There is nothing wrong in saying that people, especially customers love various discount deals. Undoubtedly, it is difficult to thrive for small businesses in the cut-throat competition for almost everything. Well, it is indeed challenging to keep growing and expanding the business in the world of so many renowned retailers and big brands.
For most online business, there comes a time when it has to decide whether or not to offer the deals, discounts, coupons and promotional codes. Often it becomes a matter of discussion or confusion that when to offer coupons, how much would they be worthy of, whether or not they would generate expected revenue and what not!
If you have decided to include discount coupons as one of the marketing strategies, you must have to define the fundamental objectives for the promotion. Some of the objects can be:
– To encourage and improve online bookings, purchase and hence, the market. The business moves from offline to online that relieves pressure on the staff.
– In order to create a sense of urgency that ultimately inspires customers to purchase goods early as the offer remains there for a limited period of time.
– To up-sell the products by the mean of offering discounts for multiple purchases at once.
– To promote a new product or item being offered by the company that encourages customers to try out newly manufactured products or goods.
– In order to track the revenue sources as various promotional codes help to conclude which sales channels are performing better.
Why coupon codes are great and how they help in business growth
– They are highly popular
With the era of smart-phones and tablets, shopping has been easy to access. Gone are the times when one has to print out the coupons and go to a brick and mortar store to avail it. Now getting a voucher and using it to shop at the most simplified rates is on finger-tips. This can really drive the sales up.
– It is easy to promote them
There are so many websites where you can advertise the coupons, either cheaply or for free. You can definitely promote them through social media networks. Now a days there are entire sites such as Couponobox.com that provides a vast variety of coupons and promo codes for various brands and stores. You can easily promote your business through any digital platform.
– It does not take much efforts to share them
Thanks to the internet and digital marketing age, sharing vouchers, coupons, promo codes, and discount deals have become extremely easy. Share it on your website, through emails or social media platforms, you have high chances of increasing your e-commerce business in a stipulated period of time.
– They are flexible and easy to track
These coupons and voucher codes can be used for a wide range of diverse promotions. This flexibility has manipulated an array of consumers, making them incredibly adaptable.
The best part of these deals is, it is easier to track the usage of those coupons and the revenue generated by them. If you merge the concept of voucher codes with your e-commerce business platform, you can have following benefits:
* You would be able to monitor the number of redeemed codes
* How much those redemptions have cost you
* How much profit have you made through them
You can also set individual campaigns to promote specific coupons or to generate revenue through certain streams of business. You can track the performance of each offer and measure the benefit of a particular marketing strategy. This could be a dream of any web analyst. Eventually, these coupons and vouchers help your business to boost Average Order Value in long run.