, many companies are working hard to create savvy online coupon strategies. And coupon management systems are an essential part of having online coupon strategies succeed.
What Is a Coupon Management System?
Coupon management systems help businesses create and distribute coupons to customers, current and potential. Coupon management systems software is a smart way to distribute discounts, while also tracking path-to-purchase, establishing affiliate promoters, rewarding customer referrals, and increasing revenue.
Why Use a Coupon Management System?
As the demand for digital coupons rises, having a smart coupon management solution is crucial if businesses want their online coupon marketing strategies to succeed.
Better Data Insights
Empowered by a coupon management system, companies can track performance metrics like keyword, message, channel, device, segment, and location. It’s also possible to understand the optimal offer value, the most popular types of discount or the average number of days it took to redeem. Coupon management systems can determine the number of people who received a shared coupon, which delivery channel was most effective, and where the offer was most redeemed.
Understand Path to Purchase
With coupon management systems, you can understand the customer’s path to purchase. Coupon managements collect data on the audience, channel, and other critical factors in each conversion, be it from digital engagement or in-store sales. Coupon management systems translate data into measurable reports that help improve sales. They track consumer buying behavior; this data can help you segment your audience, which allows you to personalize offers.
Coupon management systems also build promotions databases, allowing you to store past promotions and draw on insights gained from them to influence future campaigns.
Prevent Fraud and Coupon Overuse
Many coupon codes lack security features that eliminate coupon overuse or fraud. But with coupon management systems, it’s possible to gain a grip on coupon fraud. Coupon management systems distribute single-use offers in real-time, ensuring that no one can copy offer codes and promo links. You can also use them to set total budget caps for specific promotions, to control campaign spending. Coupon management systems distribute offers only to your targeted audience. They generate unique coupon codes, which allows you to track every coupon against all other ongoing campaigns.
Coupon management systems understand that offers are currency, and they aim to protect them.
Learn how RevTrax helped one brand generate $22 million in cost-savings by blocking 3.4 million fraudulent codes.
Coupon management systems allow you to control offer distribution and measure campaign analytics. Coupon management systems can provide data that helps marketers determine which offers are efficient, and which aren’t, saving both time and money. Some coupon management system technologies can even score consumer’s promotional sensitivity.
Coupon management systems make it easy to unify campaigns across all channels, giving the campaign a seamless and cohesive appearance. They also offer the ability to start a campaign in phases. It's possible to optimize your current offers, and then use data collected to distribute even better promotions.
What Makes a Good Coupon Management System?
When choosing a coupon management system, it is essential to consider the following questions:
Can it create targeted coupon campaigns across multiple channels?
Coupon management systems should offer you the ability to run seamless targeted coupon campaigns across all your marketing channels.
Does it establish coupon redemption rules?
Coupon redemption rules are essential in preventing coupon overuse and fraud. Coupon management systems should establish clear redemption rules for offers.
Is it developer-friendly?
Coupon management systems should be developer-friendly. A coupon management system equipped with API or Application Programming Interface saves time for your whole team (and will make everyone happier!). Developer-friendly software allows your developers to customize the software to fit your marketing needs. In addition to API, a sound coupon management system should offer your team thoughtful documentation with tutorials and practical examples, technical support, and software development kits.
Does it meet your business’ needs? Will it help you achieve your goals?
Coupon management system should fit your company’s needs and support you in reaching your current and long-term goals.
Does it use A.I. to offer the most appropriate coupon value to a customer?
Coupon management systems that use A.I. to recommend and change offer-values can help businesses reduce the money they spend on coupon marketing campaigns.
RevTrax: A Leader in Coupon Management Systems
With RevTrax's Offer Management Platform, companies can control, measure, and optimize their online coupons with AI. RevTrax's platform provides these capabilities across multiple channels, unlocking valuable 1st-party data to help brands improve their marketing effectiveness. Online coupons are much more than just coupons, but ways to capture, engage and convert consumers.
RevTrax's Offer Management Platform enables both promotional and direct marketers to manage online coupon distribution in tandem with their existing marketing stack – DMP, ESP, CRM, or other marketing partners – while improving security and control, reducing unnecessary offer spend, and increasing offer ROI.
A.I. Powered Coupons
RevTrax's platform uses powerful AI-based methodology to recommends and change offer-values at an individual level for CPG and retail brands, helping companies save big on marketing costs. The recommended coupon values are based on over a decade of experience studying consumer response to offers and state of the art machine learning algorithms.