In the online market, there are various methods of promotions available. You can choose a method as per the amount of money you are willing on spend on the promotion of your product or service. In this regard, there is no doubt that coupons have proved to be one of the most effective methods of marketing in the web world. No matter if you business is of small scale or a large one; the method of promotions via coupons can work effectively in almost any case.
However, it is also true that one should know the right approach for marketing via coupon codes. A lot of people feel confused about the difference in the rules that exist in the arena of online coupon codes and the regular coupons (or the printed ones). So, if you are planning to issue coupon codes for the promotion of your business, here are a few important things you must know.
Different types of Coupon Codes
If you browse through the online market, you will come across different sorts of coupons. However, the most commonly found ones are:
Percentage based discounts: There is no doubt that each and every customer looks for some amount of discount on the product he/she purchases. So, if you want to entice more and more potential customers towards your business, you have to use the power of coupons. They can act as bait, and if you are able to provide the best deals, you will surely end up earning a lot of customers. You can offer 5 to 20 percent discount on your fresh merchandize, whereas 50 percent or more on the old ones.
Cash based discount: Nowadays, offers related to cash back are definitely trending a lot. Cash back offers are more enticing if the product or service being sold by you is somewhat expensive. When you offer good amount of cash back via coupons, the potential customers do feel attracted towards the offer. The higher numerical value in the case of cash back will work as a better psychological trigger.
Free shipping: Another form of coupon code that companies are offering these days is ‘free shipping’. In your product page, you can mention a shipping amount, considerably a large figure. To help your customer get rid of this shipping amount, you can dole out coupon codes, which would work only if the cart value is over a certain amount.
Free gifts: Everybody loves getting free gifts, and when you offer the same via coupon codes, it certainly helps you earn more customers for your business. Plus, it can also help you earn the loyalty of your existing customers. In this regard, you can consider those items are gifts which are not moving.
Few useful strategies for promotions via Coupon Codes
Distribute via proper Channels: If you want to enhance the reach of your coupon codes, you have to select the right partners for this purpose. There are many websites available which are solely dedicated to coupon codes, and online customers always keep heading towards such websites. You can also offer some commission to such platforms, and get good number of customers in return.
Track and assess ROI: In order to assess the effectiveness and profitability of your marketing plan involving coupon codes, you need to keep an eye on the number of coupon codes that are being used on weekly or monthly basis. Tracking down the coupon codes based on certain set of keywords can be quite effective in this case. Once you have a better understanding of how well your coupon promotions are working, it will become easier for you to plan your future strategies.
Shopping cart abandonment strategies: Many a times your potential customers leave the cart webpage without making the purchase. In such situations, coupon codes can work quite effectively. You can lure shoppers back to your website by offering them attractive discounts or free gifts via coupon codes.
Coupon codes via emails: When it comes to earn the loyalty of your existing customers, you can surely depend on the power of coupon codes. You can mail coupon codes on monthly basis to your existing or potential customers, which will surely entice them to check out your website at least once. However, it is usually better to give a sneak peak of the offer, rather than revealing everything about the deal on the mail.
Discount coupon codes always work: Yes, discount codes are much more effective in comparison to other coupons like free shipping, free gift, cash back, etc. You can make the landing page and the home page of your website more enticing by placing a couple of coupon codes.
So, those were the five major strategies that one should keep in mind order to make the optimum use of the coupon codes.