Strategic Ways Businesses Can Use Coupon Codes & Promotional Discounts
If you operate a business, you’re always on the lookout for more customers, and ultimately, increased revenue.
While you don’t need us to tell you that, there are certainly good and bad ways to about trying to increase those conversions. In some circles, coupons and discounts have an entirely negative connotation to them. On the other hand, there are some folks who believe in discounting the day away in order to get more new business that can then be converted into repeat business.
Let’s just say that it’s important to be strategic when exploring the use of coupons. And in this day and age, we’re mostly talking about online coupon codes.
Here are a few elements that are important to consider when it comes to utilizing coupon codes.
If you’ve done any amount of online marketing and sales, you’ve surely heard of retargeting.
In short, retargeting is following up with a past customer or past “lurkers” – potential customers who have browsed your site but haven’t converted – via digital advertisements and/or emails in order to encourage them to come back.
It’s important to be considerate regarding what that “go-back” offer is; if you only offer deep discounts then you’ll only be discounting your product and limiting your earning potential.
Rewarding repeat customers and partners
Whether it’s existing customers that have purchased from you in the past or simply fans of your company on a platform such as Facebook, you’ll want to be sure to go out of your way to thank them and reward them for being loyal to your brand.
If you utilize Facebook to promote your business, then take advantage of the coupons and discounts that you can offer directly through the Facebook platform. You can utilize the site’s tools to ensure that your best (read: most frequent and loyal) customers are rewarded.
Plus, consider using partner companies and/or individuals with incentives to assist in the distribution of your unique offers. You can offer commissions or other incentives to third parties in order to ensure that you’re getting adequate traction on all of your products.
Customizing, measuring, and tracking
The first thing you should do when putting discount codes out there for your product is to ensure that you’re customizing your coupons at Coupon Code Day to your customers and to the audience to which you’re promoting.
Unique codes that you create can be used throughout varying channels, including custom codes for partners and loyal customers as well as different formats for different discounts.
Of course, it’s imperative that you track and measure the return on your investment. Make sure to use differing discount codes depending on the source. That way, you can be sure to know exactly how much each ad outlet is generating.
It all comes back to how much you’re generating, and the best way to know what your net is will always be to match that up with the amount your spending on your promotion and the discount codes.
Coupon codes and discounts can be a huge part of generating business online. You just have to be smart about where you promote them, who you target them towards, and how you track your successes.