Discount codes are easy to promote, easy to share and great for tracking campaign successes - just make sure you're keeping an eye on your margins if you offer them, especially if you're using them in conjunction with other advertising which costs you money, like PPC.
How you can use discount codes to help your online business:
- Measure the effectiveness of bricks and mortar events and marketing iniatives by producing leaflets with unique codes and offers for each event. If you're time-rich and cash-strapped, design your leaflets with a space and print your own sticky labels to add an individual discount for each event.
- Give your business partners individual discount codes that they can give out through their networks or to their special customers. A great 'value add' for them, their customers and you!
- Post coupons on social platforms such as Facebook and Twitter to reward your loyal fans and followers or send out an exclusive discount code to customers on your email mailing list.
- Test out your discounts and offers. Find out if £5 off is more tempting to your customers than 10% off by dividing who sees which offer and then recording which coupons are redeemed more.
- Clear out old or slow-moving stock by offering customers the opportunity to use a discount code when buying one of your old ranges or a specific product.
- Providing discount codes increases the average order value in an online store, but even if customers generally spend more when they have a coupon, some customers won't, so it's worth considering setting up a minimum spend on your discount codes to ensure your sales are always within your profit margins.
- And finally, not everything is always perfect - sometimes a customer's order may arrive damaged or even fail to arrive at all. In these scenarios a coupon worth an amount off their next order is a nice way to say you're sorry and to encourage the customer to try out your service again.
I hope some of the above ideas get you thinking about great new ways to use discount codes to help grow your business. Do you do these things already? Trying out something more advanced with Discount Codes Plus? Let us know in the comments below!