Promo codes are basically a combination of numbers and letters that together makes a unique code which we commonly call promo codes. These codes can be used to avail discounts on a particular item or service. For brands, this is just another marketing tactic to increase sales.
There is no one among the online shoppers who doesn’t look for an available promo code before checkout with cart. And why not? The availability of a promo code can unlock the opportunity getting amazing discounts on the purchase. You can know about what is a promo code.
Working of a promo code in marketing of a business
There are numerous ways in which a brand can make use of promo codes. It can be anything from an on-site display of the offer or placement of the code in promotional email from the brand.
You can just start with saying that since the customer has been loyal to the brand for a quite some time now and made a few purchases in the past, you are offering them this amazing promo code which allow them to purchase something from your brand at a significant discount.
As per a popular survey of 2020, as much as 20% of the people stop midway shopping due to the high price of a product of their choice, so providing promo codes can be a brilliant marketing strategy.
Implementing promo code strategy in your business
In the 20th century, people are always craving for a personalised experience from their favourite brand. Ultimately, it promotes customer loyalty and relations with the business.
With that, we have got three bonus tips for you to effectively use promo codes in your marketing plans.
Make a balance of offers
Promo codes can do wonders for you when it comes to increasing conversions. When people leave their cart midway, such promo codes can excite them to continue their shopping and make a purchase decision.
Just don’t overdo on offering promo codes to lure customer to complete their purchase as some customers are clever and they do it purposely to trap you so that you keep coming up with new promo code deals.
Don’t make it just promotional
This is one big point which you need to keep in mind. Don’t try too hard to offer promo codes. Keep your offer subtle in the checkout section and it would do the thing for you.
A sight of the promo code during the checkout gives a relief to the customer that they are going to save some money on this purchase.
Use different terms that are synonyms of a promo code like voucher, gift card and others to make your call-to-action campaign a bit more attractive yet lowkey.
Take care of revenues and satisfy your customers too
It is imperative to keep your revenues intact. Don’t offer too many promo codes deals because it might affect your revenue. One thing that you can do is to only provide customers with promo codes when they cross a certain purchase milestone with your business.
This will do two things – first it will inspire customers to cross the purchase milestone, and apart from that it will make your customer happy that they won another opportunity to save on their next purchase.
On the other hand, it is also necessary to evaluate how much the consumers are ready to spend on your products so you will be able to set realistic purchase milestone that your customer can reach.
An unachievable milestone would just disappoint your customer without any fault of theirs.
Try reminding your customers if they leave a product in their cart while shopping midway. Just like ecommerce giants like Amazon and Flipkart do every time you leave shopping midway for whatever reasons.