People love deals or discounts in the form of coupons, promo codes, etc., could prove to be the best that sets you apart from the competition. Simply, it converts a mere visitor to an actual customer.
But, you must know about the right and wrong ways of using promo codes. If you are unsure, then follow the steps below to strategize your marketing tactics:
01. The Benefits of Promo codes for eCommerce business:
For a straightforward reason, promotional codes function: they provide an incentive to the customer to purchase; they appear to be too great to reject.
It is evident that initially, you will lose out because you sell your products at a reduced cost, but you need to think about the larger image. You spread goodwill and promote long-term customer loyalty with the use of promotional codes. You could use them on first-time customers, and you could use them on returning customers as well.
02. Create Promo codes as per your business model:
Your promo coupons ultimately drive sales and generate profit. Do not invite customers by giving high discount promo codes and compromising your profits. It is a wrong marketing strategy, and you will end up in losses.
Make sure that your coupon code matches the products you sell, and when it comes to a festive season, it must comply with that also. For instance, offering promo codes on the eve of Christmas for electronic products instead of on chocolates or Christmas tree decorative items, that won’t work well.
03. Promo codes as Lead Magnets:
Promo codes are potent magnets to attract customers. Typically, a lead magnet is in the form of a gift — such as an eBook — and exchanged for your customer’s lead email address. Thus, a customer will hand over their email address and perhaps some other details, and you’ll hand over to them their gift.
How to make use of these emails?
Email is a strong and open marketing tool to reach your customers, which does not require any permission or authorization to approach your customer. Through Emails, you can regularly send updates, new product arrivals, trending products, exciting offers, discount coupons, etc., to entice customers for re-purchase.
To make the most of this tactic, make sure you collect as much necessary information as you need to create an impressive email marketing campaign. For instance, you could grab their email address, but you might also want to grab details such as their personal choices and shopping habits. By asking the right target questions, you can then use email targeting to prepare your content based on customer interest areas so that your open rates and consequently, conversion rates are growing.
Email marketing is a great way to building a relationship with your customer, and ultimately, to grow your online store.
04. Reward customer with promo codes:
In a study, it was found that it is cost-effective products retain existing customers than continually acquiring new ones. At times, retaining existing customers can be a difficult task for you.
But there their things you need to follow that values your existing customers and convinces them to keep coming back.
Therefore, it is a good idea to reward your existing customers with loyalty via promo codes that activate free shipping, extra cashback, free items as gifts, etc. Moreover, it is found that unexpectedly high shipping costs have proved to turn customers abandon their cart. So, make use of this limitation, and by offering them free shipping on the products, they want to buy.
05. Offer holiday promo codes:
When Christmas is just around the corner, offer a Christmas holiday promo code to your customers.
On such occasions, your customers are in the mood to buy & they will be buying something.
It is essential to take advantage of the holidays when the customers buy products for themselves or more likely as gifts for their loved ones. One thing is for sure; you are not the only seller, you have rivals too.
In such cases, offering more discounts through promo codes may divert you from the purpose of making profits in business and decline your earning. The best way to tackle such a situation is grouping products under a similar category and offering customers with a reduced price, as compared to the individual items. This grouping of products seems to be attractive to your customers, and you can also earn a considerable profit by selling in a bunch.
Besides Christmas, offer promo codes during other events like National days, events and even big sports days, Valentine’s Day, etc., These are the great occasions to get your customers’ attention through promo codes.
And of course, if you care about creating a personalized experience for your customers, don’t forget about the special promo code for their birthdays. Make sure to obtain their data beforehand and don’t miss a chance to surprise them for their special day.
06. Promo codes for social media:
Social media marketing itself is crucial to the success of your online store. You must take advantage and earn huge profits with the increasing amount of platforms facilitating social commerce where your audience can buy your products with one click,
How to offer promo codes in social media?
It is simple; you can offer promo codes to any visitor who follows, promotes, or shares your social media pages.
Primarily, a visitor promotes your page, and in-turn gets a discount promo code. It’s a win-win situation. Offer simple promo codes such as flat-rate monetary offer off of a next purchase, or a percentage-based discount.
07. Unexpected Checkout promo codes:
Statistics show that 56% of all consumers abandon their shopping carts at the checkout when they realize how much they have committed to spending. By offering unexpected discount promo codes at the checkout, you can prevent cart abandons.
08. Promo Codes to re-target cart abandons:
In a study, it as found that 67.91% of customers abandon their carts due to numerous reasons like unexpected shipping rates, similar items at comparably lower prices at some other online store, etc. That seems quite high, and it does mean that you’re going to lose out on a lot of sales at the last moment.
One of the best ways to bring cart abandons back is via promo codes. As Facebook is the most popular social media platform, you can make use of Facebook ads to re-target customers. Include the promo code( offering free shipping or exciting cashback) as a hook to bring these leads back and convert into your sales.
These are eight smart ways to use promo codes as your marketing strategy to increase eCommerce business.
In is essential to note that, you do not offer promos all the time, as customers can become reliant on them to the extent that they will all the time wait for you to offer promo codes to purchase. Instead, use them as an essential marketing tool when required, and make sure they’re building true customer loyalty.
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