In some circles online offers get a bad rap, with marketers believing deals and discounts only attract low-value bargain hunters, or shoppers who would have made a purchase with or without an incentive. However, research suggests that this point of view is outdated: a recent consumer survey conducted by Bizrate Insights showed that more than 93% of internet users felt that discounts and coupons were an important factor in their digital purchase decisions. Without a strong offer strategy, marketers could be losing out on a valuable form of customer engagement.
When used thoughtfully, and combined with the powerful targeting and testing capabilities of Facebook Offers, online incentives can be an integral part of your marketing plan, capable of impacting consumers across their purchase journey.
We’ve outlined the basics before, but If you’re unclear of just how to leverage Facebook Offers, here are a few examples of what you can do with this versatile tool to drive valuable outcomes for your business.
1. Attract new customers – A common concern we hear from marketers is that if they launch a digital offer, they’ll only be redeemed by their current customers who would have purchased anyway. With Facebook Offer Ads you can put those fears to bed. Unique codes can be used to limit the number of discounts available and to track redemptions. Facebook’s sophisticated targeting functionality also allows you to exclude anyone you know has already made a similar purchase from being served the ad.
2. Encourage customer loyalty or re-engage lapsed customers – Smart marketers look to reward their highest value customers to keep them coming back, but also need to ensure these offers stay exclusive. By using a Facebook Custom Audience built from your CRM data or email list, only those you’ve selected will be served the offer. The same tactic can be used to target lapsed customers to encourage them to give your brand another try. Recent research from Accenture shows that this kind of personalized engagement is exactly what consumers are looking for.
3. Announce some big news – A new product launch or new store opening can be a make or break promotional opportunity. Make the most of it by tying your announcement to a special offer on Facebook. Create a Lookalike Audience based on your highest value customers or website visitors, living in or visiting the geographical area you’re looking to target to ensure your offer is seen by the people that are likely to redeem it.
4. Test and Learn – These days consumers have a lot of distractions vying for their attention. Using Tiger Pistol’s platform, you’ll be able to A/B test various offers to find the perfect incentive that brings new faces though the door, without having to waste your media budget on a deal that won’t perform. Take a look at the picture to the right for an example of how it works in Tiger Pistol.
5. Eliminate excess inventory – Facebook Offers can be the perfect tool to highlight products you’re looking to liquidate. Your offer can be set up to target consumers with specific psychographic traits and interests that would make them more likely to purchase the product you’re looking to remove from your stock.
Your business is unique and so are your customers. With Facebook Offers you’re able to tailor your message to incentivize the right customers at the right time in their purchase journey, to help you meet your business goals. When combined with Tiger Pistol, creating offers can be a simple easy process that’s automatically optimized to make the greatest impact to your bottom line.
Mike Winand is a Client Manager at Tiger Pistol, and has extensive experience helping businesses large and small to craft incentive-based marketing strategies.
Coming soon: 10 Tips to get the most out of your Lead Ad Campaigns by Gabe Smith.