Coupons and Promo Codes: 13 Ways to Drive Revenue
Every customer wants to save and that’s the bottom line. Actually, research shows that consumers like shopping where they are likely to score huge discounts. Some will go to the extent of holding their money until a good deal comes around. Often, their targets are coupons and promo codes. By integrating these offers in your marketing campaign, it becomes easy to direct customers to your store for them to make purchases. In the end, the more they buy, the more revenue you enjoy. All you have to do is incorporate a few proven and tested methods of driving revenue, including:
- Email Marketing
When sending newsletters to customers, you should take the opportunity to create awareness of your coupons and promo codes. There is a chance that a good number of them will be interested in making purchases. You can also send retargeting emails to kindly remind customers about products they recently viewed.
- Referral Offers
One effective route for distributing referral coupons and promo codes is social media. You can create referral offers that your social media followers can share with others. The offers can be in form of discounts so as to improve customer traffic and to generate more revenue.
- Re-attract Cart Abandoners
It’s estimated that 70% of buyers abandon their carts once they get to the checkout page. You can use coupons and promo codes to change their minds. One way to do this is to automate pop-up offers when the customer shows the intent of abandoning the cart. The other way is to attach the offers in follow-up emails.
- Weekly or Monthly Deals
There are so many customers who are always waiting for weekly and monthly deals. You can plan to send them the offers more regularly with the aim of encouraging frequent purchases.
- Push Notifications
Push notification is a new technology that allows you to grab the attention of the customers once they visit your store. You can use the technology to create coupons and promo codes that will encourage conversions.
- Prelaunch Offers
This works when introducing a new product or service to your existing business line. You need to promise your new or existing customers discount deals if they share information about your brand with others. This gives you more subscribers that you can eventually convert into customers.
- Influencer Marketing
People who are well known normally have a massive influence on social media. They include musicians, actors, bloggers, and advisors. Partnering with them gives your brand the advantage of being endorsed before their followers. This means more customers who are willing to make purchases.
- First-Time Offers
There’s no easier way to encourage new customers to make purchases than offering them first-time discounts. Since they are promised significant saving, they’ll buy your product.
- Reward Programs
Customers will stick with you when there is an incentive. Offering them rewards in form of free gifts, discounts, and redeemable points is a sure way to encourage them to make purchases.
- Minimum Purchase Deals
If there’s a proven way to entice customers to buy in bulk, it has to be through minimum purchase deals. The more the customers add items to their shopping cart so as to reach the purchase limit, the more the revenue you get.
- Holiday Offers
If there’s a time that consumers are normally crazy about coupons and promo codes, it has to be during recognizable holidays like Christmas, New Year, Valentine, and Easter. You can generate more revenues if you distribute the offers during these holidays.
- Offer Free Shipping
According to a past research, free shipping coupons guarantee more conversions than offering percentage-off or dollar-off discounts. This is because they guarantee the customers more saving irrespective of the bulkiness of their order.
- Show Expiration
Lastly, you need to show a sense of urgency in the offers that you give regardless of type. The expiration date should be near to encourage immediate purchases.
Coupons and promo codes are strong marketing tools. However, you need to be aggressive and smart to enjoy improved revenues. Your goal should be to attract more customers and to convert a bigger population. You can achieve this by implementing the above highlighted methods.