"Within one month our revenues had jumped over 50%."

7 Strategic Ways Businesses Can Use Coupon Codes

Consumer Spending

Coupon codes can help you.

For the savvy business owner, there is a whole lot more potential in mobile coupons than at first may be apparent. Most businesses use them as a simple way of increasing sales, although even here they may prove to be counterproductive. When a business is booming, rock-bottom discounts can actually be detrimental.

Instead of simply using them in the traditional way to increase checkout sales, many business are now recognizing that they can be effectively used to track their customers, leverage discounts, construct affiliate relationships and much more besides.

 

Measure and track ROI

Advertising ROI can be conveniently tracked and measured using coupon codes. By using a different code for the ad from each outlet, such as billboard ads, Facebook or printed media, you can track the sales that were generated from each campaign. What’s more, with a little technical wizardry you can use them for critical SEO at keyword search level too. In fact, often web users look for queries such as”brand+voucher” in Google to find discounts.

 

Track event revenue sources

Discount codes can be used effectively for tracking the best sales channels you’re using by showing which ones work best. Marketing partners, for instance, can be given unique codes to distribute, enabling you to see at a glance the channels that return the most sales so that you can optimize these and drop those that aren’t generating the revenue.

 

Affiliate collaboration

Using coupon codes to encourage your affiliates to do your marketing is another great use for these items. Simply hand them coupon codes that they can pass on to their audience and when these are redeemed the sales can be tracked. The end result is that the customers get their discounts; the affiliates get their commissions and you reap your new customers.

Build brand loyalty

Employees can be handed packs of discount codes of varying amounts to pass on to pleasantly surprised existing customers. This will be to show such valued clientele that their custom is greatly appreciated, to the extent that you’re knocking something off their next order, and this is a good way to build brand loyalty.

 

Learn about customers

The bigger opportunity to take advantage of from coupon codes, apart from conversion value, is to use them to gather more data about your customers’ behavior. Create different codes that can then be distributed and tracked across a whole range of channels. Also distribute them to your partners to test various discount formats and thereby increase conversions through the use of live data.

 

Initiate action

Online coupon codes can be used to offer first-time buyers attractive discounts on products and services. As this will result in relative scarcity of the product, more customers will be spurred into taking action and carry forward purchasing decisions. Those who may be hedging their bets will then be given an incentive to take the leap and buy something.

 

Reward fans on Facebook

Offer discounts and coupons on you Facebook page or alternatively use third-party apps for this. Most loyal fans can be identified through an app and rewarded accordingly, which will encourage loyalty in others. It is widely recognized that hanging on to existing customers is much more cost-effective than hunting down and enticing on board new ones.

 

About the Author

Carlo Pandian is a web marketer based in Kuala Lampur and tutorial writer on Intuit QuickBooks small business accounting software and other finance tools. He loves to share entrepreneurial tips with the community of Globial in order to get the most out of voucher codes campaigns.

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Author:Globial International Business Team

The Globial International Business Team researches, analyzes, and reports on all things related to global trade and business.

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