Promotional prices, special deals, and coupons. Most online stores will eventually have to decide if and when to give discounts and the dollar amount of such discounts.
Providing customer discounts is a potent tool in the conversion arsenal because it encourages client loyalty. But if you use it carelessly, you risk severely damaging your brand’s reputation and, worse, being unprofitable.
This article will discuss several creative approaches to using discount codes to increase customer retention and sales.
One can use promotions, offers, discounts, and deals to increase client retention, new customer acquisition, and overall business success. Take a look at some of the most common choices and examples below.
Monthly & Weekly Offers
This refers to the more conventional sales forms used to motivate purchases. These discounts are utilized frequently after each month or quarter to boost revenue and achieve targets. After a quarter or season, when you need to clear out seasonal inventory to make room for new products, weekly or monthly reductions can be very effective.
Tips and best practices:
- Use a countdown timer to create a sense of urgency around dwindling stock
- Sweeten the deal with BOGO and product bundling offers
- Emphasize the “last chance” nature of the offer also creates urgency
Seasonal Sale
Black Friday and Cyber Monday are part of the holiday shopping season, retailers’ busiest time of the year. Holiday promotions are timed to coincide with shoppers’ eagerness to spend more money.
Tips and best practices:
- It’s important to market to the people doing the shopping, even if the products you’re selling are aimed at a specific demographic (like children’s toys), in this case, parents.
- Because people want their gifts to stand out, this sale is ideal for novel and unusual products.
Prelaunch offers
Prelaunch incentives are a great way to get people interested in your business or product before it officially launches, which can help you get new consumers and turn them into lifelong patrons. When promoting a new store or product, pre-launch discounts can help get the word out before you even open for business.
Tips and best practices:
- To keep in touch with customers as the release date of your product approaches, get their email addresses.
- Use a pre-order banner to provide early access to your new product for a certain group of buyers.
Abandoned cart coupon code
Nearly 70% of all shoppers abandon their carts, but you may win them back with the right abandoned cart email offer. If you have a discount coupon or a special offer, sending abandoned basket emails might be a terrific method to get back those lost sales.
Tips and best practices:
- Personalize your abandoned cart emails with your customer’s name and the product they left in their cart
- Include a call-to-action (CTA) button so your customers can easily return to their cart to complete their purchase
Referral Marketing
If someone knows, likes, or trusts you, they are far more inclined to buy from you. Put this to good use by using incentives to generate word-of-mouth advertising. A discount can be offered to either the referrer or the one who is referred.
Tips and best practices:
- Include a monetary benefit for the best results or provide free products of the amount they referred.
- Provide gifts to Referrer on successful referees.
Email/Newsletters Subscription
Online merchants would do well to prioritize list building. Conversion rates can be boosted by offering something in return for visitors’ email addresses. Because you now have their email address, you can use it to communicate with them, gain their loyalty, and promote them in the future.
Tips and best practices:
- Explain to readers what benefits they may anticipate from subscribing to your email; for instance, you could say, “Be the first to know about our newest products and receive special discounts.”
- Make it easy for subscribers to share your newsletter and spread the word about your business through email and social media.
Incentives for liking, following and sharing on social media
Getting the word out is difficult when running a new internet store. The cost of word-of-mouth advertising can be reduced significantly by offering discounts or other incentives to consumers who spread the word about your business to their friends and family.
New User Offers
If your customer base isn’t well-established, many people will think twice before making a purchase. The provision of a first-offer timer may prove to be the final push required to convert a casual browser into a paying customer.
Tips and best practices:
- To get the most out of this type of discount, it is essential to make a good first impression on the consumer, therefore be sure to promptly dispatch their product after they have made their purchase.
Influencer offers (bloggers, celebrities, etc.)
It’s a smart strategy to team up with celebrities or other public figures who already have sizable followings in order to spread the word about your product. You can increase the likelihood that the influencer’s followers will become customers by offering them something they can’t get anywhere else.
Tips and best practices:
- Develop a promo code that speaks directly to the target market of your influencer’s audience.
- Make sure the influencers you collaborate with reach the same demographics as your company.
Free shipping
One of the leading causes of shopping cart abandonment is the price of shipping. One approach to reduce this effect and boost sales is to provide free shipping.
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Rajat Singh
Rajat Singh is a visionary entrepreneur and the driving force behind Couponzania.com. Recognizing the power of smart savings, he sought to revolutionize the coupon industry, and thus, Couponzania was born. His keen business acumen and deep understanding of the digital space propels the platform's growth and success.
