Believe it or not, it’s entirely possible to utilize discount promotions and coupon codes to further your business online.
It’s not “one size fits all”, of course. Not every coupon works swimmingly, and nor should you offer a discount on each and every situation. In this article, we’ll talk about what types of coupons and promotions tend to work well, and how you should go about making the decision whether or not to utilize a discount promo.
Generally speaking, why should I use coupons for my products?
While not all coupons are created equal, retailers have begun to see coupons as a reliable way to drive sales and encourage shoppers to make a move.
Online sales will often succeed if you’re using modest discounts; after all, it isn’t the deepest discounts that help your bottom line most. The more you discount products, the slimmer your margins will be and the more difficult it might be to get your customer to come back and pay full price the next time.
That said, slight discounts and less lofty promotions with Coupon Code Day might be enough to do the trick. And that’s all you want, really: more people to visit your shop and convert. There’s no magic bullet.
Speaking of conversion rate, once you get your new customers to your store, how do you ensure that they’re converting at a high enough rate to make the efforts worthwhile.
It’s difficult to convert new visitors. They might just be looking, after all, and you need to get them to make that commitment.
Perhaps the offer you need to consider is a “first order discount”, in which new visitors can take advantage of a one-time deal for being a new patron. The suggestion here would be to encourage your new fan to enter an email address so that you can message new offers out to them in the future in exchange for this one-time discount on the front end.
Now, they’ll not only be more likely to return because of the deal you gave them, but you’ll also be able to market future offers and products to the customer.
Other types of promotions and discounts
There are, of course, plenty of options when it comes to promotions and discounts.
We’ve already discussed the first-time shopper discount. Others include free shipping offers, which could vary in how attractive it is depending on what your product is and how much shipping typically costs. But it’s an attractive offer to new customers and could help make your store rise to the top of their favourite stops online as a tiebreaker that positively affects just how much they’re spending on the final buy-through screen.
You could also offer a free gift with a purchase of “x” amount of purchase, or perhaps based on thresholds.
Also, don’t overlook good old-fashioned flat-dollar discounts. It could either be based on thresholds or just a straight offer or possibly even based on a percentage of the subtotal.
The moral of the story is that you shouldn’t be too close-minded when it comes to possible discounts and promotions that you can offer.
The stigma surrounding deep discounts is largely fading, and as long as you’ve put legitimate thought into the options that you’re considering, you should be able to find a match for your store and ultimately increase your revenue.
Effective coupon codes and discounts are closer than you might think. It’s time to make a move.