If coupon codes are not part of your marketing strategy, you should consider them seriously. Do you know that a recent market survey found that 69% of brand loyal shoppers would switch brands if they received discounts from other brands on their mobile devices? Another 80% of shoppers reported that a coupon could influence them to purchase a brand they otherwise wouldn’t buy.
Coupons heavily influence consumer decisions on the items they purchase. You might lose customers if you don’t have coupons and your competitors do. Every marketing manager knows that brand loyalty is about consumer psychology, which can change over time.
Do you know that consumers can pay more for a discounted item than less elsewhere for the same item if not discounted? It all comes down to how the human brain works and has nothing to do with logic. People always want to feel they are getting more than they are paying for.
For the best deals, head to vouchertoday. But first, you need to understand the best practices for using voucher codes.
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Coupon Code Best Practices
If you must integrate vouchers into your e-commerce store, you must adhere to certain best practices.
- Let Customers Know About Your coupon code practices
Customers need to know the terms and conditions of the promotion. You can put a small symbol with a link for more information regarding the promotion. Make it short, clear, and transparent.
- Use Alternate Terminology
You need to develop an approach that does not seem pushy or too targeted. If a promo code pops up every time a shopper visits your site, they may feel too targeted. You can be vague so only interested shoppers can pick up the information.
- Personalize Voucher Codes
Only give voucher codes to shoppers that meet certain specifications. This way, you can reward specific customers without alienating others. The best way to implement this is through a promotion code that pops up on the shopping window.
Design the pop-up to display only when a shopper meets specific requirements. Alternatively, the voucher code can only be displayed to those who reach your page through affiliate links.
When and Where to Use Voucher Codes
Coupon codes are a great way to promote products, but they require an excellent strategy to work. Otherwise, you might put your business at risk. Also, they don’t work for all products and every customer. Knowing when and where to offer them can make a difference for your business.
Here are some conditions under which you should use voucher codes:
Rewarding New Customers
When you enter the e-commerce world, you realize you are surrounded by competition. Hundreds of other stores are selling similar products/services. Potential customers can find it challenging to notice your business in such a crowded space.
Voucher codes can help you announce your presence and even foster consumer retention. You can offer discounts, specifically for new customers. If they make a purchase, they get a certain discount through a voucher code. Who wouldn’t want that?
Appreciating loyal Customers
Do you want to create brand loyalty? One way to ensure this is by rewarding your loyal customers. Coupons help you tap into the customers’ psychology to build loyalty.
Brand-loyal customers are the most difficult to attract because their attachment is to the product rather than the price. But once you’ve such customers, showing them you appreciate their loyalty will go a long way.
If you have an effective coupon strategy, you can boost your brand loyalty. Giving coupons to loyal customers can have a positive impact on your brand. Even loyal customers want to feel appreciated. The impact will be unmeasurable if you give them personalized coupons on their special days, such as birthdays or anniversaries.
Clearing Slow-moving or Outdated Stock
Managing outdated stock can be a nightmare. It’s not just about storage space but also worries your mind. If products are not moving on your digital shelf, the best way to incentivize customers to buy them is by slapping a discount.
Instead of worrying, why not give strategic discounts to your customers? You may have to sacrifice a percentage of your profits, but you will increase sales and clear your inventory. You can give discounts with a countdown timer or a discount on higher-quantity purchases.
Increase Conversion Rates
Lagging conversion rates can be a headache. But what can you do when customer interest is low and sales are not moving? You can use voucher codes to salvage the situation during low customer engagement.
Final Thought!
Exercise caution! Market research shows that consumers want to pay less for more. But you should be careful when running voucher codes and coupons. If you offer them too frequently, it may send a negative message in the customers’ minds. Customers may doubt the quality of the product.