It’s an undeniable fact that the cost-of-living crisis is impacting people across the country. From rising bills to wary spending on non-essential items, shoppers are trying to save their pennies and catch the latest deals, meaning that they’re looking to brands for great discounts to help them manage their finances.
“88% of people in the UK are worried about the cost-of-living crisis – it’s giving them a lot of anxiety, as you can expect”, says Izzy Cowan, Client Services Team Lead at Student Beans. But how can you best support those consumers searching for these deals and drive commercial success in the process?
The answer, of course, is Beans iD. In this blog post, we share the benefits of Beans iD and discuss how Beans iD brand partners can optimize and promote their consumer group discount propositions to drive conversions, increase sales and support consumers during these difficult times.
What are the benefits of Beans iD?
With 17 years of experience in audience verification tools, Beans iD enables brands to offer exclusive discounts to multiple consumer groups, from teachers to NHS workers.
Not only does this introduce new customers to brands but it also secures their loyalty – once you’ve got them, you’ve got them for life! In fact, according to Izzy, “price followed by quality was ranked as the most important factor when choosing a product, so those discounts really count.” Beans iD is a great tool for increasing conversion rates, increasing AOV and bringing customers back time and time again.
Everyone’s a winner (apart from your competitors, of course)!
5 ways to drive conversions from your Beans iD proposition
1. Upgrade your call to action
Make sure your Beans iD discount has pride of place on your website’s homepage – this will help to drive engagement and click-through rates, as well as increase basket spend. “Brands who improve their CTA positioning have seen a 20% increase in average order value,” says Izzy. “The results really speak for themselves!”
Take, for example, clothing brand Lulus‘ success:
Lulus signed up for Beans iD healthcare verification to grow brand awareness and drive sales amongst their target audience. Alongside verification integration, Lulus added a header link banner on their homepage and ran additional email and social activity promoting their exclusive discounts.
And the results speak for themselves! Since launch, the brand has seen huge growth amongst this consumer group – in fact, a 108% increase in revenue and 588% increase in transactions!
2. Make it clear who is eligible for discounts
Whether your discounts are available to healthcare workers or graduates, make sure this is clear on your CTA banners and discount pages. For example, in the UK, try ‘student and graduates’ and ‘key-workers’, or ‘heroes discount’ in the US. If you package everything under one ‘discounts’ heading, you risk prospective customers missing out if they’re unaware of the available deals.
3. Shout about your offer and get social
Visibility is key here – promoting your Beans iD offer across your social media accounts and in email marketing will help to raise awareness of your great offers. It will also boost your credibility amongst shoppers who don’t qualify for a discount but recognise the lengths your brand goes to in order to support key workers during the cost-of-living crisis.
4. Include discounts-focused keywords in your search bar
Did you know that shoppers don’t just use search functions to browse products but to find discounts too? Featuring relevant keywords in your search bar is a great way to optimize those discounts and drive conversions. “91% of UK and US consumers search for discounts when making a purchase”, says Izzy, “so try starting with words like ‘healthcare offer’, ‘teacher discount’ and ‘military offers’ and then build out your keyword research from there”.
5. Offer % discounts rather than monetary
This may come as a surprise, but shoppers prefer not to be tied to a certain spend. This means they’re more likely to spend with your brand if they feel like they’re getting a cheeky percentage discount which is proportional to their spend (i.e. the more they spend, the bigger the discount). By swapping monetary for percentage discounts, you’ll see those conversions increase in no time.
So there you have it, five ways you can optimize your Beans iD discounts to drive success in 2023.
Not currently a Beans iD partner? Learn more about the possible benefits to your business here.
Or, want some help optimizing your current consumer offer? Speak to your account manager to learn how you can get the most from your Beans iD integration.