When doing online marketing, business must be creative because the online commercial environment has allowed businesses to identify new ways of wooing potential customers and boosting their conversion rates. At the same time, many sectors have become vastly more competitive, making it more important than ever to capitalize on the leads your business generates.
A Sense of Value
Online coupons and promo codes are one such tool businesses are already using successfully, helping them find new customers and encouraging more sales.
These types of techniques, based on traditional marketing materials, can be implemented easily within the existing infrastructure of your website. But how do coupons work for businesses, and are the results worth implementing within your online offering?
Coupon codes are used widely across ecommerce, with a proven track record for success in attracting new business. They are essentially an electronic means of providing a traceable discount, so that customers can save on the costs of placing an order with the business concerned.
While this does impact on their margins, it nevertheless introduces a new customer who may not otherwise have bought from the site. This in turn helps grow the customer base of the business, making for a cost-effective form of marketing and selling to new prospects.
Can’t Save on Lost Profit
While it might seem counterintuitive to take a hit on the costs of your services, some businesses in particular lend themselves to discounting. In commercial printing, the position is no different. Vistaprint has used online coupons and promo codes to reach new customers, raising its profile to hit markets globally for printing services. It is the coupon codes it uses to attract new prospects that helps fuel this level of growth, and its story is not uncommon for businesses that use this type of strategy.
Online coupons have a viral element to a certain extent. People like to share discounts (including those being paid referral fees in the process), and this can help fan the reach of a coupon-based campaign. By providing that extra incentive for people to buy from you in the first instance, coupons can also drive sales more directly. A time-limited coupon valid for the next 30 days could easily create a rush during an otherwise quiet time. These techniques effectively allow for flexibility in pricing to ensure businesses can control the flow of sales.
Most online businesses could implement coupon codes without much difficulty. It is now becoming standard practice for major online retailers and ecommerce sites looking to find new customers. Regardless of the sector, coupon codes can be a highly effective way to identify new customers, and to encourage them toward actively making a purchase from you. With limited technical barriers, you only need to calculate the ROI you can expect to gain from your promotion.