Online businesses have a wide range of strategies to market their products. Coupon codes are on one of the ways to increase profits. However, a firm needs to strategize coupons appropriately to ensure it achieves its main goal, which is ensuring more money is flowing in.
Here are 7 ways to help your online business make more profits from coupons.
Use promo codes to increase shopping cart sales
When a customer abandons a shopping cart, he or she does not complete making his or her purchase. For example, one may leave the site at the checkout stage. It is essential that you follow up such shoppers through email and remind them of their pending activity. You can also entice them with reasonable discount coupons. This way they revisit your site and make purchases thus increasing profits.
Use voucher codes to evaluate effectiveness of different marketing platforms
Social media is great for marketing and advertising products and services. You can use Facebook, Google+ and YouTube, among others. Ensure you use a different coupon code for each social media platform. This way you can easily, track the effectiveness of each of them and know how well they are doing.
Use coupons to appreciate active Facebook followers
You only know your Facebook page is active when there is feedback from your followers. There are followers who are loyal and appreciate your efforts through their feedback. These are the people to reward! Offer them deals through coupons and promotions.
Publish coupons on voucher sites in the UK
To increase yourprofits you need to increase your number of customers. In the United Kingdom there are many voucher sites where you you can publish a new deal targeting new customers. For instance, you can use www.wikigains.com on of the UK’s biggest coupon websites, and target new customers by offering 50% off their first purchase.
Use coupons to counter the competition
You are not the only one in your line of business offering coupons. There are other online retailers. You need to make smart moves to outdo your competitors. A 10 % off products could help lure customers to your site instead of the others.
Use loyalty codes to reward frequent customers
The network of customers you have now is essential to your business. Appreciating them makes the feel important to you; they know you value them. Send them emails with coupon codes for their future purchases. They will love it.
Use special coupon codes to monitor affiliates
Affiliates can be bloggerswho can write contentto promote your products. What you do is send them your coupon codes. They will share the voucher codes on their blogs. Track the sales they make and reward them with commissions, which are a percentage of the income they bring in.
Online businesses understand the value of coupons. They help bring in new customers, increase profits and build and maintain customer loyalty. However, do not rely on discounts as the only means to make profits.